TY 2020 ReductionExplanationStatement

Explanation:

THE FOUNDATION RETAINED STOUT RISIUS ROSS LLC ("STOUT") TO DETERMINE THE DISCOUNTED FAIR MARKET VALUE OF TWO PRIVATE ALTERNATIVE INVESTMENTS AND ONE PRIVATE CORPORATE STOCK FOR SECTION 4942 PURPOSES AS OF 04-30-21. THE TOTAL VALUE OF THE THREE POSITIONS INCLUDED ON LINE 1C BEFORE DISCOUNTS IS $120,407,163. A REDUCTION OF $35,771,607 IS BEING CLAIMED ON THE THREE POSITIONS DUE TO LACK OF CONTROL AND LACK OF MARKETABILITY ATTRIBUTES GIVEN THE LIQUIDITY CONSTRAINTS RESULTING FROM EXTENDED HOLDING PERIODS, UNCERTAIN INTERIM CASH FLOWS, AND TRANSFER RESTRICTIONS. IN DETERMINING THE VALUATION DISCOUNTS, STOUT CONSIDERED 1. AN ANLYSIS OF THE DISCOUNTS ASSOCIATED WITH HOLDING ILLIQUID INTERESTS IN THE RESTRICTED SECURITIES OF PUBLICLY TRADED COMPANIES, 2. AN ANLYSIS OF DISCOUNTS REFLECTED IN THE TRADES OF LISTED PRIVATE EQUITY INTERESTS, AND 3. THE DISCOUNTS OBSERVED IN THE SECONDARY MARKET FOR PRIVATE EQUITY INTERESTS.