2024-11-14T13:58:33-06:00 2023-12-31 330700332 VASQUEZ COMPANY LLP 655 N CENTRAL AVE STE 1550 GLENDALE CA 91203 990 2023-01-01 843666714 ARES CHARITABLE FOUNDATION ARES 4242852736 1800 AVENUE OF THE STARS SUITE 140 LOS ANGELES CA 90067 MICHAEL WEINER SECRETARY 4242852736 2024-11-12 1 0 X REGINA PRINCE CPA P00576936 2138731700 2023 2024-10-15 13:58:12Z X MICHAEL WEINER 1800 AVENUE OF THE STARS SUITE 1400 LOS ANGELES CA 90067 10801304 0 X WWW.ARESFOUNDATION.ORG X 2019 DE ARES FOUNDATION'S MISSION IS TO HELP ACCELERATE ECONOMIC EQUITY AND EQUALITY BY SUPPORTING NONPROFITS AND INITIATIVES THAT PROVIDE CAREER PREPARATION AND RESKILLING, ENCOURAGE ENTREPRENEURSHIP AND DEEPEN INDIVIDUALS' UNDERSTANDING OF PERSONAL FINANCE. 4 4 0 55 0 0 4896009 10696130 0 0 -353 7463 0 0 4895656 10703593 4925757 12092316 0 0 0 0 0 0 0 1067133 1528453 5992890 13620769 -1097234 -2917176 1689267 3316227 942722 5486858 746545 -2170631 X THE GENERAL PURPOSES FOR WHICH THE CORPORATION IS FORMED ARE: (A) TO ENGAGE IN CHARITABLE ACTIVITIES CONSISTENT WITH THE PHILANTHROPIC OBJECTIVES OF ARES MANAGEMENT AND ITS FOUNDERS AND EMPLOYEES, WITH A FOCUS ON EDUCATION, HEALTH CARE, ENVIRONMENTAL AND SOCIAL CONCERNS; (B) TO SOLICIT, RECEIVE, AND ACCEPT DONATIONS, GIFTS, BEQUESTS, GRANTS, INCOME AND OTHER THINGS OF VALUE; (C) TO ENGAGE IN GRANT-MAKING TO UNRELATED ORGANIZATIONS AND INSTITUTIONS FOR CHARITABLE PURPOSES WITH A FOCUS ON EDUCATION, HEALTH CARE, ENVIRONMENTAL AND SOCIAL CONCERNS; AND (D) TO ENGAGE, WHETHER ALONE OR IN CONJUNCTION WITH OTHERS, DIRECTLY OR INDIRECTLY, IN ANY OTHER LAWFUL ACT OR ACTIVITY FOR WHICH CORPORATIONS MAY BE ORGANIZED UNDER THE DGCL, AND BY VIRTUE OF SUCH STATEMENT ALL LAWFUL ACTS AND ACTIVITIES SHALL BE WITHIN THE PURPOSES OF THE CORPORATION, EXCEPT FOR EXPRESS LIMITATIONS, IF ANY. 0 0 4743891 4500000 ALTFINANCE: INVESTING IN BLACK FUTURES. THE INITIAVE IS DESIGNED TO DIVERSIFY THE ALTERNATIVE INVESTMENT INDUSTRY BY ATTRACTING, TRAINING, AND PROVIDING CAREER OPPORTUNITIES FOR COLLEGE STUDENTS ATTENDING HISTORICALLY BLACK COLLEGES AND UNIVERSITIES. THE INTIATIVE HAS THREE PRIMARY COMPONENTS: A MENTORED FELLOWSHIP PROGRAM, A TAILORED VIRTUAL INSTITUTE, AND A SCHOLARSHIP PROGRAM. DURING 2023, A TOTAL OF 117 COLLEGE STUDENTS FELLOWS PARTICIPATED FOR THE US-BASED PROGRAM. 4529452 4296585 JOBS FOR THE FUTURE: THE INITIATVE IS DESIGNED TO HELP INDIVIDUALS PREPARE FOR CLIMATE-RESILIENT JOBS IN THE UNITED STATES AS WELL AS IDENTIFY LEADING TRAINING PROVIDERS, ORGANIZATIONS AND BEST PRACTICES TO DESIGN PATHWAYS TO THOSE CAREER OPPORTUNITIES. DURING THE YEAR, THE ORGANIZATION SERVED 15 INDIVIDUALS. 1089812 1033783 WRI: THE INITIATIVE IS DESIGNED TO HELP BUILD THE RESILIENCE OF INDIA'S MICRO, SMALL AND MEDIUM ENTERPRISES ("MSMES") IN TWO STATES TO FUTURE-PROOF THEIR BUSINESS MODELS WITHIN A CHANGING CLIMATE. THIS IS A FIVE-YEAR INITIATIVE ON TRACK TO PROVIDE EDUCATION AND TRAINING TO 1,000 INDIVIDUALS IN INDIA BY ITS CONCLUSION. 2384541 2261948 OTHER GRANTS 2384541 2261948 12747696 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 4 4 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 0 0 0 0 CA NY GA CT CO MD VA NJ IL MA X SCOTT WILLIAMS 4242788682 1800 AVENUE OF THE STARS SUITE 1400 LOS ANGELES CA 90067 X MICHAEL AROUGHETI PRESIDENT 1.00 X X 0 0 0 GREGORY MARGOLIES TREASURER 1.00 X X 0 0 0 MICHAEL D WEINER SECRETARY 1.00 X X 0 0 0 CAROLINE BLAKELY DIRECTOR 1.00 X 0 0 0 MICHELLE ARMSTRONG PRESIDENT 1.00 X 0 0 0 0 0 0 0 0 0 0 0 10696130 97711 10696130 584 584 104590 97711 6879 6879 6879 10703593 0 0 7463 X 11488043 11488043 604273 604273 1092 1092 23250 23250 655380 655380 684448 684448 1163 1163 20915 20915 137556 137556 OTHER LICENSE AND REGIS 3488 3488 STATE SOLICITION REGIST 1161 1161 13620769 12747696 873073 0 1492134 3209746 221 38000 106376 51814 16667 16667 73869 0 1689267 3316227 155159 1242132 787563 4069941 0 174785 942722 5486858 X 746545 -2170631 746545 -2170631 1689267 3316227 -2917176 0 X 0 1 X 1 0 X 3430000 4940952 4896009 10696130 23963091 3430000 4940952 4896009 10696130 23963091 18561338 5401753 189 584 773 23963864 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 DUE TO ARES MANAGEMENT LLC 174785 174785 X 11406355 710225 710225 10696130 7463 7463 10703593 14323531 710225 -7463 702762 13620769 0 13620769 PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM TAXATION UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND CALIFORNIA REVENUE AND TAXATION CODE SECTION 23701D. IN ACCORDANCE WITH THE FASB'S ACCOUNTING STANDARDS CODIFICATION TOPIC NO. 740, UNCERTAINTY IN INCOME TAXES, THE FOUNDATION RECOGNIZES THE IMPACT OF TAX POSITIONS IN THE FINANCIAL STATEMENTS IF THAT POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED ON AUDIT, BASED ON THE TECHNICAL MERITS OF THE POSITION. DURING THE YEAR ENDED DECEMBER 31, 2023, THE FOUNDATION EVALUATED UNCERTAIN TAX POSITIONS AND DID NOT NOTE ANY MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS, OR WHICH MIGHT AFFECT ITS TAX-EXEMPT STATUS. THE FOUNDATION'S INCOME TAX RETURNS REMAIN SUBJECT TO EXAMINATION FOR ALL TAX YEARS ENDED ON OR AFTER DECEMBER 31, 2019, WITH REGARD TO ALL TAX POSITIONS AND RESULTS REPORTED. PART XI, LINE 4B - OTHER ADJUSTMENTS: DIVIDEND INCOME 578. GAIN ON SALE OF INVESTMENTS 6,879. GAIN OF FX CONVERSION 6. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAIN ON SALE OF INVESTMENTS -6,879. GAIN ON FX CONVERSION -6. DIVIDEND INCOME -578. 1 0 0 0 0 0 0 0 0 0 EAST ASIA AND PACIFIC HELP EXECUTE A PERSONAL FINANCE DEMONSTRATION PROJECT FOR LOW-INCOME WOMEN. 212616 0 BOOK EUROPE (INCLUDING ICELAND & GREENLAND) HELP ENGAGE A DIVERSITY, EQUITY AND INCLUSION ("DEI") SPECIALIST WHOSE RESEARCH WILL INFORM ITS ACTION PLANNING TO DEMOCRATIZE ACCESS TO ENTREPRENEURSHIP FOR DISABLED FOUNDERS IN THE UK. 175000 0 BOOK EUROPE (INCLUDING ICELAND & GREENLAND) HELP EXPAND ON ITS ORIGINAL YOUTH JOBS GAP RESEARCH THROUGH THE INITIATIVE SO THAT ITS PARTNER CHARITIES CAN MORE EFFECTIVELY DELIVER EVIDENCE-BASED INTERVENTIONS TO HELP DISADVANTAGED YOUNG PEOPLE ENTER THE WORKFORCE. 216657 0 BOOK 3 0 0 0 0 0 0 0 PART I LINE 2: PROCEDURES INCLUDE COLLECTION AND REVIEW OF INTERIM AND FINAL PROGRESS REPORTS ON FUNDED ACTIVITIES AND FINANCIAL EXPENDITURES (ON WHICH FUNDING DISBURSEMENTS ARE CONTINGENT); REGULAR MEETINGS WITH GRANTEES TO DISCUSS CHALLENGES, RISK MITIGATION STRATEGIES AND AREAS FOR ONGOING SUPPORT; AND SITE VISITS TO TRACK FUNDED ACTIVITIES IN ACTION. 1 ALT FINANCE CORPORATION 800 CORPORATE POINTE CULVER CITY CA 90230 863974526 501(C)(3) 4500000 0 SUPPORT PROGRAMS FOR STUDENTS AND GRADUATES OF HISTORICALLY BLACK COLLEGES AND UNIVERSITIES JOBS FOR THE FUTURE 50 MILK STREET BOSTON MA 02110 061164568 501(C)(3) 4296585 0 HELP INDIVIDUALS PREPARE FOR CLIMATE-RESILIENT JOBS IN THE U.S. AS WELL AS IDENTIFY LEADING TRAINING PROVIDERS, ORGANIZATIONS AND BEST PRACTICES TO DESIGN PATHWAYS TO THOSE CAREER OPPORTUNITIES. OWNERSHIP WORKS 52 WEST 11TH STREET NEW YORK NY 10011 862054001 501(C)(3) 200000 0 EDUCATE INDIVIDUALS, EMPLOYEES AND COMPANIES ABOUT THE ECONOMIC AND OTHER BENEFITS OF NROAD-BASED EMPLOYEE OWNERSHIP OF BUSINESSES AND METHODS OF ADOPTING EMPLOYEE OWNERSHIP PROGRAMS BY RESEARCHING, DEVELOPING AND CONDUCTING EDUCATIONAL ACTIVITIES COOPERATIVE FOR ASSISTANCE AND RELIEF EVERYWHERE (CARE) 151 ELLIS STREET NE ATLANTA GA 30303 131685039 501(C)(3) 117921 0 HELP BUILD THE "CARE" ECONOMY IN ACCORD WITH THE 5RS RECOGNITION, REDUCTION, REDISTRIBUTION, REPRESENTATION AND REWARD FOR WHAT IS TRADITIONALLY UNPAID CARE WORK. WORLD RESOURCES INSTITUTE 10 G STREET NE SUITE 800 WASHINGTON DC 20002 521257057 501(C)(3) 1033783 0 HELP BUILD THE RESILIENCE OF INDIA'S MICRO, SMALL AND MEDIUM ENTERPRISES ("MSMES") IN TWO STATES TO FUTURE-PROOF THEIR BUSINESS MODELS WITHIN A CHANGING CLIMATE. YEAR UP (EAST COAST) 45 MILK STREET BOSTON MA 02109 043534407 501(C)(3) 464754 0 HELP DESIGN AND PILOT AN EXPANSION METHODOLOGY THAT INCLUDES POPULATION SCOPING, PARTNER LANDSCAPING ANALYSIS, AND MARKET AND STAKEHOLDER MAPPING THROUGH MARKET DILIGENCE CONDUCTED IN DENVER, COLORADO, SO THAT THE ORGANIZATION CAN MORE STRATEGICALLY ASSESS THE VIABILITY OF SUCCESSFULLY ENTERING NEW REGIONS. CIVIC VENTURES DBA COGENERATE PO BOX 29542 SAN FRANCISCO CA 94129 943274339 501(C)(3) 350000 0 HELP DESIGN AND IMPLEMENT THE FRAMEWORK FOR THE COGENERATE CHALLENGE, A PROGRAM THAT WILL ELEVATE THE NEED AND OPPORTUNITY FOR INTERGENERATIONAL TEAMS OF ENTREPRENEURS TO HELP PROBLEM-SOLVE SOME OF SOCIETY'S MOST PRESSING ISSUES. STRIVE INTERNATIONAL INC 205 E 122ND STREET 3RD FLOOR NEW YORK NY 10035 133255679 501(C)(3) 100000 0 HELP ENHANCE ITS FLAGSHIP CAREER PATH PROGRAM THAT INCLUDES ITS WOMEN'S EMPOWERMENT INITIATIVE ("WEI") SO WOMEN LIVING BELOW THE POVERTY LINE IN ATLANTA, GEORGIA AND NEW YORK, NEW YORK CAN INCREASE THEIR EMPLOYABILITY AND STRENGTHEN THEIR FINANCIAL SKILLS. COMMON DENOMINATOR CO TOP HONORS INC PO BOX 2009 NEW YORK NY 10163 753062601 501(C)(3) 175000 0 HELP INTEGRATE PERSONAL FINANCE LESSONS INTO ITS CURRICULUM FOR MIDDLE SCHOOL STUDENTS IN GRADES 5 THROUGH 8, DEVELOP DIGITAL GAMES SO THAT STUDENTS CAN APPLY THIS KNOWLEDGE THROUGH HANDS-ON LEARNING AND DELIVER A SERIES OF PERSONAL FINANCE SEMINARS TO HELP PARENTS MAKE SMART FINANCIAL DECISIONS THAT HELP EMPOWER THEIR FAMILY. WORKING NATION 269 S BEVERLY DR SUITE 338 BEVERLY HILLS CA 90212 264245043 501(C)(3) 250000 0 HELP DESIGN AND FACILITATE A TOWN HALL IN ATLANTA, GEORGIA, WITH THOUGHT LEADERS, EXPERTS AND OPINION MAKERS TO DISCUSS HOW BEST TO ENSURE MORE EQUITABLE WORKFORCE OPPORTUNITIES FOR PEOPLE WITH DISABILITIES. 10 0 PART I, LINE 2: PROCEDURES INCLUDE COLLECTION AND REVIEW OF INTERIM AND FINAL PROGRESS REPORTS ON FUNDED ACTIVITIES AND FINANCIAL EXPENDITURES (ON WHICH FUNDING DISBURSEMENTS ARE CONTINGENT); REGULAR MEETINGS WITH GRANTEES TO DISCUSS CHALLENGES, RISK MITIGATION STRATEGIES AND AREAS FOR ONGOING SUPPORT; AND SITE VISITS TO TRACK FUNDED ACTIVITIES IN ACTION. X 970 97711 AVE. QUOTED PRICE 0 1 0 PART I COLUMN B THE ORGANIZATION IS REPORTING IN PART I, COLUMN (B), THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE A COMMITTEE WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM IS REVIEWED AND APPROVED BY THE ORGANIZATION'S EXECUTIVE DIRECTOR. SUBSEQUENTLY, FORM 990, COMPLETE WITH ALL SCHEDULES, IS THEN PROVIDED TO THE FULL BOARD BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THIS CONFLICT OF INTEREST POLICY APPLIES TO OFFICERS, KEY EMPLOYEES AND MEMBERS OF THE BOARD OF DIRECTORS (EACH A "DIRECTOR AND COLLECTIVELY, THE "BOARD") OF ARES CHARITABLE FOUNDATION, A DELAWARE NONSTOCK, NONPROFIT CORPORATION (THE "CORPORATION'). ALL PERSONS COVERED UNDER THIS CONFLICT OF INTEREST POLICY (DIRECTORS, OFFICERS AND KEY EMPLOYEES OF THE CORPORATION) ARE HEREINAFTER COLLECTIVELY REFERRED TO AS "COVERED PERSONS." DISCLOSURE OF ACTUAL OR POTENTIAL CONFLICTS OF INTEREST: COVERED PERSONS ARE UNDER A CONTINUING OBLIGATION TO DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST AS SOON AS IT IS KNOWN OR REASONABLY SHOULD BE KNOWN. PRIOR TO ELECTION, APPOINTMENT, OR HIRING, AS APPROPRIATE, AND ANNUALLY THEREAFTER, EACH COVERED PERSON COMPLETES A CONFLICT OF INTEREST DISCLOSURE STATEMENT ("DISCLOSURE STATEMENT"), TO FULLY AND COMPLETELY DISCLOSE THE MATERIAL FACTS ABOUT ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST HE OR SHE MIGHT HAVE. IF AT ANY TIME DURING A COVERED PERSON'S TERM OF SERVICE CIRCUMSTANCES ARISE THAT COULD GIVE RISE TO A RELATED PARTY TRANSACTION, OR ANY OTHER REAL OR POTENTIAL CONFLICT OF INTEREST, HE OR SHE WILL PROMPTLY SUBMIT A DISCLOSURE STATEMENT TO THE BOARD DISCLOSING IN GOOD FAITH ALL RELEVANT MATERIAL FACTS. FOR ALL COVERED PERSONS, DISCLOSURE STATEMENTS ARE PROVIDED TO THE SECRETARY OF THE CORPORATION (ON BEHALF OF THE BOARD). THE SECRETARY OF THE CORPORATION PROVIDES COPIES OF ALL DISCLOSURE STATEMENTS TO BE FILED WITH THE OFFICIAL RECORDS OF THE CORPORATION SO THAT EACH STATEMENT IS AVAILABLE TO ANY DIRECTOR ON REQUEST. PROCEDURES FOR REVIEW OF ACTUAL OR POTENTIAL CONFLICTS: WHENEVER THERE IS REASON TO BELIEVE THAT AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST EXISTS BETWEEN THE CORPORATION AND A COVERED PERSON, THE DISINTERESTED DIRECTORS SHALL BE RESPONSIBLE FOR REVIEWING THE MATTER AND DETERMINING AN APPROPRIATE ORGANIZATIONAL RESPONSE TO PROTECT THE INTERESTS OF THE CORPORATION. THIS RESPONSE MAY INCLUDE, BUT IS NOT NECESSARILY LIMITED TO, FURTHER BOARD REVIEW OR INVOKING THE PROCEDURES DESCRIBED BELOW WITH RESPECT TO A SPECIFIC PROPOSED ACTION OR TRANSACTION. PROCEDURES FOR ADDRESSING CONFLICTS OF INTEREST FOR SPECIFIC TRANSACTIONS: IF IT IS DETERMINED THAT AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST EXISTS BETWEEN THE INTERESTS OF THE CORPORATION AND A COVERED PERSON WITH RESPECT TO A SPECIFIC PROPOSED ACTION OR TRANSACTION, THE CORPORATION REFRAINS FROM THE PROPOSED ACTION OR TRANSACTION UNTIL SUCH TIME AS THE PROPOSED ACTION OR TRANSACTION HAS BEEN APPROVED BY THE DISINTERESTED DIRECTORS. THE FOLLOWING PROCEDURES APPLY: - A COVERED PERSON WHO HAS AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST WITH RESPECT TO A PROPOSED ACTION OR TRANSACTION OF THE CORPORATION WILL NOT PARTICIPATE IN ANY WAY OR BE PRESENT DURING THE DELIBERATIONS AND DECISION MAKING OF THE CORPORATION WITH RESPECT TO SUCH ACTION OR TRANSACTION. THE COVERED PERSON MAY, UPON REQUEST, BE AVAILABLE TO ANSWER QUESTIONS OR PROVIDE MATERIAL FACTUAL INFORMATION ABOUT THE PROPOSED ACTION OR TRANSACTION PRIOR TO ANY DELIBERATION ON THE PROPOSED ACTION OR TRANSACTION; HOWEVER, A COVERED PERSON IS PROHIBITED FROM IMPROPERLY INFLUENCING THE DELIBERATION OR VOTING ON THE PROPOSED ACTION OR TRANSACTION GIVING RISE TO THE ACTUAL OR POTENTIAL CONFLICT. -THE DISINTERESTED DIRECTORS MAY APPROVE THE PROPOSED ACTION OR TRANSACTION UPON FINDING THAT IT IS IN THE BEST INTERESTS OF THE CORPORATION. THE DISINTERESTED DIRECTORS CONSIDER WHETHER THE TERMS OF THE PROPOSED ACTION OR TRANSACTION ARE FAIR, REASONABLE AND IN THE CORPORATION'S BEST INTEREST. WITH RESPECT TO ANY RELATED PARTY TRANSACTION IN WHICH A RELATED PARTY HAS A SUBSTANTIAL FINANCIAL INTEREST, THE DISINTERESTED DIRECTORS, PRIOR TO ENTERING INTO THE TRANSACTION, CONSIDER ALTERNATIVE TRANSACTIONS TO THE EXTENT AVAILABLE. - APPROVAL BY THE DISINTERESTED DIRECTORS ARE BY VOTE OF A MAJORITY OF THE DISINTERESTED DIRECTORS IN ATTENDANCE AT A MEETING AT WHICH A QUORUM OF THE BOARD IS PRESENT. VIOLATIONS OF CONFLICT OF INTEREST POLICY: IF THE BOARD HAS REASON TO BELIEVE THAT A COVERED PERSON HAS FAILED TO DISCLOSE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST, IT INFORMS THE PERSON OF THE BASIS FOR SUCH BELIEF AND AFFORD THE PERSON AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE RESPONSE OF THE COVERED PERSON AND MAKING SUCH FURTHER INVESTIGATION AS MAY BE WARRANTED IN THE CIRCUMSTANCES, THE BOARD DETERMINES THAT THE COVERED PERSON HAS IN FACT FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT TAKES APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. ANY RELATED PARTY TRANSACTION FOUND TO BE IN VIOLATION OF THE CONFLICT OF INTEREST POLICY IS VOIDABLE AT THE DISCRETION OF THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES, AND FINANCIAL STATEMENTS CAN BE OBTAINED UPON REQUEST. HOWEVER CURRENT TAX LAW DOES NOT REQUIRE THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIALS BE PROVIDED TO THE PUBLIC. FORM 990, PART IX, LINE 11G CONSULTING SERVICES: PROGRAM SERVICE EXPENSES 655,380. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 655,380.