$38 Million Gift From Reynolds Foundation to Support New George Washington Library

  Mount Vernon, Virginia -- The Donald W. Reynolds Foundation has pledged $38 million to Mount Vernon, the home of George Washington, to construct a new library destined to be the international headquarters for knowledge about America’s most famous founding father. Construction of the 45,000 square foot facility, which will be named the Fred W. Smith National Library for the Study of George Washington, is expected to begin in early 2011, with a completion date in 2012.  The facility will be tucked into the woods across from Mount Vernon’s conservation complex and within walking distance of the Mansion itself. As the nation’s first and only center for amassing and disseminating knowledge about Washington, the Fred W. Smith National Library for the Study of George Washington will safeguard Washington’s books and manuscripts, serve as a scholarly retreat, create educational outreach programs on Washington, and provide seminars and training programs with a special focus on Washington’s leadership. As the longtime chairman of the Donald W. Reynolds Foundation, Fred W. Smith has championed a number of projects related to George Washington, including the purchase of the famous Lansdowne portrait of Washington by Gilbert Stuart for the Smithsonian’s National Portrait Gallery.  In addition, under Smith’s leadership, the Foundation has supported the construction of a museum and education center at Mount Vernon, a pair of major traveling exhibitions about Washington, and special programs focusing on Washington for students and teachers across the nation. “I am pleased and humbled that my fellow trustees have approved the award of this grant and the naming opportunity in my honor,” stated Smith.  “It is our hope that this new facility will be a tool that the staff at Mount Vernon and Washington scholars can use to keep his place in American History as not only the Father of our Country but arguably our greatest president of all time.” The Foundation’s gift is the largest in the history of Mount Vernon, which ranks as the oldest and most visited national preservation project in America.  The Mount Vernon Ladies’ Association, which purchased the estate from the Washington family in 1858 and opened it to the public in 1860, is unusual in that it receives no funds from the local, state, or federal governments. “Fred Smith and the Donald W. Reynolds Foundation have enabled us to remain a leader among historic sites around the globe, without calling upon the government for help,” noted Boyce Ansley, Regent of the Mount Vernon Ladies’ Association.  “Mount Vernon is a totally different and far more exciting educational experience because of their support.” The idea for a facility that serves the role of George Washington’s presidential library is not a new one—it has been part of Mount Vernon’s master plan for several years.  Although Washington continues to be one of the most familiar faces in American history, numerous surveys and focus groups have revealed that a majority of Americans—particularly those in younger generations—know little about Washington’s achievements or personality.  Coverage of Washington in many history textbooks has declined to about 10 percent of what it was 50 years ago.  When one state’s high school students were recently asked the question, who was America’s first president, only 26 percent identified “George Washington” as the right answer. Most American history scholars generally rank Washington as one of the nation’s three most important presidents, along with Abraham Lincoln and Franklin D. Roosevelt.  “Few scholars would argue that Washington’s leadership and character still sets the gold standard,” noted James Rees, President of George Washington’s Mount Vernon.  “He remains a very relevant role model, particularly as the nation faces a challenging time in its history.” Although The Fred W. Smith National Library for the Study of George Washington will house hundreds of manuscripts, books and other documents drafted and owned by Washington, the complete array of Washington’s written works, which number in the tens of thousands, are spread among collectors, both public and private, across America.  But Mount Vernon’s library will bring them all together in a complete digital record of letters to and from Washington, assembled by scholars at the University of Virginia over a period of some 40 years.  All the records related to The Papers of George Washington project will be transferred to the library at Mount Vernon when the last of approximately 90 volumes of letters is edited, roughly 15 years from now. Until then, the library will provide a secure and environmentally friendly home to 45 books from Washington’s original library, as well as 450 letters and other manuscripts written in his hand.  The collection also includes approximately 1500 additional 18th-century books, as well as thousands of important 19th-century newspapers, manuscripts, and documents.  The bulk of the library stacks will be filled with modern books about Washington and the founding era, which will be made available to a much wider constituency. Historians and authors will have a far easier time accessing the information in Washington’s writings, and Mount Vernon will more than double its library staff to provide expertise and assistance.  Serious researchers who are drafting articles, papers or books about Washington will be lodged in a convenient guest house adjacent to the Library, equipped with six bedrooms. Simultaneously, the Mount Vernon Ladies’ Association hopes to create a Mount Vernon Press, which will publish new research on Washington, his family and his times, in both printed and digital versions. A team of education and media experts will also move to the new Library, charged with the task of disseminating the research findings to the largest and most diverse audiences.  To accomplish this goal, the Association will form partnerships with universities, state school systems, patriotic societies, technology firms, movie producers, computer game creators, and others from both the public and private sectors. The Library will also host small and medium-sized conferences and symposiums focusing primarily on leadership training.  Five meeting spaces will accommodate between 15 and 100 guests, working in tandem with two larger spaces across the street at the Mount Vernon Inn Complex—a Distance Learning Classroom that accommodates 40 participants in a high-tech environment and the Robert H. and Clarice Smith Auditorium with a capacity of 200 guests. Over a period of three years, the Association is spending nearly $2 million to expand and improve its website technology, and thousands of period artifacts, books, and manuscripts will be included on the site. The Association has also announced that it has entered the first phase of an $80 million capital campaign, with the commitment from the Donald W. Reynolds Foundation providing almost half the goal.  In addition to building the Library and adjacent guest house, funds from the campaign will endow the Library’s operation, underwrite new positions, and create new programs, especially for students and teachers. “We are pleased to be the lead donor in the Capital Campaign to build and endow the Fred W. Smith National Library for the Study of George Washington,” stated Steven Anderson, President of the Donald W. Reynolds Foundation.  “We believe that this facility will enhance educational outreach from Mount Vernon in much the same way that the Donald W. Reynolds Museum and Education Center expanded the onsite experience for visitors to the historic estate.” The Donald W. Reynolds Foundation is a national philanthropic organization founded in 1954 by the late media entrepreneur for whom it is named.  Headquartered in Las Vegas, Nevada, it has committed over $69 million in support of Mount Vernon. Press Release from MountVernon.org

Find Love Where You Live

Just in time for Valentine's Day, here are four rules for finding romance in a condo.
Happy Valentine's Day
Don't forget your sweetheart!
1. Attend business meetings and don't skip mixers. Stay until the last cookie and glass of punch is served. Building issues make great topics of conversation. 2. The two best places to meet are the laundry room and pool. Two things to remember: Don't fold your undies while chatting and always bring some sunscreen to share. 3. An informal invite to dinner at the restaurant around the corner is convenient and no matter how things turn out, you're close to home. 4. Look ready to meet someone. Don't even go to the mailbox looking lousy. Source: Apartments.com (02/09/2010)

Belle View blanketed.

Alexandria and Northern Virginia have been buried in snow this year. On the way to work this morning I saw cars spinning wheels as my Subaru found a way. The Washington Metro Transit Authority closed today and we're expecting another 10 inches of snow tomorrow.  I've not seen a plow on the streets all day ... perhaps they are readying for the next big blitz?

Record Snow at the Worldgate

Digging out at the Worldgate
Digging out at the Worldgate
Northern Virginia was buried in snow this weekend and we expect more snow tomorrow!  As you can see in this picture, parts of Reston VA got more than TWO FEET of snow!  At my office in Alexandria we got about 18 inches of snow. I had to cancel all of my weekend appointments, but fortunately we had power almost all weekend. The lights were out for a few hours on Saturday night, but 200,000 people were without power for significant times on Sunday.

Increase Home Appeal by Adding a Little Green

Eco-friendly homes are hot these days, and one way to make a property more saleable is to add a little green. Real estate Web site HomeGain asked about 1,000 real estate practitioners to recommend low-cost green improvements. Here are some of their suggestions:
  • Plant native trees and plants
  • Replace air filters
  • Weather-strip and caulk doors and windows
  • Install programmable thermostats
  • Install low-flow showerheads
  • Install CFL or LED lights
  • Repaint with low VOC (volatile organic compound) paint
Source: USA Today (10/14/2010)

Bon Air Memorial Rose Garden

The Bon Air Memorial Rose Garden is located at the corner of North Lexington and Wilson Boulevard, at 850 North Lexington Street in Arlington, Virginia. This scenic and serene rose and botanical garden occupies approximately one acre of land and features over 135 different rose varieties and houses 2,500 plant species as well. Featured roses include Hybrid Tea, Grandiflora, Floribunda, and miniature roses. The garden also hosts the latest All-American roses annually, showcasing the newest variety of roses at least one year before they become commercially available. Bon Air Memorial Park also features an azalea garden, a shade garden, a sun garden, and an ornamental garden. Other amenities include picnic tables, charcoal grills, a babbling spring stream, a paved walking trail, tennis and basketball courts, an additional children's playground. Cultural advice and guidance for the rose garden is provided by the Arlington Rose Foundation. Call (703) 358-4747 for more information. This beautiful and fascinating garden is a brilliant and colorful local resource that truly proves Virginia is for lovers! Whether you are a botanical aficionado or an individual who simply wants to stop and smell the roses, the Bon Air Memorial Rose Garden is a must see this spring in Northern Virginia. Park hours are from Sunrise until half an hour after Sunset throughout the year.

A Financial Plan for Your Home

You probably already have a financial plan for yourself in place. Most likely you sat down with an advisor at some point to set up a budget and diversify your investments. Or maybe you did it yourself online or at the dining room table. Either way, smart move. But what about your home specifically, probably the biggest investment you'll ever make in your life? Did you really take everything into account: repairs and upgrades, the mortgage, insurance, and taxes? Probably not. Your house requires a financial plan of its own. Spend a weekend creating one. Once you have a handle on your home's expenses you can devise a long-term strategy that'll let you live there for years with maximum enjoyment and minimum anxiety. These are the four central elements you need to address.

The mortgage: Paying it---and then some

Yes, you already shell out a lot for your mortgage, but can you pay more? Even a little extra each month can add up. Let's say you have $200,000 outstanding principal and a 20-year fixed-rate mortgage at 5%. Your monthly payment is $1,319.91. But if you can manage to pay another $100 a month, you'll save $14,887 in interest. Run the numbers for yourself. Alan D. Kahn, a financial planner in Syosset, N.Y., likes the idea of early payoff because lowering debt leaves you free to spend money elsewhere later on. There's an emotional benefit as well. It can feel awfully good to own your house outright as soon as possible. And don't fret too much about losing the mortgage interest deduction come tax time. Toward the tail end of the life of a loan most of your payment is going to the principal, not the interest. Nevertheless, the same extra $100 might also go into a retirement plan every month, or be put aside for the inevitable home repairs (more on those later). Michael Kay, a financial planner in Livingston, N.J., says while a debt-free life may be enormously important to your peace of mind, an extra $1,200 toward your child's college fund every year may feel even better. It's about what's ultimately important to you, both emotionally and financially.

Insurance: Protecting your property

You'll want homeowners insurance with full replacement coverage in case your house is burned to the ground. This sounds simple, but be careful on the calculation. Remember that you own a house as well as the land on which it sits. So even though you bought your home for $300,000, it may cost only $100,000 to rebuild it. Your policy limits should reflect this. The differences are regional. Where land is at a premium, like much of Southern California, a higher percentage of the purchase cost is for the property rather than the structure. Where land is cheap, like much of North Dakota, most of the value of a new house is the house itself. Don't be deceived by shifts in market values. You may have bought a $1.2 million townhouse in Florida during the boom that now may only sell for $600,000. But the replacement cost of the townhouse hasn't changed much, so you can't cut insurance costs that way. Do, however, try to cut costs by asking your insurance agent about discounts. Making structural improvements, such as adding storm shutters, can lead to lower rates. Membership is certain groups, such as AARP or veterans' organizations, entitles some policyholders to breaks on premiums as well.

Repairs and renovations: By choice or necessity

Throughout the life of your house, you'll be making two kinds of changes. The first is the fun kind, like a marble floor for the living room. The second is the essential, behind-the-scenes change: a new water heater. You don't have a choice about when you'll do the latter, but you can prepare for it financially. It's a good idea to have a rainy-day fund. Start with the inspection report you received when you bought the house. Did the inspector indicate that you would need a new roof in five years? A new furnace in 10? Get estimates on what these repairs will cost and start saving. Consider ongoing non-emergency maintenance too. Do you live in New England? Price a snow blower and get bids from plow services. Resist the temptation to take care of everything with home equity loans, which defeat efforts to pay off the mortgage early. As for the discretionary upgrades, act prudently. Matthew P. Havens, a financial planner in Hingham, Mass., has seen too many people rationalizing lavish upgrades as an investment when they really were lifestyle decisions. According to Remodeling magazine, an upscale major kitchen upgrade, for example, could cost nearly $112,000, but only about 63% of that will be recouped in the home's resale value. This isn't to say you shouldn't upgrade. If you can afford to redo your bathrooms, go ahead. Just don't confuse your necessary repairs (new oil furnace---about $4,000) with your discretionary upgrades (Viking range---$6,000 and up).

Taxes: (Almost) no way around them

Taxes are an essential part of your home's financial plan. The bank that holds your mortgage may already handle your real estate taxes with an escrow account. If so the expense is built into your monthly mortgage payment. Check your statements or call the lender. Otherwise create a dedicated fund for property taxes, which can run into the thousands of dollars annually. You may be able to reduce your tax burden by getting a reassessment. Do your homework first. Are comparable houses taxed less than yours? Ask the local assessor what formula is used to set tax rates. Kay, the New Jersey financial planner, researched and then challenged the assessed value of his own home and got a 15% rollback. If you're in a special group, you might get some help from state or local programs. Check around to see what's available in your area. New York State, for example, has its Star Program for giving senior citizens some relief from school-related property taxes. Richard J. Koreto is a freelance writer. He has been editor of several professional financial magazines and is the author of "Run It Like a Business," a practice management book for financial planners. He and his wife own a pre-Civil War house in Rockland County, N.Y.