EFTA01027195.pdf

From: J <jeevacation@grnail.com> To: Richard Kahn Subject: Re: ASU Origins to MIT Media Lab - Enhanced Education Date: Fri, 18 Jan 2019 19:15:21 +0000 leave out On Fri, Jan 18, 2019 at 2:13 PM Richard Kahn c:a> wrote: should i send any of detail below to Brad explaining calculation or why they have credit or wait until they ask.. please advise thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: Virginia DeSanto Subject: RE: ASU Origins o M I e is la a Date: January 14. 2019 at 3:57:11 PM EST - n anted Education To: Richard Kahn Gretchen Buhlig > Cc: Helen Pearson Lisa Jacobson Dear Mr. Kahn, I received your voicemail as well as your request below. I'm sorry it's been a bit for me to respond. I have been in meetings all morning and was traveling last week, so there has been a lot to catch up on. I thought it would be good to share with you our method for thinking through many gifts that came in for the Origins Project, some of which have been spent on work at ASU on the project and some that remain unspent. We have received over 400 gifts for this project since 2009 totaling $3.3 million. Since the numerous gifts come in with various timings and amounts and the use of the funds also happens with various timing and amounts, it is not practical to provide an exact accounting first in/first out to see which actual dollars were spent. So instead, we looked at the data for natural break points to estimate how much of the remaining funds might be available. In negotiations with Dr. Krauss, we agreed that if requested we would return gifts to donors based on the following criteria. Please notice that in doing so, we are assuming that the earlier gifts would likely be spent in total and later gifts might have some portion left over. EFTA01027195  1. Criteria A — we would return 100% of certain gifts (greater than $4000 each donation) that were received after 7/1/2017, if requested by the donor. 2. Criteria B — we would return some percentage of the very large gifts (greater than $300k cumulative from one donor) based on a calculation of how much might be left of the original gift. For Enhanced Education's request below, Criteria A would apply and we have agreed to refund or redirect the $25,000 gift that we received on 4/3/2017. The earlier gifts from them are presumed spent. Thank you for providing the letter from them. On the attached spreadsheet, I am sharing the calculation for Criteria B. The calculation looks at the amount of very large gifts to total gifts and the amount of total gifts that remain unspent. Using that information it determines that of the $2.6 m of very large gifts, $607k remains unspent and that amount is pro-rated between the two qualifying very large donors. The Leon Black Family Foundation is represented as Foundation B on this spreadsheet. I'm sorry for the confusion between conversations and the calculated amount. As a nonprofit and in considering our fiduciary responsibility to all donors and to the institution we exist to support (ASU), this is the fairest approach. We have decided to allow re-direction of the remaining gift funds in place of a refund of the remaining gift funds in an effort to accommodate the needs of the donors. Thank you for the support provided to ASU while Dr. Krauss's work was conducted here. Please feel free to contact me again at 480-965-1791 or via reply to this email if you have any questions. Thanks, Ginny Virginia (Ginny) DeSanto, CPA, CGMA Chief Financial Officer and Treasurer ASU Enterprise Partners ASU Foundation — University Realty Skysong Innovations — ASURE — RCASU PO Box 2260 I Tempe, AZ I 85280-2260 From: Richard Kahn Sent: Monday, January 14, 2019 8:53 AM To: Gretchen Buhlig Cc: Virginia DeSanto Subject: Re: ASU Origins to MIT Media Lab - Enhanced Education Thank you Gretchen. Ginny please advise when I can expect as i would like to finalize ASAP. Thank you. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York. NY 10022 EFTA01027196 On Jan 14, 2019, at 10:50 AM, Gretchen Buhlig < > wrote: Mr. Kahn, I have asked Ginny DeSanto, ASUF Treasurer, to send you the calculation for the Black family contribution to the Origins Project. Thanks, Gretchen Gretchen Buhlig CEO, ASU Foundation eimage001.jpe TOGETHER. OUR POTENTIAL IS LIMITLESS PO Box 2260 I Tempe. Arizona I 85280-2260 From: Richard Kahn Sent: Monday, January 14, 2019 8:42 AM To: Gretchen Buhlig Subject: Re: ASU Origins o e ia a - nanced Education can you please send the calculation this am.. thank you rich On Fri, Jan 11, 2019 at 5:05 PM Gretchen Buhlig < wrote: Thank you for the Enhanced Education authorization. I will send the Black calculation on Monday. Sent from my iPhone On Jan 11, 2019, at 12:41 PM, Richard Kahn cl > wrote: attached is the signed authorization from Enhanced Education regarding Leon Black can you please provide calculation on the 467,150 amount to be transferred as Mr Epstein was under the impression from previous conversations that the amount was closer to 700,000 thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor w York. NY 10022 EFTA01027197  Begin forwarded message: From: Richard Kahn Subject: MIT Date: January 11, 2019 at 2:28:53 PM EST To: Rich Kahn - ICE <image002.jpg> Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01027198