PARTNERS ADVANCING VALUES IN EDUCATION (PAVE)

Grant Summary and Analysis

As of June 14, 2006

Original Grant Commitment:	$20,000,000

Payment Period:	To be paid over 5 annual fiscal years at no more than $4,000,000 per year as matched against funds raised by PAVE.

Grant Period:	5 annual fiscal periods from 8/1 to 7/31. First annual fiscal year grant period 8/1/01 to 7/31/02. Therefore, the final fiscal period ends 7/31/06.

BRADLEY FOUNDATION FINANCIAL/BUDGET REPORTS

Annual (Fiscal)	at 12/31	Grant	Projected

Grant Award Period	Calendar	Commitments	Grant Awards/(Cancellations) Grant Payments	Grant Carryover

Per Agreement (1)	Year (1)	At Year End	Actual	Pending	Actual	Pending	[Post 7/31/06 (3)]

Year 1 8/1/01 to 7/31/02	2001	$16,000,000	$4,000,000	$2,700,000

Year 2 8/1/02 to 7/31/03	2002	$16,000,000 (2c)	($1,300,000) (2b)	$0	$1,300,000

Year 3 8/1/03 to 7/31/04	2003	$12,000,000 (2d)	$3,041,610 (2f)	$3,041,610 (2g)	$958,390

Year 4 8/1/04 to 7/31/05	2004	$8,000,000	$2,932,500	$2,932,500	$1,067,500

Year 5 8/1/05 to 7/31/06 (2) 2005	$8,000,000

Year 5 (June '06)	2006	$2,250,000	$2,250,000	$5,750,000

$9,075,890

Notes:

1.	Please note grant period is on a fiscal year whereas financial/budget reports are on a calendar year.

2.	The coordination between the year 2 grant fiscal year and the financial/budget 2002 calendar year was disrupted because:

a.	The full first fiscal year grant commitment ($4,000,000) was awarded in calendar year 2001 of which $2,700,000 was paid.

b.	It was subsequently determined that $1,300,000 of the first fiscal year grant commitment could not be "matched" and a $1,300,000 grant cancellation was recorded in calendar year 2002.

c.	PAVE did not apply for any of the fiscal year 2 grant commitment in calendar year 2002. Accordingly, there was no grant award or grant payment recorded in calendar year 2002.

d.	Based on information from PAVE, only $3,100,000 of the fiscal year 2 grant commitment will be used and a request for payment will be made sometime prior to 7/31/03. Accordingly, in calendar year 2003, a $3,100,000 grant award/payment will be recorded if PAVE achieves the required matching funds. This will result in an additional $900,000 grant carryover amount.

e.	The effect of the disruption is to move the entire $4,000,000 grant commitment for the fiscal year 5 grant award period to the financial calendar year 2006. PAVE must provide the required matching fund certification by 7/31/06 to qualify for all or some of the available fiscal year 5 $4,000,000 commitment pool.

f.	PAVE met the required matching grants prior to 7/31/03 for the fiscal year 2 grants. The request for the grant was made in calendar year 2003, 7/2/03.

g.	Payments for the $3,041,610 fiscal year 2 grant will be made in calendar year 2003. Payments are scheduled in July, 2003 for $1,000,000; September, 2003 for $1,000,000 and December, 2003 for $1,041,610. All or part of the September, 2003 payment may be accelerated to August, 2003 at PAVE's request in order to meet accelerated funding needs.

h.	Payments for the $2,932,500 fiscal year 3 grant will be made in calendar year 2004.

Payments are scheduled in August and September for $1,000,000 each, and $932,500 will be paid during October. The $1,067,500 balance remaining of the $4,000,000 pool will be cancelled at the end of August, 2004.

i.	No funds were requested during fiscal year 4; hence no payments during 2005.

j.	During fiscal year 5 of the grant commitment, $2,250,000 was requested on June 6, 2006. The $1,750,000 balance remaining of the $4,000,000 pool allocated for year 5 will be cancelled along with the $4,000,000 unused from the prior year.

3.	The carryover amount represents the unused grant commitment amount for each year of the five year grant period. PAVE will be given the opportunity to reapply for any of the $20,000,000 unused grant commitments in the sixth year (8/1/06 to 7/31/07). However, granting of any of the unused grant commitment is subject to review and approval by the Board.

4.	The actual total awarded and paid to PAVE against this $20,000,000 commitment is $10,924,110.

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