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Antioch College Continuation Corporat
November 19, 2009
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TABLE OF CONTENTS
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‘Issues:
Issue One: Market Value of Endowment Investments………… ccc cceeeee eee cnet etree tre setenteeenaeneeens 2
Issue TWO: Gift ANNUITIOS 200… ee cc cece cere eeeee reer ecneenaeenneecsaeseteaseeaeeenaseteesteeeeieeeereseceaseteenesseseneny 3
Issue Three: Charitable Trust AGre@Ments …….ceceecceseeseceeeeseereeeeceenteeeee snes eeneeetseeraaeetasiaeeneene ees: 3
issue Four: Endowment Funds ……… cscs cecccesceeeee eens eeeeneeeesseseeereneensnaeees : baceeeeeecanecnseeeeeecestenssentens 4
Issue Five: Faculty FUNG ………..cccccsceccseseececerceeesseeeesiesaeraeeeeseeeeenenereassacirsassasstesesneesasseceseneseentenengs 5
Issue Six: College Revival Fund Deposits 20.0… cc cece cect ee teeter ieee nterenenenseecnseesesseesastesnenegs 5
Schedules:
Schedule One: Endowment Market Investments… secccseese teen teeter erect taneeeee rennet eeneesseenes 6-7
Schedule Two: Endowment Market Investment Allocation co… cece tee eeentteeeeeeeteeeeseteneeeteeees 8
Schedule Three: Gift Annuity Cash FIOWS oo… cece ececeeseesesneesnenteeeneeieeceeencescenenreneeresstenseseenseens 9
Schedule Four: Charitable Trust Cash Flows (Antioch as Trustee) ………… sssnststenanstesee 10
Schedule Five: Charitable Trusts (Antioch Non-Trustee) ……..0.ecceseessreeeesteeetteeeteretneerneeneeeeenen 11
Schedule Six: Endowment Funds with Missing or Incomplete Information ………..::-:ce eee 12
£8) CLARK SCHAEFER HACKETT
STRENGTH IN NUMBERS .
Mr. Lee Morgan
Chair of the Board Pro Tem
Antioch College Continuation Corporation
716 Xenia Avenue
Yellow Springs, Ohio 45387
Dear Mr. Morgan:
We have performed our acquisition assistance and due diligence review related to the purchase of Antioch
College by the Antioch College Continuation Corporation. Our review was performed solely to assist Antioch
College Continuation Corporation with selected issues concerning the purchase of Antioch College from
Antioch University, specifically the transfer of certain endowment, trust, and annuity agreements as well as
other key issues as outlined by the contents of the asset purchase agreement and our many discussions with
you regarding the agreement. A summary of our findings are included on the following pages.
It has been our privilege to serve you in this exciting endeavor and new era for Antioch College. If we can be
of any further assistance please let us know.
Vou S24 asp Nutet ce
Clark Schaefer Hackett
Springfield, Ohio
November 19, 2009
2525 north limestone street, ste. 103
springfield, oh 45503
www.cshco.com
p. 937.399.2000
f. 934.399.5433
cincinnati | columbus | dayton | middletown | springfield
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Background
In June of 2007 the Antioch University (University) Board of Trustees declared a financial exigency at Antioch
College (College) and announced intentions to suspend operations at the College. The alumni of the College,
originally founded in 1854, established the Antioch College Continuation Corporation (ACCC) with the sole
purpose of purchasing the College from the University and reestablishing it as an independent private
educational institution. On September 4, 2009 the ACCC made significant progress towards that goal with an
asset purchase agreement executed between the ACCC and the University for approximately $6,000,000. As
part of the agreement, significant historical assets and liabilities associated with the College were transferred
to the ACCC, including an endowment, the campus and associated buildings, various gift annuities, charitable
trusts, and the Glen Helen nature preserve.
The ACCC engaged Clark Schaefer Hackett to review certain aspects of the asset purchase agreement;
particularly those associated with the College endowment, charitable gift annuities, and charitable remainder
trusts. As part of this review Clark Schaefer Hackett performed an analysis of the:
Market investments supporting the endowment and the mechanisms for moving those investments,
Various gift annuities and related underlying liabilities and market investments,
Various charitable trusts and underlying market investments,
Endowment and the individual fund restrictions incorporated within the portion of the endowment that
is to be transferred to the ACCC,
Amounts received by the College Revival Fund, Inc. that are potentially due the University, and
Faculty Fund and any underlying investments.
In addition, Clark Schaefer Hackett also provided assistance to the ACCC, their represeniatives (i.e.
attorneys) and other parties in resolving key issues related to the consummation of the purchase agreement.
A summary of our analysis is included on the following pages.
Issue One: Market Value of Endowment Investments.
The University holds various market investments for the benefit of their endowment, a significant portion of
which will be transferred to the College under the purchase agreement. The accompanying Schedule One:
Endowment Market Investments details the various investments, which include an assortment of mutual
funds, hedge funds, privately managed investments, and privately held equities. The total market value of the
University’s endowment investments at July 31, 2009 was estimated at $25,151,558.
The portion of those investments to be transferred for the benefit of the College is estimated at $21,971,397,
or 87.36% of the total endowment market value at July 31, 2009. The portion transferred is based upon the
specific units allocated to the specific endowment funds that are to be transferred to the College. According
to records provided by the University the respective funds to be transferred to the College totaled 1,300,999
units out of a total of 1,489,307. The approximate value per unit as calculated by Clark Schaefer Hackett
July 31, 2009 was $16.89. Schedule Two: Endowment Market Investment Allocation contains further
information concerning the allocation of endowment units. It is likely, given the general increase in the
broader markets since July 31 to the date of this report that the value of the Callege’s portion of the
investments will have increased further in value.
Given the size, complexity, and other regulatory issues surrounding the transfer of the endowment it is
important that the ACCC seek the counsel of a professional investment advisor to assist with the transfer of
investment assets and future investment decisions. Additionally, the ACCC should soon begin the process
of drafting an investment policy and forming an internal investment committee to oversee all investments both
endowment and non-endowment related.
issue Two: Gift Annuities
The College will be the recipient of a number of gift annuity contracts once the purchase agreement is
consummated. Based upon Clark Schaefer Hackett’s analysis of the various contracts, there were a total of
36 annuity contracts which were actively receiving payments at July 31, 2009. The current median age of the
annuitants (or survivor beneficiary) is 82.6 years and the average expected future payout period is 9.6 years.
These gift annuity contracts require the College to pay a periodic amount, generally quarterly, to the
annuitants or designated beneficiary for either a set period or until their respective deaths. Upon meeting
those requirements the College generally is then the beneficiary of any potential remainder balance. The
investments supporting the annuities are presently held at Fifth Third Institutional Services, an arm of Fifth
Third Bank, and totaled $580,652 at July 31, 2009. The investments are held in a mixture of various equity
and fixed income instruments.
Based upon a thorough review of the annuitant contracts, underlying market investments and potential rates
of return Clark Schaefer Hackett estimates that at present these gift annuity contracts are underfunded by
between $90,000 and $227,000 in current doilars. Essentially, this means the College would be required to
fund an immediate contribution somewhere in that range in order to ensure adequate funds exist to meet the
future required payouts. The underfunded status is most likely due to a combination of inadequate reserves
being invested in the prior years to meet the required payouts and the general decline in the investment
market values over the past sixteen months. A detailed summary of the gift annuity cash flows is presented at
Schedule Three: Gift Annuity Cash Flows.
One option available to the College to remedy the underfunded status is to contact the annuitants and
determine if they are willing to donate their future required payouts thus effectively releasing the College from
any future payment liability. An additional advantage of this approach is the annuitant could receive a tax
deduction for a portion of the forgiven amounts. A combination of forgiven payouts and some additional
funding by the College would serve to potentially alleviate the current underfunded status.
Issue Three: Charitable Trust Agreements
The College is to be the beneficiary of a number of charitable remainder annuity and unitrust agreements
upon the completion of the purchase agreement. There are a total of 12 trust agreements in which the
College serves as the trustee. Under these agreements the College is to pay the beneficiary(ies) an annual
amount until a certain period of time or the death of the beneficiary(ies). Any remaining assets in the trusts
are then distributed according to the respective agreement, the vast majority of which then becomes the
property of the College. The subsequent spending of any residuals is subject to any donor imposed
restrictions per the trust agreement. Of the 12 trusts, eight are considered temporarily restricted and four
permanently restricted (endowment).
The market value of the investments underlying the various trust agreements at July 31, 2009 was $767,005.
This is comprised of market investments totaling $335,998 for the temporarily restricted and $431,007 for the
permanently restricted trust agreements. The investments are currently held with Morgan Stanley Smith
Barney.
Clark Schaefer Hackett reviewed each of the individual trust agreements which are summarized on Schedule
Four: Charitable Trust Cash Flows (Antioch as Trustee). In general, barring any changes to the existing trust
agreements, minimal cash flow will be realized from the remainder of these trusts in the near term. Outside of
the amounts to be received from the recently deceased Miller brothers, estimated at approximately $154,000,
the majority of the potential remainders from the trusts are anticipated from 2018 and beyond.
The College is also the recipient of three trusts for which they are not the trustee. Schedule Five: Charitable
Trusts (Antioch Non-Trustee) details the expected annuat income and any remainders to be received from
these trusts. Itis not estimated that any significant amounts will be received from these agreements in the
near future.
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One option for the College to consider is contacting the originators and/or beneficiaries of the trust
agreements and determine if they are willing to forego future payments as outlined by the agreement. Doing
so may release the College from continuing to make scheduled payments and as well access the remainder
amounts. As with the gift annuities described previously those receiving income may receive certain tax
benefits for their forgiveness of the future annuity payments. Given the complexity of the trust agreements
and associated regulations the College would need to discuss any modifications with their legal counsel to
ensure proper compliance before attempting such an endeavor.
‘Issue Four: Endowment Funds
Upon the completion of the purchase agreement the College is the beneficiary of a significant portion of the
endowment currently held by the University. Clark Schaefer Hackett reviewed the information provided by the
University for the individual funds within the endowment, categorizing the funds by restriction classes and
documenting the specific restrictions. In general, much of the information for determining the respective
restrictions on the funds was very dated, informai, or otherwise limited in nature.
In total there were 116 individual funds within the endowment at July 31, 2009 and are categorized as follows:
# of Individual
Category / Sub Category Funds
Scholarship
General 31
Functional Area 27
Demographic 18
General Purpose / Alumni Fund 6
Library 8
Endowed Chair / Research 8
Antioch Review 4
Glen Helen 3
Other 11
Total 116
Included in the above funds are 29 funds for which either specific documentation did not exist or the specific
fund documentation was inadequate ih order to make an adequate determination of the donor intentions. The
majority of these items relate to an old spreadsheet the University had from the 1970’s and discussions with
them indicate that additional materials are not available to further determine donor intent. Based upon their
titles the majority of these funds appear to be scholarship related. A list of these particular funds is included
on Schedule Six: Endowment Funds with Missing or Incomplete Information.
There are also four funds; Mooney Scholarship, Chatterjee Scholarship, Cooney School, and Wingfield
Project for which Clark Schaefer Hackett determined further follow up was required. The specific purposes of
the particular funds, or nature of the restrictions, are not adequately established or appear in conflict. The
Cooney School fund, for example, does not appear to ever have had any specific restrictions placed on the
use of the money. Another fund, the Wingfield Project, raises the question as to whether this is actually an
endowed fund. :
in select instances the College may be able to pool certain funds which have like-kind restrictions. Clark
Schaefer Hackett has provided a schedule under separate cover detailing which of these funds may
potentially be pooled together for future spending purposes. The primary benefit of pooling these funds is to
provide greater scale and disclosure as to the potential amounts that are available to be spent annually for the
particular restricted purpose.
The College may want to further explore the possibility of having some of the particular funds restrictions
modified, if possible, particularly if it is determined that certain restrictions are unnecessarily prohibitive or will
otherwise never be met. However, in undertaking such an endeavor careful consideration must be given to
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ensure compliance with laws and regulations governing endowments as well as any formal restrictions
contained within the purchase agreement. The College should consult with their legal counsel regarding any
potential modifications or changes of restrictions.
Issue Five: Faculty Fund
The University currently administers a Faculty Fund that will transfer to the College as part of the purchase
agreement. The Fund originated in 1928 with a gift to the College in the amount of $13,625 from a Mrs. Orlo
J. Price with the stated purpose of “acquiring, holding, conveying…..all property…..for the purposes of
research, improving the methods of teaching and of education, and for all other purposes proper and incident
to the interest of Antioch College.” As of July 31, 2009 the market investments in the Faculty Fund totaled
$444,739. Over 95% of the investments are invested within the Lord Abbott mutual fund family with a small
remainder in a bank account at U.S. Bank.
The Faculty Fund is incorporated as an Ohio non-profit corporation and is separate from the formal
endowment. Discussion with and review of documentation provided by the University’s outside legal counsel
clearly indicates that only the income from this fund can be spent annually, though it seems to be fairly broad
as to what the money can be spent on as long as it relates to the educational mission of the College. Upon
transfer of the Faculty Fund the College will need to update the regulatory filings with the Secretary of State.
Clark Schaefer Hackett has under separate cover provided the associated documentation and investment
information for the Faculty Fund to the College.
issue Six: College Revival Fund Deposits
As part of the purchase agreement the University required that the ACCC review all contributions that were
made to the College Revival Fund for any potential amounts that were received by the College Revival Fund
but intended for the University. Clark Schaefer Hackett reviewed ail checks deposited with the College
Revival Fund from July 2007 through April 2008 and found only 11 checks $2,280 that did not have adequate
documentation to support any conclusion. Though a determination could not be specifically made on these
items, based upon our analysis it is clear that any amounts due the University are clearly minor. We have
. provided a summary of these items previously to the College and the College Revival Fund under separate
cover and it is our understanding that a settlement for the above items was reached with the University as
part of the closing.
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Schedule One: Endowment Market Investments
As of July 31, 2009 ® Trailing Retums %
NAV / Price :
Investment Fund Type Shares per Share Market Value YTD 1 Year 3 Year § Year
Mutual & Investment Manager Funds:
Brandes Investment Partners
Brandes inti. Equity Broad Market Portfolio Common Equities NIA N/A $1,029,695
Western Asset Money Market Fund – Class A Money Market 24,022 $1.00 $24,022
Total ; $1,053,717 16.7 (15.5) (4.4) 4.7
Brandywine Blue Fund (Fries Associates) 63,415 $19.82 $1,256,893 0.0 (34.8) (9.0) (0.5)
Citigroup Global Markets – TRAK Advisory Service
PIMCO Total Return Fund – Class A Fixed Income 142,106 $10.63 $1,510,588
Wester Asset Money Market Fund – Class A Money Market 34 : $1.00 $35
Total $1,510,623 8.5 – – –
PIMCO All Asset 38,330 $11.27 $431,979 13.9 (6.5} 1.8 4.3
Citigroup Global Markets – TRAK Advisory Service .
Loomis Sayles Bond Fund Insti Class ’ Fixed income 142,305 $12.32 $1,753,192
Westem Asset Money Market Fund – Class A Money Market 35 $1.00 $36
Total $1,753,227 24.7 – – ~
Citigroup Global Markets – TRAK Advisory Service
Aston Montag & Caldwell Growth Fund Common Equities 1,424 $19.93 $28,372
Alliance Bernstein Intl. Value – Advisor Class Common Equities 1,249 $12.45 $15,553
Baron Asset Fund Common Equities 187 $40.39 $7,534
Nueberger Berman Genesis Trust Fund Common Equities 275 $34.57 $9,513
T Rowe Price Equity income – Advisor Class Common Equities 1,159 $18.53 $21,480
Wells Fargo Advantage Govt. Sec. Fund – Inv. Class Fixed Income 3,150 $10.75 $33,867
Total $116,319 41.0 (15.4) (2.9) 2.2
Citigroup Global Markets – TRAK Advisory Service
William Blair Intl Growth Fund – Class N Common Equities 43,509 $16.64 $723,985 24.6 (27.5) (6.1) –
NFJ Investment
Common Stocks & Options Common Equities $1,358,690
Western Asset Money Market Fund – Class A Money Market 39,340 $1.00 $39,340
Cash Reserves Cash $19,161
Total $1,417,190 (2.9) (30.1) (11.4) –
NuVeen Management
Common Stocks & Options Common Equities $617,724
Preferred Stocks Preferred Equities $12,160
International Bonds Fixed Income $5,198
Corporate Bands . Fixed Income $79,753
Western Asset Money Market Fund – Class A Money Market 77,759 $1.00 $77,759
Cash Reserves Cash $13,253
Total $805,846 37.2 (8.5) 27 –
TOW
TCW Tota! Return Bond Fund Fixed Income 74,543 $9.80 $730,523
Western Asset Maney Market Fund – Class A Money Market 5,735 $t.00 $5,735
Totat $736,258 3.7 – – –
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Schedule One: Endowment Market Investments
As of July 31, 2009 , Trailing Returns %
NAV / Price :
investment Fund Type Shares per Share Market Value YTD 1 Year 3 Year 5 Year
Westfield Capital Management
Common Stacks & Options Common Equities $667,009
Western Asset Money Market Fund – Class A Money Market 20,214 $1.00 $20,214
Cash Reserves Cash $1,035
Total . $688,258 22.7 (22.5) (0.8) 5,2
Western Asset/Citi Inst! Liquid Reserves – Class A Money Market §83,236 $1.00 . $683,236 – – – –
Total Mutual & Investment Manager Funds $11,177,531
Alternative Investments:
Pine Grove Offshore Fund Ltd. –Class C Hedge Fund 7,092 $202.80 $1,438,346 14.0 {8.2) 1.6 –
HedgeForum Canyon !D Ltd. Hedge Fund $1,414,000 24.6 (7.7) – –
Diamondback Offshore Fund, Ltd. © Hedge Fund $2,239,040 18.0 14.9 – –
FALC 3 Series 2006 © Hedge Fund $t – – – –
Total ‘ $5,091,387
Total Alternative Investments $5,091,387
Privately Held Equities: :
YSI Incorporated ® Commen Equities 50,700 $219.00 $11,103,300
Less University Valuation Adjustment ($2,220,660)
$8,882,640
Total Pavately Held Equities $8,882,640
Total Estimated. Market Valu iy 3 31; 2009 |
‘Total Market Value as reported by Antioch University @ June 30, 2008″
Change i in Vatue. Jung to > uly: 2009″.
“$25,151,558
$24,258,722
“O° $892,836
. Antioch College Portion of Endowment ©
__. Percent of Total, Endowment: …
__ Market Value of Endowment portion
$21, 971, 397
Notes
© Unless otherwise noted.
® Per Howard Coleman, Genesee tnvestments, this is the July 2009 Value – Most recent statement, June 2609 valuation, showed ownership of 1,541 units at $861.7 per unit.
® Investment comprised of two sub-tranches, Series-1 880.90 units @ $1,634.84 NAV = $1,440,130 and Series-2 700.00 units @ $1,141.30 NAV = $789,910.
® Per Antioch University the endowment holds 50,700 shares. Price per share based upon YSI December 31, 2008 Annual Report. The total market value is discounted by Antioch University at 80%.
® account listed in Morgan Stanley account statement for June and duly 2009 with no activity – Account daes not appear to be actively used.
® Based upon the number of units in the endowment as of June 30, 2009 and the market value as estimated at July 31, 2009.
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Schedule Two: Endowment Market Investment Allocation
Historical Gift Percent of Total
Units Amount Market Value Endowment
Ownership Accrues
To Number % of Total : June 30; 2009 July 31, 2009
Antioch College
Antioch College College 1,205,837 81.0% $17,754,551 $19,641,396 $20,364,293 81.0%
Glen Helen College 75,826 5.1% $942,129 $1,235,104 $1,280,564 5.1%
Review College 19,336 1.3% $231,778 $314,952 $326,543 1.3%
Total College 1,300,999 $18,928,457 $21,191,451 $21,971,397 87.4%
Antioch University :
Antioch University – New England University 26,939 1.8% $434,054 $438,791 $454,940 1.8%
Antioch University – Seattle University 16,930 1.1% $322,832 $275,766 $285,915 1.1%
Antioch University – Los Angeles University 1,317 0.1% $22,518 $21,449 $22,239 0.1%
Antioch University – Santa Barbara University 44 0.0% $823 $718 $744 0.0%
Antioch University – PhD Program University . 0 0.0% $0 $0 $0 0.0%
Antioch University – McGregor ‘ University 4,224 0.1% $19,400 $19,889 $20,621 0.1%
Antioch University University 141,857 9.5% $2,832,905 $2,310,657 $2,395,700 9.5%
Total University 188,308 $3,632,532 $3,067,271 $3,180,164 12.6%
Total 1,489,307 $22,560,989 $24,258,722 $25,151,558
Estimated Investment Market Value as of July 31, 2009 $25,151,558
Total Units as of June 30, 2009 1,489,307
Estimated Value per Unit $16.89
os Relative Share of Endowment * ro a –
MS ‘$.
– Antioch College “874% ~~ $21,971,397.
Antioch University. “>. .- 12.6% * $3,180;161
Total
~~, 100.0% ° ~$25,151:558
=-_— = = 2 a = = B ntch CSegS cAHin Mion wore a a mR fa mt ay a mi ly
Schedule Three: Gift Annuity Cash Flows
Total
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Remainder _ Payout
Fifth Third Annuity investments $ 580,652
Annuity Cash Payments 50,584 84,877 84,877 84,377 80,445 78,883 76,861 73,319 64,790 59,988 57,163 50,225 44 997 35,767 35,767 118,628 1,078,547
Scenario One – 4.0% Rate of Return
Beginning Balance 580,652 541,681 478,471 412,732 344,865 278,214 210,460 142,018 74,379 12,565 – – . – –
Income @ 4.0% 11,613 21,667 19,139 16,509 13,795 41,129 8,418 5,681 2,975 503 “ – – – –
Ending Balance 541,681 478,471 442,732 344,865 278,214 210,460 142,018 74,379 12,565 – – – – – –
Annual Net Cash Flow (38,971) (63,210), (65,738) (87,867) (66,651) (67,754) (68,442) (67,639) (61,814)- (59,485) (57,163) (50,225) (41 1997) (35,767) (35,767) (118,628)
Scenario Two – 5.5% Rate of Return
Beginning Balance 580,652 546,035 491,190 433,329 372,785 312,843 251,166 188,120 125,147 67,240 10,954 – – – –
Income @ 5.5% 15,968 30,032 27,045 23,833 20,503 17,206 13,814 10,347 6,883 3,688 602 – – – –
Ending Balance 546,035 481,190 433,329 372,785 312,843 251,166 188,120 125,147 67,240 10,954 – – – – –
Annual Net Cash Flow (34,817) (64,845) (57,862) (60,544) (69,942) (61,676) (63,048) (62,973) (57,907) (6,290) (56,560) (50,225) (41,997) (35,767) (35,767) (118,628)
Scenario Three – 7.0% Rate of Return
Beginning Balance 580,652 650,390 – 504,041 454,446 401,881 349,567 295,154 238,954 182,361 130,337 79.473 27,873 – – –
Income @ 7.0% 20,323 38,527 35,283 31,811 28,132 24,470 20,861 16,727 12,765 9,124 5,563 1,954 – – –
Ending Batance 550,390 604,041 454446 401,881 349,567 295,154 238,954 182,361 – 430,337 79,473 27,873 – – – –
Annual Net Cash Flow (30,262) (46,350) (49,594) (52,565) (52,314) (54,413) (56,200) (56,593) (62,024) (50,864) (51,600) (48,273) (41,997) (35,767) (35,767) (118,628)
5.” » AO 1 AIL:
Total Annuity. Payments $385,164 $739.00 0° $4,
Required Annual Rate of Return — No Additional Contributions
Required Additional. Contribution:in First Year:
_ Scenario-One
Scenario Two:
Scenario Three
$207,000]
=$153,000|-
77§50,000}..
078,547.
Antiocn Catlége Cominuation Corporduon
Schedule Four: Charitable Trust Cash Flows (Antioch as Trustee)
Age Annual = fnvestment Period Cash Flow
2022 &
Trust Beneficiary Survivor, Amount_ _ Mkt Value 2009-11 2012-14 2015-17 2018-21 Beyond Note
Temporarily Restricted
96012 Dryfoos ™ a4 90 $2,475 $48,990 $59,304 Estimated in
Estimated i
96013 Friedman-Wender ® 79 71 $5,000 $58,915 $34,444 mas . in
Estimated
98030 Asakawa 90 91 $12,000 $49,686 remainder $9 –
expire 2014
Estimated
remainder $0 –
96033 Case 85 86 $10,266 $11,351 trust assets
expire 2010
Estimated
: semainder $0 –
96034 Schiff 83 77 $2,400 $5,312 trust assets
expire 2011
Estimated
96035 Ciauser 72 $8,712 $13,745 remainder $0 –
expire 2018
Estimated
, femainder $0 –
96037 Bail 80 $3,006 $14,483 trust assets
axpire 2016
96038 Yager“) 68 $8,004 $133,846 $193,077 Estmetedin
Total Temporarily Restricted $335,998
Permanently Restricted
96006 Trolander © 84 8B $13,382 = $173,271 $165,513 Estimated in
Estimated
7 cemainder $0 –
96021 Siegal 77 79 «$13,680 $99,873 trust assets
explre 2020
Recent!
96022 Miller, N(R. Miller beneficiary) 94 $9,450 $78,670 $76,698 Deosased
96023 Miller, R 94 $9,450 $79,193 $77,240 recent
Total Permanently Restricted $431,007
Tatal Trust Market Invesimenis $767,005
Total Estimated Cash Flow $153,938 $0 $0 $224,907 $227,521
)
2
@
4)
10
Estimated average annual payout based upan 5% of FMY of assets revalued annually.
Estimated average annual payout based upon 5% of FMY of assets at inception.
Estimated average annual payout based upon 8% af FMV of assets revalued annually.
Bath Miller brothers are recently deceased,
Type
Charitable
Remainder Unitrust
Charitable
Remainder Annuity
Charitable
Remainder Annuity
Charitable
Remainder Annuity
Charitable
Remainder Annuity
Charitable
Remainder Annuity
Charitable
Remainders Annuity
Charitable
Remainder Unitrust
Charitable
Remainder Unttrust
Charitable
Remainder Annulty
Charitable
Remalnder Annulty
Charitable
Remainder Annuity
Comments
Quarterly payout 5%
of FMV of net assets –
tevalued annually
Quarterly payout 5%
af FMV of net assets
at incaption
Quarterly payout of
$3,000
Quarterly payout of
$2,565
Annuat payout of
$2,400
Annual payout of
$8,712.
Quarterly payout of
$752
Quarterly payout 5%
of FMV of net assets –
revalued annually
Quarterly payout 8%
of FMV of net assats ~
Tevalued annually
Semi-anoual payout of
$6,840
Quarterly payout 7%
of FMV of net assets
atinceplion
Quarterly payout 7%
of FMY af net assets
at Inception
Remainder Distribution
General education purposes of
Antioch College
General purposes of Antioch
College
No restrictions fisted ~ Mentions
Antioch University aot College as
beneficiary
No restrictions listed — Mentions
Antioch University not College as
beneficiary
No restrictions fisted — Manfians
Antioch University not Catlege as
beneficiary
General purposes af Antioch
Colléga
Gensrai purposes of Antioch
College
General purposes of Antioch
College
Principal Restricted to
Endowment Fund – Income for
Generat Purpose ~ Mentions
Antioch University not College as
beneficiary
Principal Restricted to
Endowment Fund of Antioch
College
Principat Restricted to
Endowment Fund – Income for
Antloch Review — If review no
longer pubtished then for Antioch
College faculty
Principat Restricted to
Endowment Fund – Income for
Antioch Review — if review no
longer published then for Antiach
College faculty
41
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Schedule Five: Charitable Trusts (Antioch Non-Trustee)
lavestment Estimated Annual
Trust Trustee Market Value Income Description
Per the will of Griffith Antioch College is to receive a one-fourth share (25%) of the annual income generated by
. . the trust as stated “To pay the income derived from one equal part or share semi-annually te ANTIOCH
Glyde H Gerth Manufacturers and Traders Trust Co. $370,366 $2,000 – $3,000 COLLEGE at Yellow Springs, Ohio.” The annuat income is estimated by the trustee at $8.994 of which 25%
would accrue to Antioch College
Per the fiving trust of Chryst Antioch College is to receive 100% of the annual income generated by the trust after
any fiving children are deceased, The agreement was entered into in 1920 and It appearing and per Antioch
. University that all descendants are now deceased Antioch College is to receive the annual income as stated
William A Chryst JP Morgan Chase Bank $300,728 $8,000 – $12,000 “all the net income from the trust estate shall be paid each year in quarterly installments or ofiener to the
Trustees of Antioch College so long as said College continues to be an educational institution…“ The annuai
income is estimated to be between $8,000 and $12,000.
investment
Charitable Remainder Unitrust Trustee * _Market Value Ownership Share
Per the Unitrust agreement Antioch College is to receive 15% of the remainder upon the death of Laing’s wife
Hugh « Laing Charitable Unitrust for Beverly Laing Bank of Hawaii $369,807 15%
o Market Value as of June 30, 2009
Beverly who at present is presumed to be still living. There is no indication as to where the remaining 85% is to
go as the beneficiaries are not specifically spelled out in the documents Provided by Antioch University
Smee SPS RR RRS RRS AR ARBAB AR RRR ee mt oe
Antioch College Continuation Corporation:
Schedule Six: Endowment Funds with Missing or Incomplete Information
Insufficient Data
Fund
Walter Bell
R.T.Brewer
Coblentz
– Gray Memorial Scholarship
Kepler Memarial
Lamggden Indian
Newcomb Mott
G.E.Owens
General Student Aid
Coney Scholarship
Denman Scholarship
Kilpatrick
Jesse Treichler
Orey Scholarship
Abrams Peace Scholarship
Readers Digest UG
Mayer
Glen Helen Vernet Bidg
Glen Helen Restoration
Jan Dekodt Memorial
Future Programs
Sunrise Shopping Center
Other General Purpose
Y.S. Campus
Parent Book Fund
Other Alumni
A.C.Henderson
John Dewey Professor
J.S. Hine
Further Analysis Needed
Market Value “”
$23,388
$4,582
$7,560
$382
$114,464
$6,276
$10,950
$4,734
$52,882
$27,454
$27,454
$6,598
$304,837
$1,742,692
$52,720
$23,000
$9,698
$19,440
$16,668
$2,094
$284
$1,252,408
$1,114,446
$96,628
$31
$8,775
$4,200
$321
$4,582
Fund Market Value.”
Mooney Scholarship $793,146
Chatterjee Scholarship $459,142
Cooney School $9,755
Wingfield Project $44,946
Description #
General scholarships – 80% of yearly income for scholarships and 20% for
general operations
General scholarships – Needy students
Generali scholarships for 4th/Sth year students – Based on financial need
General scholarships
General scholarships
Generat scholarships
Major in history with good academic and community standing
General scholarships
General scholarships – Consisting of various donations since 1939
Good academic and community standing
Meets the ideals of the Antioch educational madel – Good standing
academically and with coop
General scholarships
Student of color with good academic and community standing
General scholarships
in support of peace education programming, not a scholarship
General scholarships — Belongs to New England ~ States endowed
scholarship fund — Refers to Antioch-Putney Graduate Schooi
General scholarships
Glen Helen capital improvements
Glen Helen land restoration
Income for general purposes of the college
No information in the business office
No information in the business office
No information in the business office
No information in the business office
Books
Unknown
Stimuiate young people in civic affairs
Unknown
Literature award
Description *
Original will stated for general scholarship purposes ~ Subsequent
documentation indicates that donor changed intention and couid be used to
refurbish “South Hall” or “other purpose deemed needed by Antioch”.
Scholarship fund but indicates in absence of scholarship can be used for
general educational purposes of College.
Oonor has never designated specific requirements for this fund — indicates
that the “State Attomey General would decide what is to be done with the
endowment”.
Endowment fund or simply a restricted fund allowing spending of principal — It
was to be set up originally as an endowment — but jater review of the Board
of Trustee minutes clearly indicate that this is to be reclassified as a restricted
fund for the purposes of rehabbing and maintaining the Wingfield Health
Center.
™ Market Value provided by University and used for comparison purposes only ~ Represents portion of market value of endowment assigned to the particular fund.
®) Description as provided by the University — Majority of information from University spreadsheet from 1970’s and no supporting documentation available.
) Clark Schaefer Hackett comments based upon review of documentation.
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