Warren Buffet to Alexandria:'My Surplus Wealth has no utility to me'

Photo by Sam Kittner/kittner.com Warren Buffett, chairman and CEO of Berkshire Hathaway, discusses the state of the economy with David Rubenstein, president of The Economic Club of Washington, DC and co-founder and managing director at The Carlyle Group, at their 25th anniversary dinner.

By John Arundel
 
ALEXANDRIA, VA. -  Warren Buffett may be  the most successful investor of the 20th century. He may be consistently ranked among the world's wealthiest people (world's third richest in 2011) and one of the most influential people in the world, according to Time magazine.

Photo by Sam Kittner/kittner.com Representatives of the Alexandria Seaport Foundation including Executive Director Kent Barnekov, middle, and Apprentice Dearndrey Mobley, right, accept the $50,000 grant from The Economic Club of Washington, DC during its 25th Anniversary celebration on June 5.

But the Sage of Omaha made one thing clear to the 1,200 attendees of the Economic Club of Washington's 25th anniversary last week at the Marriott Wardman Park: "My surplus wealth has no utility to me."
 
So in keeping with his and others philanthropic ways (he's pledged to give away 99 percent of his fortune primarily through the Gates Foundation), the chairman and CEO of Berkshire Hathaway made a swing through Washington last week to celebrate The Economic Club's Anniversary and was on hand to watch as the Club made a grant of $50,000 to the Alexandria Seaport Foundation.
 
The Old Town-based foundation offers disadvantaged youth and young adults a paid, work-based apprentice program in boat building that prepares participants for careers in the building trades.
 
Kent Barnekov, the foundation's executive director, and Dearndrey Mobley, an ASF apprentice, were on stage to receive the grant, with ASF Instructor Esteban "Steve" Hernandez also in attendance.
 
Mobley of Alexandria, whose brother graduated from the program years ago and  is now in the Coast Guard in Alaska, and  Hernandez, also an ASF apprentice graduate, a former Marine, current college student and Woodbridge  resident, are examples of the positive effects of the organization.

Photo by Sam Kittner/kittner.com Representatives of 10 community organizations that received grants from The Economic Club of Washington, DC gather onstage at the organizations 25th anniversary dinner, including far left Kent Barnekov and Dearndrey Mobley.

"We're thrilled to have been selected by the Economic Club of Washington as one of 10 area non-profits to receive this generous award,” Barnekov said. “The Economic Club's recognition of the importance of programs serving this population is extremely gratifying.”
 
Besides offering paid apprenticeships for building boats, the Seaport Foundation also provides apprentices the opportunity to earn a GED if needed.
 
"At a time when state and local funding for GED programs is at risk, this grant from The Economic Club of Washington, D.C. will help ASF continue to include in its Apprentice Program this crucial ingredient for success in the workplace," Barnekov added.
 
Economic Club member Andrew Blair, the president and CEO of Colonial Parking, nominated the Alexandria Seaport Foundation to receive the grant because, he said, the nominations called for recognizing groups that prepare underserved youth in the D.C. area for success in school, the workplace and life.

Photo courtesy of Alexandria Seaport Foundation ASF teamed with Project Healing Waters Fly Fishing to repair Healing Waters' wooden boats used to aid the rehabilitation of disabled active duty military personnel.

"It would have been hard not to think of the Alexandria Seaport Foundation because that is exactly what they are doing," said Blair, who has been active in local efforts to prepare the workforce for business success.
 
The seaport foundation builds boat kits that are sold nationally for use in classrooms as well as to corporations for team building, while scrap wood is used to make foldable, wooden lawn chairs for adults and children, small side tables, and storage boxes.
 
Its two-year project is the building of Dory boats that will be launched this summer.
 
Another current project is the development and building of art easels. All projects are led by ASF instructors and community volunteers, including retired corporate executives, retired law enforcement officers and current college students, to implement ASF’s motto: Building Boats. Building Lives.
 
The foundation also helps other organizations and non-profits, such as Project Healing Waters Fly Fishing, to repair wooden boats. Project Healing Waters assists in the physical and emotional rehabilitation of disabled active duty military personnel through fly fishing, fly fishing education and outings.
 
Some highlights of the Economic Club’s anniversary celebration was the dialogue between David Rubenstein, president of The Economic Club of Washington, D.C. and co-founder and managing director of The Carlyle Group, and Buffett. They discussed the economy and Buffett’s rise to billionaire status as well as his philanthropic efforts.
 

Photo courtesy of Alexandria Seaport Foundation Paid ASF apprentices turn scrap wood turned into foldable, wooden lawn chairs for adults and children, as well as side tables and storage boxes.

During the discussion, Rubenstein asked Buffett a variety of questions about the economy with Buffett stating there's little likelihood of a recession; how he achieved his success to which he mentioned his voracious reading among many other things; what his most endearing acquisition was -- GEICO; and who his successor may be.

"You're not on the short list, David," Buffett said when asked about his successor. But when Rubenstein presented Buffett gifts at the end of the evening, including a letter jacket from his high school alma mater Woodrow Wilson, Buffett joked, "You may get on that short list."

The discussion between Buffett and Rubenstein was a highlight of the evening that was kicked off by Vernon Jordan, Jr. and Senator George Mitchell along with Rubenstein toasting the anniversary celebration and its mission: to give $500,000 in grants to 10 nonprofit organizations working for the good of disadvantaged youth.

The Economic Club Board members considered a total of 138 different community organizations as possible recipients of the 10 $50,000 grants.
 
The nine additional organizations selected to receive grants were: KIPP DC, Maya Angelou Schools, Brainfood, BUILD DC, E.L. Haynes Public Charter School, Jubilee JumpStart/Jubilee Housing, Latin American Youth Center, Urban Alliance, and Year Up National Capital Region.
 

Photo courtesy of Alexandria Seaport Foundation Alexandria Seaport Foundation assembles and sells boat kits nationally for classroom instruction and corporate team building projects.

With Reporting by Sherry Moeller

Photo courtesy of Alexandria Seaport Foundation Designing and building art easels is among the newest undertakings by ASF apprentices.

Photo courtesy of Alexandria Seaport Foundation ASF apprentices and volunteers work on the William Henry and Monte Byers Dory boats that will be launched this summer.