UA-R-GC-1914-01-01-1989-11_Page-038

5 7. Youth Building the ruture The fourth annual Youth Building the Future (YBF) conference will be held at AUC in July, 1990. YBF is an international network of students who work to increase their global awareness through the exchange of ideas. In many ways, the organization resembles a model United Nations. In previous years, the conference has been held in Canada, Australia, and Argentina and in each case, AUC students have attended and profited from the experience . The Development Office is in the process of raising $42,000 for the conference. (This is in addition to normal funding raising responsibilities.) Mrs. Driscoll asked which American universities would be represented at the conference and Mrs. Miller said that they did not yet have that information. 8. Miscellaneous Mr. Crary raised the topic of planned giving and bequests and distributed to the Committee members a brief description of the new tax laws and their implications for will writing. Mr. Crary said that the changes in tax laws now make a pre-l986 will out of date and asked the Committee whether they thought it would be a good idea to distribute the paper to the Board members as a way of encouraging them to make a bequest to AUC. It was decided that Mr. Hedlund would mention the memorandum to the Board and that Mrs. Desforges would send the report to the trustees at a later date. Mr. Hedlund suggested that Mrs. Georgiana Stevens be approached to consider making a bequest to AUC. Dr. Pedersen then summarized a proposal put before the LE Investment Committee which involved the re-assignment of converted Egyptian debts to AUC. Egyptian U.S. dollar debts would be donated to AUC as a charitable contribution deductible at face value even though written down. AUC would then convert the debt to a pound debt in the hopes of obtaining the full amount. In one scenario, AUC would work directly with the Egyptian company holding the debt. In the second scenario, USAID would buy the debt, convert it to LE then, donate it to AUC. The obligation of AUC, as the organization receiving the contribution, would be to put the money into development. AUC had in mind either putting it into the UEEF or AUC Endowment (either would qualify). The company that incurred the debt would be responsible for paying AUC but, for a small fee, the University could hire a local bank to do the collection. Mr. Hedlund has had prior experience in negotiating debt re-assignment for Conservancy International and said that the most difficult part will be getting the approval of the Egyptian Currency Exchange Authority. The Asia Society has also benefited from debt re-assignment of a loan made to a company in the Philippines