M E M O

TO:	Tom Smallwood

FROM:	Cynthia Friauf

DATE:	February 11, 2004

RE:	November Board Minutes

Enclosed, please find two copies of the final version of the minutes from the November 4, 2003 meeting of the directors. One is for your records, and one should be signed and returned to me. A self-addressed Federal Express envelope is included for your convenience. The timely return of the signed minutes will enable them to be copied and included in the upcoming February agenda book. Thanks for your help.

If you have any questions or concerns, please feel free to call me (414-291-9915).

CKF/ye

Enclosures

M E M O

TO:	Tom Smallwood

FROM:	Cynthia K. Friauf

DATE:	March 29, 2004

Re:	February 26, 2004 Board Minutes

Enclosed are the minutes of the February 26, 2004 Board meeting in draft form for your review and comment. They have been reviewed for accuracy by Lyn Zigman, Mike Grebe, Yvonne Engel and me. If you have any suggestions for additions, deletions, corrections or changes, please let me know.

CKF/ye

Enclosure

M E M O

TO:	Michael W. Grebe

cc:	Michael W. Senske

Donor Intent File

FROM:	Cynthia K. Friauf

DATE:	April 6, 2004

RE:	Keiser Contribution -- Recap

The Bradley Foundation sent a letter to Michael and Rosalind Keiser on April 5, 2003 to let them know that their 2002 contribution met the Foundation's eligibility requirements for a 50% charitable contribution limitation. In that letter, Mr. and Mrs. Keiser were notified that eligibility for the 50% limitation may not be available in the future.

We do not plan to send a similar letter to Mr. and Mrs. Keiser for their 2003 contribution. Per our conversation, you will communicate the Foundation's intent to Michael Keiser. The result will be that their contribution will be subject to a 30% limitation on their 2003 federal income tax return. My records show that Michael Keiser does not need a 50% deduction for the 2003 contribution.

The Foundation's excess distribution carryover will be declining over the next several years, inhibiting the Foundation's ability to provide donors with a 50% limitation. The Finance Department will keep you apprised of any significant reversal in this trend. Let me know if you have any questions on this matter.

CKF/ye