Doug graciously provides POVAT his financial expertise garnered from 3 decades of investment experience at a large global multi-asset class investment management organization.
At Project One Vet at a Time (POVAT), we are driven by a single, unwavering mission: to provide relentless support and assistance to veterans as they navigate the complex and often daunting Department of Veterans Affairs (VA) disability claim process. We understand the unique challenges and frustrations veterans face when transitioning out of the military and seeking the compensation and benefits they have rightfully earned through their dedicated service to our nation. And we are here to support our veterans, no matter the cost.
This year, our third goal was: to build an endowment that will enable Team POVAT to concentrate more on supporting veterans and less on fundraising activities, ensuring our resources are primarily dedicated to those we serve.
The first sentence of the POVAT mission statement – to provide support to veterans as they navigate the VA disability claim process – is very straightforward. It’s hard to think of a more important endeavor than ensuring our veterans obtain the compensation and benefits they earned and deserve. Our team has only been operating for a few years, but they have become absolute experts in navigating the complex and oftentimes daunting VA claims process. The work they accomplish in helping veterans is extraordinary. All good, right? – just carry on then…
Well, let’s go to the last line of our mission statement – we are here to support our veterans, NO MATTER THE COST. When one reads that last statement it’s very easy to agree with the notion that our veteran heroes have earned and deserve these benefits, so even the notion of making them pay for what they earned and deserve doesn’t make sense.
We agree these veterans cannot be charged, but we also know that accomplishing what we do for these veteran clients isn’t exactly free. In fact, the average cost to cycle a veteran through the project is in the range of $10,000. The easy math to assist 100 veterans is $1,000,000. The eye-opening return on that $1,000,000 investment occurs when these 100 veterans receive roughly $50,000,000 of lifetime benefits!
Financially, that rate of return is off the charts. But, the real return these heroes receive is the ability to live their lives in a manner deserving of their years of service; for these veterans, long-term financial security is the real prize we deliver.
Now all we need is a million dollars… Who do we turn to to raise that much money? In POVAT’s case, it’s the same crew that’s charged with ensuring the veterans receive their benefits. To date, this amazing cast of characters has not only excelled at helping our veteran clients, but they’ve also managed to raise enough funds to continue to help more veterans each year of POVAT’s existence…and 2024 is on pace for a new record number of veterans put through our system.
It seems logical to me that we need a better system in terms of fundraising. Our staff can’t be expected to both help the veterans AND raise the money to do so. Like any start-up, the impossible works for a few years with grit and sweat, but that’s probably not a model for longevity. We need to pursue some deeper pockets of philanthropy in addition to the dedicated group supporting our efforts to date.
In 2023, we were fortunate to have a few examples of these larger-scale donations which helped kick off a long-term investment account for POVAT – an endowment if you will. The point of this endowment is to ensure POVAT lives in perpetuity as the earnings on the endowment can be used to fund the cost associated with getting our veterans those benefits they earned and deserve.
Our long-term goal is an endowment of $20,000,000. I know that sounds aggressive but why not? I like the acronym BHAG created by Jim Collins – Big Hairy Audacious Goal. Why $20,000,000? Because 5% earnings per annum on $20,000,000 is the $1,000,000 we need to pay for 100 veterans to get those benefits. Let’s go!
It’s unlikely we will get to $20,000,000 in one or two years, but I know we can get there. It will take some work on our part and probably a few foundations that emphasize veteran’s organization in their philanthropy. The veterans deserve our best efforts. It’s the proper way to thank them for enabling us to live the lives we live.
