Thursday, December 1, 2016

from: to: G Dec 1, 2016 at 5:31 PM subject: Say Yes correspondence Information Request

We have completed the records pull pursuant to your request. Please find attached all responsive documents. As requested, we are supplying the emails in electronic format, as such there is no charge for this request. Due to the size limitations of our servers I have attached a link to the documents.

Please let me know if I can be of any further assistance or if you have any problems opening the link.

Thank you,

Clerk to the Board
Guilford County

Charter schools will have to raise 40% of the endowment for their students;

= Not going to happen

Who comes up with the 60%?

High net worth student's got more than the rest?

"intent to ensure that our credibility with the public and donor stakeholders remains in tact"

As confirmed by Donnie Turlington, Skip Moore and Kevin Gray, 
the endowment is currently under $11,000,000

What does "advanced funds against the scholarship requirements
based on an agreement signed by Skip Moore" mean?

Does the endowment owe Say Yes National money?

$1 million for the first semester, another for the second
= most likely less than $2 million per year after attrition

x 2 for the second year = $4 million

x 2 after 4 years = about $8 million per year needed over the long term.

If the endowment magically becomes $100 million, 
that would be an $8 million payout per year, or 8%, 
not counting administrative costs and 'wrap around services'.

Say Yes has pledges of under $41 million,
and less than $11 million in hand,
with some of the money designated for wrap around services

Say Yes National is supposed to throw in $15 million over 6 years...,
so why an "advance"? 

Say Yes Guilford's money is being managed by one entity, 
with management profits split between the High Point and Greensboro foundations

The foundations need to declare they are acting as fiduciaries
as well as the sole money manager,
and the total fees including transaction costs should be disclosed

Mr. Laney has some questions to answer

My guess is he didn't have a clue EZGreensboro has been following along
when he agreed to take the job

So Charter Schools get to play, 
as long as they put up 100% of the money?

Charter schools get to be designated 
by giving two foundations 40% of the money,
before having to raise the other 60%?
"the institution does understand it is responsible for raising the total required endowment"