December 11, 1995

Mr. Roger Hertog

President

Sanford C. Bernstein & Co., Inc.

767 Fifth Avenue

New York, NY 10153-0185

Dear Roger:

As part of the Foundation's accounting and internal controls, a need exists to more formally reconcile and compare the total portfolio balances as reported by the custodian (Firstar or Chase) and the amount reported by the investment manager. In many cases these differences at month end are due to timing or valuation amounts but occasionally errors have been identified.

Beginning with December 31, 1995 and quarterly thereafter, please complete a formal reconciliation between the portfolio balance under your management and the amount reported by the custodian (Firstar or Chase).

Please submit a report of your reconciliation to the Foundation no later than 15 days after the end of the quarter.

Please call me if you have any questions (414-291-9915).

Very truly yours,

Robert N. Berkopec

RNB/ye

cc:	Thomas L. Rhodes

John Mellinger, Firstar

December 11, 1995

Mr. Merlin F. Robertson

Capital Guardian Trust Company

333 South Hope Street

Los Angeles, CA 90071

Dear Merle:

As part of the Foundation's accounting and internal controls, a need exists to more formally reconcile and compare the total portfolio balances as reported by the custodian (Firstar or Chase) and the amount reported by the investment manager. In many cases these differences at month end are due to timing or valuation amounts but occasionally errors have been identified.

Beginning with December 31, 1995 and quarterly thereafter, please complete a formal reconciliation between the portfolio balance under your management and the amount reported by the custodian (Firstar or Chase).

Please submit a report of your reconciliation to the Foundation no later than 15 days after the end of the quarter.

Please call me if you have any questions (414-291-9915).

Very truly yours,

Robert N. Berkopec

RNB/ye

cc:	Thomas L. Rhodes

John Mellinger, Firstar

December 11, 1995

Ms. Karen E. McGrath

National Investment Services of America

777 East Wisconsin Avenue

Milwaukee, WI 53202

Dear Karen:

As part of the Foundation's accounting and internal controls, a need exists to more formally reconcile and compare the total portfolio balances as reported by the custodian (Firstar or Chase) and the amount reported by the investment manager. In many cases these differences at month end are due to timing or valuation amounts but occasionally errors have been identified.

Beginning with December 31, 1995 and quarterly thereafter, please complete a formal reconciliation between the portfolio balance under your management and the amount reported by the custodian (Firstar or Chase).

Please submit a report of your reconciliation to the Foundation no later than 15 days after the end of the quarter.

Please call me if you have any questions (414-291-9915).

Very truly yours,

Robert N. Berkopec

RNB/ye

cc:	Thomas L. Rhodes

John Mellinger, Firstar

December 11, 1995

Mr. Richard D. Godfrey

Trust Company of the West

865 South Figueroa Street

Los Angeles, CA 90017

Dear Dick:

As part of the Foundation's accounting and internal controls, a need exists to more formally reconcile and compare the total portfolio balances as reported by the custodian (Firstar or Chase) and the amount reported by the investment manager. In many cases these differences at month end are due to timing or valuation amounts but occasionally errors have been identified.

Beginning with December 31, 1995 and quarterly thereafter, please complete a formal reconciliation between the portfolio balance under your management and the amount reported by the custodian (Firstar or Chase).

Please submit a report of your reconciliation to the Foundation no later than 15 days after the end of the quarter.

Please call me if you have any questions (414-291-9915).

Very truly yours,

Robert N. Berkopec

RNB/ye

cc:	Thomas L. Rhodes

John Mellinger, Firstar

December 11, 1995

Mr. Robert Kommerstad

Chairman

Provident Investment Counsel

300 North Lake Avenue

Pasadena, CA 91101-4106

Dear Bob:

As part of the Foundation's accounting and internal controls, a need exists to more formally reconcile and compare the total portfolio balances as reported by the custodian (Firstar or Chase) and the amount reported by the investment manager. In many cases these differences at month end are due to timing or valuation amounts but occasionally errors have been identified.

Beginning with December 31, 1995 and quarterly thereafter, please complete a formal reconciliation between the portfolio balance under your management and the amount reported by the custodian (Firstar or Chase).

Please submit a report of your reconciliation to the Foundation no later than 15 days after the end of the quarter.

Please call me if you have any questions (414-291-9915).

Very truly yours,

Robert N. Berkopec

RNB/ye

cc:	Thomas L. Rhodes

John Mellinger, Firstar

December 11, 1995

Mr. Bjorn Erik Borgin

President

Founders Asset Management, Inc.

Founders Financial Center

2930 East Third Avenue

Denver, CO 80206

Dear Bjorn:

As part of the Foundation's accounting and internal controls, a need exists to more formally reconcile and compare the total portfolio balances as reported by the custodian (Firstar or Chase) and the amount reported by the investment manager. In many cases these differences at month end are due to timing or valuation amounts but occasionally errors have been identified.

Beginning with December 31, 1995 and quarterly thereafter, please complete a formal reconciliation between the portfolio balance under your management and the amount reported by the custodian (Firstar or Chase).

Please submit a report of your reconciliation to the Foundation no later than 15 days after the end of the quarter.

Please call me if you have any questions (414-291-9915).

Very truly yours,

Robert N. Berkopec

RNB/ye

cc:	Thomas L. Rhodes

John Mellinger, Firstar

December 11, 1995

Mr. William McGee

Fayez Sarofim & Co.

2 Houston Center

Suite 2907

Houston, TX 77010

Dear Bill:

As part of the Foundation's accounting and internal controls, a need exists to more formally reconcile and compare the total portfolio balances as reported by the custodian (Firstar or Chase) and the amount reported by the investment manager. In many cases these differences at month end are due to timing or valuation amounts but occasionally errors have been identified.

Beginning with December 31, 1995 and quarterly thereafter, please complete a formal reconciliation between the portfolio balance under your management and the amount reported by the custodian (Firstar or Chase).

Please submit a report of your reconciliation to the Foundation no later than 15 days after the end of the quarter.

Please call me if you have any questions (414-291-9915).

Very truly yours,

Robert N. Berkopec

RNB/ye

cc:	Thomas L. Rhodes

John Mellinger, Firstar