LIQUIDATION, DISSOLUTION, TERMINATION, OR SUBSTANTIAL CONTRACTION IN OCTOBER 2018 THE BOARD OF DIRECTORS APPROVED A RESOLUTION TO TRANSFER THE ALASKA KIDNEY FOUNDATION (AKF) FUNDS TO AN ALASKA COMMUNITY FOUNDATION (ACF) DONOR ADVISED FUND. ACF IS A 501 (C) (3). THE DECISION TO OPERATE THROUGH ACF WAS MADE TO MAXIMIZE THE AMOUNT OF DOLLARS AVAILABLE FOR DIRECT DISTRIBUTION TO PROGRAMS. IT WAS PROJECTED THAT IN THE FUTURE OUR ADMINISTRATIVE COSTS WOULD BE INCREASING FASTER THAN OUR AVAILABLE RESOURCES DICTATING THAT WE WOULD NEED TO REDUCE PROGRAM EXPENDITURES TO COVER THE INCREASE IN ADMINISTRATIVE COSTS. IN ADDITION TO MAXIMIZING PROGRAM DOLLARS WE WOULD BE ABLE TO INFLATION PROOF OUR RESOURCES. THE FUNDS WILL BE MANAGED AND DISBURSED TO NONPROFITS BASED ON THE EXISTING MISSION AND GOALS OF AKF. THE DONOR ADVISORS WILL INITIALLY BE MADE UP OF AKF CURRENT AND FORMER AKF BOARD MEMBERS AS WELL AS ITS MEDICAL ADVISOR. IN AUGUST 2020 $350,680, REPRESENTING 100% OF OUR ASSETS WERE TRANSFERRED TO THE ACF. ALASKA COMMUNITY FOUNDATION 3201 C ST. #110 ANCHORAGE, AK 99503 ASSETS TRANSFERRED WERE CASH AND MARKETABLE DEBT SECURITIES. THE ASSETS WERE TRANSFERRED AT FAIR MARKET VALUE AS DETERMINED BY WELLS FARGO, OUR TRUSTEE AND ALASKA PERMANENT CAPITAL OUR INVESTMENT MANAGER. THE CASH REMAINING AT AUGUST 21, 2020 IS $0.
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