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Old 12-09-2008, 01:29 PM   #1
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BBQchef33's Avatar
Join Date: 08-11-03
Location: Long Island, NY
Default Done Deal. $$ Transferred $$ A gift for Carmella and Morgan.

ok.. so I am slow. All funds have been transfered. Just in time for christmas.

This is the results of our auction for baby Carmella, which midway, got expanded slightly. :)

As anyone directly involved with the auction is aware, after surpassing our goals for Carmella, I sent out an option via PM to continue the auction and spread the wealth attained in the auction quietly by adding in Baby Morgan, BigMista and MrsMistas little girl. Morgan was born several months premature and we were all here while we waited for Morgan to come home too. The responses that came back were overwhelming in favor of being favorite aunts and uncles to both babies.

So the final count was $3440. Based on the PM responses to splitting the pool and keeping the the original intent of the auction, the distribution is:

$2220 to Carmella. $2000 for Education and $200 for a Christmas present.

$1220 to Morgan $1000 for Education, $100 for belated birthday present and $100 for Christmas present.

now, just to share some experience and let you folk know the outcomes. I originally tried to get this in 529c college funds for the kids. The first stop was my credit union, who after the inital paperwork and discovering it was a gift, needed all the personal info from the parents. SS#, employment history, credit, etc.. that would also require the parents to open an account with them. So I gave that one up after 3-4 trips.

Then came CDs. They had to be in my name with the kids as beneficiaries, and then transfered to the parents after maturity. Forget that.

Then came US savings bonds for the kids. Crappy returns. But easiest to do. I was going to do this but decided against it due to crappy returns.

Finally was the U-Promise account. They are pretty cool. You open the account, make deposits the normal way, but u get a U-promise card that you use whenever u make a purchase at any u-promise participating place.(theres thousands and thousands). Gas, groceries, dept stores all particiapte and a percentage of every purchase goes into the u-promise account. I regret not doing it for my kids as I know folks that used it and it added significantly to the 529c. When the time comes, the funds can be moved to any 529 account or checks made to educatinal facilities without penalty.

In all events, and trying to do this 'as a surprise', roadblocked me with information needed that i felt was to private and confidential to ask of the parents, as well as it ruining the surprise. I told the families about this several months agao, so I continued to move on to other options to try to do it right. Now, its been too long and the $$ was not getting interest when it should be so it has been transfered to the parents with the request that a small portion be used for some holiday gifts and the rest invested as a gift for the childrens future, on behalf of all the aunts and uncles here.

As i write this, i am getting choked up as i remember the responses to this calling.. Divemaster and TxSchutte shaved their heads, people paid $$ for bad checks and bottle caps. The auctions for the most part were a success(some still need to be fulfilled) alot of fun, and the response was overwhelming. I am so proud to be associated with all you folks and to call you family. Your all amazing. (Not to mention patient while I went in and out of my responsibilities to close this.)

Im opening the forum up to the parents today who have not seen what was going on.

So all this being said, Happy Holidays Carmella and Morgan, and to the BigMista and BBQmafia Families. This is a heart felt gift to your children from us here at The Brethren and wishing all the best for your kids future. When the time comes, and they get this gift in many years, give them a hug from a whole bunch of aunts and uncles who smell like smoke.
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