The Catherine B Reynolds Foundation Inc.

“Catherine reynolds and wayne reynolds, family relationship.”

“Educap inc.'s form 990 review policy is as follows: 1. Educap inc. Provides its board of directors with educap inc.'s form 990 each year prior to filing the form 990 with the irs. 2. The audit committee or a special committee of the board of directors reviews and approves the form 990 prior to its filing with the irs. To assist the audit committee or a special committee with its review of the form 990, the audit committee or a special committee may, among other things, speak with the accountant who prepared the form 990 and counsel who reviewed the form 990.”

“Monitoring, compliance enforcement, and procedures for addressing the conflict of interest monitoring and compliance enforcement - each director, principal officer, key employee, and member of a committee with board-delegated powers shall annually sign a statement which affirms that such person: a. Has received a copy of the conflicts of interest policy. B. Has read and understands the policy. C. Has agreed to comply with the policy. D. Understands that educap inc. Is a tax-exempt organization and in order to maintain its federal tax exemption, it must engage in primarily activities that accomplish one or more of its tax-exempt purposes. To ensure that educap operates in a manner consistent with tax-exempt purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted. The periodic reviews shall, at a minimum, include the following subjects: a. Whether compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arm's length bargaining. B. Whether partnerships, joint ventures, and arrangements with management organizations conform to educap inc.'s written policies, are properly recorded, reflect reasonable investment or payments for goods and services, further tax-exempt purposes and do not result in inurement, impermissible private benefit or in an excess benefit transaction. Procedures for addressing the conflict of interest: a. An interested person may make a presentation at the board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. B. The chairperson of the board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. C. After exercising due diligence, the board or committee shall determine whether educap can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. D. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in educap's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement. Violations of the conflicts of interest policy a. If the board or committee has reasonable cause to believe that a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. B. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.”

“The compensation for officers is approved annually by the special committee of the board of directors, comprised of independent board members. Additionally, the special committee members utilize the expertise of an independent compensation expert who meets with the special committee members and provides and reviews a compensation comparability report, in accordance with best practices outlined by the internal revenue service.”

“To the extent required by law, the form 990 and financial statements are available by request.”

“Educap inc. Has an audit committee, comprised of independent board members, that assumes oversight of the audit. This process has not changed from the prior fiscal year.”

“Educap inc. Also does business using the name loan to learn.”

“Student loans receivable as of september 30, 2018, consisted of the following: student loan principal receivable 123,100,008 deferred loan origination income -1,822,357 ------------ 121,277,651 less: allowance for loan losses -45,199,465 ------------ 76,078,186 student loan interest receivable 834,266 less: allowance for uncollectable interest -32,176 ------------ student loans receivable 76,880,276 ============”

“Education loan notes payable as of september 30, 2018, consisted of the following: senior notes: series 2006 ab, due 2031 56,425,684 less: original issue discount -76,271 less: debt issuance costs -608,224 ------------ total education loan notes payable 55,741,189 ============”