New Generation Foundation Inc

“Aidos bekturganov, executive director, has a family relationship with a board member, nuraly bekturganov.”

“Per the foundation's guidelines on management of certain asset dated 29 nov 2021, the direct management of jtl assets was delegated to the board of directors of jtl.”

“Form 990 was prepared by a qualified cpa firm and reviewed by management and provided to the full board prior to filing with the internal revenue service.”

“A conflict of interest policy was adopted by the organization and all board members are required to disclose any conflicts on an annual basis.”

“Compensation was based on comparable data and salary survey provided by an independent third party and was reviewed and documented by the board. Nuraly bekturganov recused himself from the discussion related to the compensation of the executive director due to a conflict of interest.”

“All documents open for public inspection are available by request.”

“Consulting services: program service expenses 0. Management and general expenses 193,050. Fundraising expenses 0. Total expenses 193,050. Other professional services: program service expenses 0. Management and general expenses 1,005,291. Fundraising expenses 0. Total expenses 1,005,291. Payroll processing fees: program service expenses 0. Management and general expenses 7,935. Fundraising expenses 0. Total expenses 7,935.”

“Repatriated assets - see schedule n and detailed description below -1,474,545,201.”

“Ngf was originally created, and 100% of the membership interests of jysan holding llc ("jh") were transferred by gift to ngf, to support the charitable, educational, and social welfare missions of the autonomous organizations of nazarbayev university (the "university") and nazarbayev intellectual schools (the "schools"), each located in the republic of kazakhstan. The underlying purpose of the gift was to place the university's and schools' endowment under the control of a legal entity that was not-for-profit and would fund to operations and research goals of the university and schools, but which was in a jurisdiction recognized as having regulatory transparency and a strong commitment to the rule of law. Thus, ngf was established as a nevada nonprofit corporation and an organization described in section 501(c)(4) of the internal revenue code. At that time, jh was the sole beneficial owner of all shares of jysan technologies ltd, a private company incorporated in the united kingdom ("jt"). Jt owned investments in kazakh and russian financial institutions. Among such investments were interests in a bank actively engaged in corporate, sme, and retail banking, with 22 full service and 123 outlets throughout kazakhstan, a bank actively engaged in commercial banking, and a company actively engaged in asset management. In early 2022, the kazakhstan government began to make demands for kazakhstani directors to be appointed to ngf's board and launched other negative public relation campaigns and investigations against ngf, jh, and jt, in an effort to force repatriation of the endowment funds. In the fall of 2022, the kazakhstan government froze all assets that were located in kazakhstan and prevented any dividends from being paid to ngf, taking the position that the assets were fraudulently transferred out of the country to ngf. This move prevented ngf from continuing to make grants to the university and schools and threatened ngf's ability to continue its operations and efforts to oppose the forced divestiture of its assets. In february 2023, ngf (acting through jh) initiated a lawsuit in federal district court in the state of nevada against the republic of kazakhstan and others, as well as an arbitration conducted in the united kingdom. In april 2023, the republic of kazakhstan issued a new law placing special restrictions on foreign legal entities to own, use, and/or dispose of, directly or indirectly, voting shares of kazakhstan resident banks. Every effort of ngf to get control of ngf assets was blocked. Thereafter, the arbitration was settled during 2023 whereby approximately $1.5 billion in assets were repatriated to kazakhstan, and the banks were permitted to pay dividends to jt of approximately $100 million usd, leaving ngf with approximately $100 million in assets, along with an obligation to buy back shares of jt worth approximately $25 million, resulting in $75 million in net assets. After paying other contractual obligations and wind up costs, all remaining funds will be transferred to the university and schools in kazakhstan.”