M E M O

TO:	Cynthia Friauf, Dan Schmidt

cc:	Mike Grebe

FROM:	Yvonne Engel

DATE:	June 13, 2006

RE:	PAVE

PAVE has provided documentation they have met the challenge for their 2005-06 fiscal year award from the original $20,000,000 grant commitment awarded 2/27/2001. As you know, they have $4,000,000 available to them at this time. They are requesting $2,250,000, which is the amount they have matched. The difference of $1,750,000 would then be cancelled. When would you like to schedule their payment(s)? Will it be paid by check?

The next question is what will happen to the $4,000,000 that remains pending due to their fiscal year being different from the Foundation's? Do they have until the end of our fiscal year (12/31/06) to request it, or should it have been cancelled at 12/31/05 since they didn't request anything during their 4th fiscal year of the 5 year commitment?

Attached is a summary and analysis at 12/31/05, and a version dated 6/12/06 indicating my updates of the current status. I hope it will help you answer the above question. Thanks.

/ye