D J White Family Foundation

The foundation owns real estate and will rent the property exclusively to non-profit entities within the meaning of section 501(c)(3). To this end, the foundation purchased 122 wooded acres that includes a small lodge. The property was purchased in july, 2006. In october of 2007, adjacent land (including a small trailer) was purchased. The foundation negotiated a residential lease agreement ("lease") in september, 2006 with narrow gate foundation. (a 501(c)(3) entity). The original annual lease payment of $30,600 was believed to be between 40% to 50% of fair market value. The lease has been extended multiple times. Since inception of the lease, the foundation has forgiven all rent payments.