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NFA makes charitable contributions to aid victims of September 11

Many friends, colleagues and Members of NFA are included in the numbers of victims of the tragic events that befell our nation on September 11. To honor those victims and assist their families, NFA's Board of Directors approved a resolution that allows NFA to make a $1 million financial contribution to aid disaster relief efforts.

A large percentage of the donated funds will be used to assist the families of victims associated with the futures industry. A portion of the funds will also be directed towards general relief efforts. In addition, in order to allow NFA staff and Directors to evaluate the ongoing relief needs and distribute funds to meet needs that may not be evident so soon after the tragedy, a portion of the donated funds will be held for a period of up to nine months.

NFA has contributed $250,000 to the Robin Hood Relief Fund, which works to ensure that the needs of poor and lower-income victims of the World Trade Center attack are met in both the immediate and long term. Robin Hood's Board of Directors includes several leaders in the futures industry and underwrites all administrative costs. Therefore, 100 percent of the money raised will go directly to aiding victims and their families.

NFA has contributed $250,000 to the Carr Futures World Trade Center Fund, which focuses on short-term emergency relief and assistance for families and partners of Carr employees who were victims of the tragedy. The fund may provide longer-term assistance to the extent possible, which may include education expenses, health-care, debt relief and other appropriate purposes. Carr Futures is paying all direct administrative expenses associated with this fund, so all contributions will go directly to emergency assistance for the families.

NFA has also donated $100,000 in memory of Cantor Fitzgerald Employees. NFA will make two separate donations of $50,000 each to memorial fellowships at Columbia University. These donations will be made in the names of Doug Gardner and Karen Klitzman, respectively. Mr. Gardner served as an NFA Board member, Director of Cantor Financial Futures Exchange, and Executive Managing Director and Vice Chairman of Cantor Fitzgerald/E-Speed. Ms. Klitzman once worked at the NYMEX as Vice President of Research, before she joined Cantor Fitzgerald's Internet venture, E-Speed, where she researched commodity futures. Both fellowships support the study for the elimination of terrorism.

NFA has donated $50,000 to the New York Mercantile 9-11 Relief Fund, which was established to distribute money to other charities providing relief to September 11th victims. This fund's goal is to place a particular emphasis on determining groups that do not have the heightened profile of some of the larger organizations and to provide services that may have fallen between the cracks. The fund is working with the Department of Health and Human Services to get information on these issues. One such organization under consideration is Windows of Hope, which is seeking to take care of the workers in Windows on the World who averaged $15,000 in life insurance.

NFA has also contributed $50,000 to Futures and Options for Kids, a philanthropic organization whose mission is to raise funds for children in need. Money for the fund is raised primarily through donations from members of the futures industry. The organization is in the process of establishing a mechanism to earmark funds to children who were victims of the events of September 11th, including children of victims associated with the futures industry.

NFA will hold $300,000 in its general reserves for the next six to nine months, at which time the Executive Committee will assess overall relief needs and direct staff to disburse these funds to meet the most pressing needs.

"The effects of this tragedy will reverberate throughout all of our lifetimes," says NFA President Robert Wilmouth. "This contribution is one way NFA can help the families of those victims who meant so much to so many."

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