A MESSAGE FROM MKP USA FINANCE – FUND THE PLAN STATUS
We are the wise and transparent fathers we have been waiting for.
In the 2nd half of 2010 through the 1st half of 2011, MKP USA, thanks to the generosity of men and centers across the country, MKP USA raised over $400,000.00 for Fund the Plan, a restricted donor account that is supervised by a Trustee under the Fund the Plan Disbursements Procedure document for investment in long term growth and stability drivers for MKP USA.
What is the status of Fund the Plan?
As of the end of the first quarter of 2012, Fund the Plan assets total $224,930.00. Over 60% of the originally raised Fund the Plan assets are yet to be invested in the organization.
Disbursements from the Fund the Plan restricted account to reimburse for approved Fund the Plan expenses began in July of 2011. During the second half of 2011, there were six monthly disbursements from Fund the Plan (see attached) totaling $103,765.55. Each has been consistent with the terms of Fund the Plan. During the first half of 2012, reimbursements have been $78,197.05, representing a 24% reduction in rate of expenditure versus the prior six months.
Based on projected Fund the Plan expenses, Fund the Plan dollars are expected to fund approved items throughout 2013.
Is MKP USA in integrity with the Fund the Plan Disbursement Procedure?
Yes. MKP USA has followed the set of disbursement and approval agreements listed in the Procedure attached above and will continue to provide quarterly updates on Fund the Plan. Each month a disbursement request is sent from MKP USA’s accounting firm (James Dougherty at Larsen and Rosenberger) to the trustee’s firm (Russell Kramp at UBS Securities) with a copy to the MKP USA Finance Committee. Once approved, the funds are sent from UBS Securities to the MKP USA Operating Account and accounted for there. A “due from MKP USA” entry is reflected in the MKP USA Balance Sheet.
MKP USA has its first scheduled repayment to Fund the Plan during the month of September 2012 and subsequent payments scheduled to complete MKP USA’s obligation to Fund the Plan by the of the calendar year.
Please see the attached documentation for additional information.
Please contact Jon Levitt, MKP USA Finance Director [finance@mkpusa.org] for additional information with regard to Fund the Plan.
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Jon Levitt
MKP USA Finance Director
finance@mkpusa.org
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Documentation:
FTP Summary – 1st Quarter 2012, FTP Summary 1H 2012, FINAL-FundthePlanDisbursementsProcedure4.27.11, MKPUSA FTP REQUESTS JUL-DEC 2011
