BEFORE 12/31/19, THE CLARK FAMILY CHARITABLE FOUNDATION MADE A SET ASIDE OF $500,000 WHICH WAS EARMARKED TO BE DISTRIBUTED TO THE MINISTRY OF THE 1ST BIBLE SCHOOL OF TRANSLATION, A QUALIFIED CHARITABLE ORGANIZATION. THIS AMOUNT SET ASIDE MEETS THE REQUIREMENTS OF IRC SEC. 4942(G)(2) TO BE CONSIDERED A QUALIFYING DISTRIBUTION IN 2019, RATHER THAN THE YEAR ACTUALLY PAID AS IT WAS DISTRIBUTED WITHIN 60 MONTHS FROM THE DATE OF THE FIRST SET-ASIDE AND THE SET-ASIDE SATISFIES THE CASH DISTRIBUTION TEST (REG. 53.4942(A)-3(B)(3).THE 1ST BIBLE SCHOOL OF TRANSLATION BEGAN ITS OPERATION AS A MINISTRY IN LATE 2019/EARLY 2020 AND THUS THE BOARD AT CFCF THOUGHT IT BEST TO MAKE THE SET-ASIDE ALLOCATION IN 2019 AND THEN DISTRIBUTE THE FUNDS FROM THE CFCF IN 2020.THE SET-ASIDE DISTRIBUTION OF $500,000 OCCURRED ON 6/8/2020.THE REQUIRED MINIMUM DISTRIBUTION RELATED TO 2018 OF $25,677 WAS DUE TO BE DISTRIBUTED PRIOR TO 12/31/19. THE REQUIRED MINIMUM DISTRIBUTION RELATED TO 2019 OF $39,521 IS INTENDED TO BE DISTRIBUTED PRIOR TO 12/31/20.
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