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FORM 990-PF, PART II, LINE 7 |
NOTES RECEIVABLE-STUDENT LOAN PROGRAMDURING FISCAL YEAR 1987, THE FOUNDATION IMPLEMENTED ASTUDENT LOAN PROGRAM TO BE FUNDED OVER 13 YEARS FROM 1987THROUGH 1999, WHEREBY THE FOUNDATION AGREED TO MAKE NONINTERESTBEARING LOANS TO QUALIFYING COLLEGES, TO BE USEDFOR INTEREST-FREE STUDENT LOANS. IN ADDITION, THE FOUNDATIONPROVIDED GRANTS TO MATCH FUNDS RAISED FROM OUTSIDE SOURCESUP TO THE AMOUNT OF THE LOANS THROUGH 1991. THE FOUNDATIONENTERED INTO AGREEMENTS WITH 14 QUALIFYING COLLEGES. AS OFJUNE 30, 1999, HAS PROVIDED $53,275,446 TO THESE COLLEGES.THE FOUNDATION MADE ITS FINAL COMMITMENTS WITH RESPECT TOTHIS PROGRAM AS OF JUNE 30, 2006. THE INTERNAL REVENUESERVICE HAS ISSUED A DETERMINATION LETTER WHICH ALLOWS THEFOUNDATION TO TREAT THE LOANS TO THE COLLEGE AS GRANTS.AS FURTHER SUPPORT TO THE STUDENT LOAN PROGRAM, THEFOUNDATION COMMITTED TO MATCH WITH $1 OF CASH AND $2 OF LOANFORGIVENESS FOR EACH $3 SECURED BY THE PARTICIPATING SCHOOLSBETWEEN JANUARY 1, 1992 AND DECEMBER 31, 1996, UP TO AMAXIMUM OF $28,058,334, WHICH REPRESENTS THE TOTAL AMOUNT TOBE LOANED TO THE SCHOOLS OVER THE 14 YEAR PERIOD BEGINNINGIN 1987. THE SCHOOLS WERE ALLOWED TO MEET THE MATCH WITHFUNDS IRREVOCABLY COMMITTED TO THE FUND BUT UNCOLLECTED ASOF THE DEADLINE DATE.FOUR SCHOOLS HAVE PLEDGES FOR FUTURE GIFTS, WHICH WOULDREQUIRE THE FOUNDATION TO MATCH A TOTAL OF $1,583,805 AS THEGIFTS ARE MADE THROUGH DECEMBER 2016. THE FOUNDATION'SULTIMATE GRANT TOTAL FOR THIS PROGRAM WILL BE APPROXIMATELY$55,000,000. |