July 14, 2003 — CART Treasurer Roger Ackerman calls July 14 a “red letter day” for CART, as The CART Fund exceeded $ 1 million in receipts.
“In anticipation of this major accomplishment, the CART Board of Directors at their annual meeting informally pledged to raise the second million much faster than the first,” said Ackerman.
The Board of Directors guarantees that 100 percent of CART monies goes to research. Board approved expenses are paid from interest income, operating much in the same manner as The Rotary Foundation.
“We have incurred expenses of only $6,395 since July 1999, which represents only 14 percent of the interest income we have received,” said Ackerman. “The remainder of our interest income has also gone to research. Individual members of the Sumter (S.C.) Rotary Club provided approximately $5,000 in cash and in-kind services to cover start-up costs in the initial three years of operation.”