Re: ASU Origins to MIT Media Lab - Enhanced Education
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
EFTA01008496
700,000
thank you
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue, 4th Floor
New York, NY 10022
tel
fax
cell
Thank you for the Enhanced Education authorization. I will send the Black calculation on Monday.
Sent from my iPhone
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
Phone [Redacted]
Fax [Redacted]
Cell [Redacted]
EFTA01008495
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
- Entity: ASU Foundation
- Role: CEO
- Slogan: TOGETHER, OUR POTENTIAL IS LIMITLESS
- Address: PO Box 2260, Tempe, Arizona, 85280-2260
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.
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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.
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.
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 )r via reply to this email if you have any questions.
Thanks,
Ginny
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Virginia (Ginny) DeSanto, CPA, CGMA
Chief Financial Officer and Treasurer
Phone
Cell:
ASU Enterprise Partners
ASU Foundation - University Realty
Skysong Innovations - ASURE - RCASU
PO Box 2260 I Tempe. AZ I 85280-2260
Yes.
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue, 4th Floor
New York, NY 10022
Phone
Fax
Cell
On Jan 14, 2019, at 4:21 PM, J jeevacation@gmail.com wrote:
so both toget is 607 plus our 25 , ok
On Mon, Jan 14, 2019 at 5:04 PM Richard Kahn < > wrote:
Please advise as total number for Leon is now 607k. I think Gretchen mispoke as she mentioned 467k which is component of 607k...
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue, 4th Floor
New York, NY 10022
Phone
Fax
Cell