DUE TO THE INABILITY TO LOCATE A VIABLE LOCATION AND CONSTRUCTION SITE FOR THE DEVELOPMENT OF ASLAN CHRISTIAN ACADEMY, AS ORIGINALLY INVISIONED, THE BOARD OF DIRECTORS RESOLVED TO TRANSFER THE ACADEMY'S FUNDS AND RELATED FURNITURE & EQUIPMENT ASSETS TO A LIKE-MINDED ORGANIZATION THAT COULD FURTHER THE DREAM AND DESIRES OF THE ORIGINAL VISION. AS REPORTED IN PART XV, LINE 3, THE FUNDS AND EQUIPMENT THAT WERE GRANTED TO H.S. JESHUA MINISTRIES AMOUNTED TO 26,718. IN ADDITION, AS A RESULT OF THE DECISION TO TRANSFER THE ASSETS TO ANOTHER ORGANIZATION, THE ORIGINAL DONORS OF A 1965 FACTORY FIVE COBRA, THAT WAS TO BE USED TO RAISE FUNDS THROUGH FUNDRAISING EFFORTS, WAS RETURNED TO THE ORIGINAL DONORS. THE VALUE OF THE RETURNED DONATION WAS 40,163. THE FOLLOWING SUMMARIZES ASSETS TRANSFERRED: CASH 24,700 - TO H.S. JESHUA MINISTRIES FUNRITURE/ EQUIPMENT 2,018 - TO H.S. JESHUA MINISTRIES FACTORY FIVE COBRA 40,163 - TO MICHAEL & CAROLYN THOMPSON ------- TOTAL ASSET TRANSFER 66,881
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