BLUE OAK CHARITABLE FUND IS A PRIVATE FOUNDATION FORMED BY MEMBERS OF THE BOTTOMS FAMILY. THE TWO CONTROLLING DIRECTORS ARE SIBLINGS DEBRA AND DALE BOTTOMS. DURING THE YEAR, BLUE OAK TRANSFERRED $20,236,653 TO THE EL ROBLE AZUL FOUNDATION (FEIN 47-2308198) A SECOND PRIVATE FOUNDATION ALSO CONTROLLED BY DALE AND DEBRA BOTTOMS. THE PURPOSE OF THE TRANSFER WAS TO SPLIT THE ASSETS OF THE FOUNDATION INTO SEPARATE FUNDS WITH DIFFERENT DONATION PRIORITIES DIRECTED BY DEBRA (BLUE OAK) AND DALE (EL ROBLE AZUL).LIKE BLUE OAK, EL ROBLE AZUL HAS AS ITS MISSION THE MAKING OF DONATIONS TO 501(C)(3) PUBLIC CHARITIES. BECAUSE DALE AND DEBRA CONTINUE TO HOLD CONTROLLING INTERESTS ON THE BOARDS OF THE TWO ORGANIZATIONS, BLUE OAK WILL EXERCISE "EXPENDITURE AUTHORITY" WITH RESPECT TO THE PROPER USE OF THE FUNDS TRANSFERRED FROM BLUE OAK TO EL ROBLE AZUL. ACCORDINGLY, THE TRANSFER OF ASSETS BY BLUE OAK TO EL ROBLE AZUL WILL BE IN FURTHERANCE OF BLUE OAK'S SEC. 501(C)(3) PURPOSES.THE TRANSFER OF ASSETS FROM BLUE OAK TO EL ROBLE AZUL HAS NOT BEEN REFLECTED AS A QUALIFYING DISTRIBUTION FOR PURPOSES OF IRC SEC. 4942(G).
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