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    The memorandum provides an update on investments made by the National Underground Railroad Freedom Center (NURFC) related to a reimbursement agreement with JPMorgan Chase Bank. It details that NURFC has $2 million in a US Bank certificate of deposit, $4.2 million in a 5/3 Bank account, and $21.3 million in a fixed income account with JPMorgan Chase. While the JPMorgan Chase account is performing well, its current market value is $400,000 less than the cost basis. The 5/3 Bank account is greater than cost basis by $20,000. Recommended language for a new cooperative use agreement is also attached.

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    The memorandum provides an update on investments made by the National Underground Railroad Freedom Center (NURFC) related to a reimbursement agreement with JPMorgan Chase Bank. It details that NURFC has $2 million in a US Bank certificate of deposit, $4.2 million in a 5/3 Bank account, and $21.3 million in a fixed income account with JPMorgan Chase. While the JPMorgan Chase account is performing well, its current market value is $400,000 less than the cost basis. The 5/3 Bank account is greater than cost basis by $20,000. Recommended language for a new cooperative use agreement is also attached.

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    13 views1 page

    14-20070117 NURFC Update

    Uploaded by

    COAST
    The memorandum provides an update on investments made by the National Underground Railroad Freedom Center (NURFC) related to a reimbursement agreement with JPMorgan Chase Bank. It details that NURFC has $2 million in a US Bank certificate of deposit, $4.2 million in a 5/3 Bank account, and $21.3 million in a fixed income account with JPMorgan Chase. While the JPMorgan Chase account is performing well, its current market value is $400,000 less than the cost basis. The 5/3 Bank account is greater than cost basis by $20,000. Recommended language for a new cooperative use agreement is also attached.

    Copyright:

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    of 1

    MEMORANDUM

    To: Kathy Fox


    Executive Director

    From: Colin A. McBride


    Project Manager

    Date: Wednesday, January 17, 2007

    Re: National Underground Railroad Freedom Center Update


    ________________________________________________________________

    The purpose of this memo is to provide an update on the investments that the National
    Underground Railroad Freedom Center (NURFC) has made in connection to the Reimbursement
    Agreement, between NURFC and Bank One, N.A. (now JPMorgan Chase Bank, N.A.) and to
    provide recommended language for a potential new Cooperative Use Agreement associated with
    the $2 million appropriation to NURFC form House Bill 699 of the 126th General Assembly of the
    state of Ohio.

    Attached is a memo written by Cindy Huang regarding the impact of the THIRD AMMENDMENT
    TO REIMBURSEMENT AGREEMENT. On Friday, January 12, 2006 Sandie Mills, of NURFC, sent
    multiple e-mails to me containing information on the investments related to the Reimbursement
    Agreement; the e-mails have been forwarded to Jayne Williams and Cindy Huang and are also in
    the NURFC section of my mailbox.

    Currently NURFC has three vehicles for its investment of the cash associated with the
    Reimbursement Agreement; a certificate of deposit with US Bank valued at $2 million, an account
    with 5/3 bank valued at $4.2 million and a fixed income account with J.P. Morgan Chase valued at
    $21.3 million. In one of the e-mails, Ms. Mills indicated that NURFC has not withdrawn funds from
    the J.P. Morgan Chase account in the year 2006. I was unable to contact Ms. Mills to get such a
    certification on the US Bank and 5/3 Bank investments.

    Review of the J.P. Morgan Chase account indicates that the fund is currently performing well,
    however the current market value of the account is less than the cost basis of the fund by
    approximately $400,000.00.

    Review of the 5/3 Bank account indicates that the current market value of the account is greater
    than the cost basis of the fund by approximately $20,000.00

    Ms. Mills has indicated that the US Bank certificate of deposit is a 7 day certificate @ 4.9%.

    Attached you will find a recommended language for the retorts section of the potential CUA with
    NURFC.

    Attachments:
    Memo by Cindy Huang, November 8, 2006
    Exhibit to Memo by Cindy Huang, November 8, 2006
    CUA Recommendations for NURFC
    Cc:
    Dave Wartel
    Jayne Williams
    Cindy Huang
    File
    I:\nurfc request pdfs\files from PS NURFC Doc Library\20070117 NURFC Update.doc 3/14/2011

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