As reported by Billy Jones yesterday, the City of Greensboro and City Council are unaware of the following GPAC information;
Does the Community Foundation intend to borrow against donor assets to fund the private portions of GPAC investment?
If so, could there be margin calls on the assets?
Does the Community Foundation intend to borrow any money to fund the private portions of GPAC investment?
Please provide the required binding commitments, as mandated by city council.
Please provide the letters of credit that guarantee the monies.
Please provide the schedule of payments for the monies that are supposed to come in over the next 5 to 7 to 10 years, including which amounts are correlated to what amounts.
Please provide a list of how much of that money is actually ready to be spent on the project?
If any assets are currently in equities and are to be paid over time, please provide estimates of what could occur if financial markets fall 20%, and how much money is at risk for what time period?
If any assets are currently in medium to long term bonds with maturity dates longer than donation time lines, please provide estimates of what could occur if interest rates rise 25%, and how much money is at risk for what time period?
Please disclose if any funds are reliant on hypothetical expectations of return over time, and if so, how much?
If hypothetical return estimates are involved, please provide the assumptions used for the estimates, including inflation and fees charged by the Community Foundation or whomever is managing the monies.
"148 individuals, families, foundations and businesses — except for five who asked to remain anonymous — have pledged $35,448,920.
Although specific amounts for most gifts have not been announced, they range from $20 to Tanger’s $7.5 million.
Most will be paid over five years, with one or two paid over seven to 10 years, Sanders said."