EFTA01805291.pdf

From: Sent: Thursday, April 17, 2014 7:25 PM To: Jeffrey Epstein Subject: Details for tomorrow's 11.30am call Jeffrey here are the dial in details t=at the assistant has given me. Here are dial-in details for our Friday April 18 ca=l between Jeffrey, Dick and Connie, at 11.30am E=T/8.30am PST: US/CAN Toll free:=nbsp; 1 US/CAN Toll: 1 Participant Passcode: &nb=p; Will you manage with this?? Shall I forward=to daphne an as well? Sent from my iPhone Begin forw=rded message: From: Sall= Darby < <mailto >> Date: April 17, 2014 at 2:36:45 PM EDT<=r>To: <mailto Subject: RE: FW: Donor vehicle</=> Hello there =, Here are dial-in details fo= our Friday April 18 call between Jeffrey, Dick and Connie, at 11.30am EST/8.30am PST: US/CAN Toll free: 1 US/CAN Toll: 1 EFTA_R1_00151729 EFTA01805291  Participant Passcode: Cheers,</=> Sally From: [mailto = <mailto >1 Sent: Wednesday, April 16, 2014 1:11 PM To: Sally Darby Subject: Re: FW: Donor vehicle Than k you Sally An email will be perfect. I will share it with Jeffre= and the assistants that are with him. On Wed, Apr 16, 2014 at 3:42 PM, Sally Darby < > wrote: Great, thanks for confirming that time can=work. I'll share a dial-in, if I may, since Connie will be in Seattle and Dick will be in PA. Should I send an Outlook invitation with d=al-in details, or just forward them via email? Sally From: I Sent: Wednesday, April 16, 2014 12:31 PM To: Sally Darby Subject: Re: FW: Donor vehicle 2 EFTA_R1_00151730 EFTA01805292  Hi Sally Jeffrey says this is a good time. How should we organize for them to=get in contact. Would Dick and Connie like to phone him or prefer he phones=them. Thank you On Wed, Apr 16, 2014 at 3:19 PM, Sally Darby < <mailto > wrote: I appreciate your assistance here, thanks Sally From: Sent: Wednesday, April 16, 2014 12:19 PM To: Sally Darby Subject: Re: FW: Donor vehicle Hello Sally I am currently checking Jeffreys availability and will get back to yru asap. Thank you U On Wed, Apr 16, 2014 at 3:07 PM, Sally Darby <mailto > wrote: Hello =, as Lesley is out of the offic= may I ask if you can assist in setting up a call between Jeffrey and Dick and Connie, as per the email trail below? 3 EFTA_R1_00151731 EFTA01805293 Sincerely, Sally Darby Executive Assistant to the Chief Financial O=ficer, Richard Henriques V <tel > C <tel > F <tel E <mailto Bill & Melinda Gates Foundation www.gatesfoundation.org <http://www.gatesfoundation.org/> =/o:p> Facebook Twitter Impatient Optimists <http://www.impatientoptimists.org/> From: Sally Darby Sent: Wednesday, April 16, 2014 12:05 PM To: Lesley Groff <mailto >) Subject: FW: Donor vehicle Hello there Lesley. Might Jeffrey be free on Friday (April 18)=at 11.30am EST/8.30am PST for a call with Dick and Connie? Cheers, Sally From: Richard Henriques Sent: Wednesday, April 16, 2014 11:50 AM To: Sally Darby Subject: FW: Donor vehicle 4 EFTA_R1_00151732 EFTA01805294  From: Jeffrey Epstein On Tue, Apr 15, 2014 at 11:29 AM, Richard Henriques < > wrote: The Gates Foundation has two entities: one=represents the operations of the foundation and the other holds the financial assets. We refer to the second entity as the Q=9Casset trust." From: Jeffrey Epstein Imailto:=a href="mailto:[email protected]" target="_blank">jeevacation@gmail=corn] Sent: Friday, April 11, 2014 4:19 PM To: Richard Henriques Subject: Re: Donor vehicle what asset trust? New Non-Membership Public Charity Self-Perpetuating Public Board with BMGF or Bill Controlled Subsid=ary =/span> BMGF c=eates new Washington state nonprofit corporation to qualify as a public cha=ity with the IRS ("NewCo"); NewCo would have an independent= board of directors (or could have a minority of BMGF board members). A= a public charity, NewCo can sponsor DAFs. NewCo creates new limited liability company subsidi=ry. Though wholly-owned by NewCo, the LLC would be manager-managed and BMGF would serve as the manager. The LLC would hold all funds don=ted to NewCo that are allocated to BMGF silos. NewCo h=lds, invests, disburses, reports on, and otherwise administers donor advise= funds. LLC ho=ds, invests, disburses, reports on, and otherwise administers direct donati=ns or allocations of funds from the DAFs with respect to BMGF silos. Primary Benefits:&nb=p; Separates BMGF from administration of DAFs; DAF investments not aggregated with BMGF/=ill for securities law purposes. Primary Challenges:&=bsp; Potential for LLC level investments to be aggregated with BMGF/Bill for sec=rities law purposes; identifying potential board members; potential for dis=greement between operation of NewCo and LLC and removal of BMGF as LLC mana=er; requires staffing and establishing its own procedures for administration of DAFs and BGMF silos.</=:p> 5 EFTA_R1_00151733 EFTA01805295  From: Jeffrey Epstein [mailto:[email protected]=m <mailto:[email protected]> Sent: Friday, April 11, 2014 11:24 AM To: Richard Henriques Subject: Re: Donor vehicle i thought you had three proposals. ? On Fri, Apr 11, 2014 at 12:12 PM, Richard Henriques < > wrote: Following up on our discussion Weds, below is a description of one o= the structural scenarios we are considering. This is clearly a work i= progress and your input at this point would be very helpful. This scenario represents a structure with the h=ghest degree of control for the foundation. A key question : Would th= 10-12 potential clients you have in mind be comfortable with this approach= Key Objectives: • Create a private donor vehicle alternative to a private fou=dation that will attract substantial sums to solve global inequities that i= hosted by a trusted organization with deep expertise in managing large, multi-faceted philanthropic investments in a strategic a=d measureable way • Provide maximum tax efficiency for donors and minimize impa=t on foundation/asset trust payout and excise tax (for these reasons, all o=tions presented involve a public charity and do not include gifts directly or indirectly to the foundation or the asset trust)<=span> • Accommodate donor-advised funds, but structure for BMGF con=rol over disbursement and management of funds for select foundation strateg=es (our "silos") New Memb=rship Public Charity BMGF or Bill and Melinda Controlling Members =/span> BMGF c=eates new Washington state nonprofit corporation to qualify as a public cha=ity with the IRS ("NewCo"). As a public charity, NewC= can sponsor DAFs. NewCo h=s two classes of membership: BMGF/B&M will hold the membership in=erests with voting rights (controlling interest) and other foundations or donors could be added as nonvoting members to provide a greater connecti=n to the organization for those who are interested. BMGF/B=amp;M, as the voting member, has the right to appoint/remove all or a major=ty of the board of directors. BMGF/B&M could choose to appoint BMGF personnel or independent directors (or a mix). Rights co=Id also include (i) approving the appointment of individuals to certain key=management positions of NewCo; and (ii) approving the annual budget. B=GF could make annual contributions to NewCo. 6 EFTA_R1_00151734 EFTA01805296 Primary Benefits:&nb=p; Maximum control over all aspects of the entity; high level of control allows for mo=e streamlined governance; can give donors/others advisory privileges for ov=rall entity, not just the donor advised funds; easiest structure to guide i=s development and interaction with BMGF programs and to get programs invested in supporting with their ex=ertise Primary Challenges:&=bsp; Time to create a new legal entity and seek IRS approval; aggregated securit=es reporting with BMGF/B&M; appeal of a captive entity to potential don=rs; potential reputational risks associated with "too much influenc="; members do not usually have fiduciary duties, but control always creates potential risk; requires staffing and es=ablishing its own procedures for administration of DAFs and BGMF silos The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <[email protected]> , and destroy this communication and all copies thereof, 7 EFTA_R1_00151735 EFTA01805297 including all attachments. copyright -all rights reserved please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 8 EFTA_R1_00151736 EFTA01805298