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Fewkes Tower: CTU's Nest Egg $62 million Gone

Built in 1965 by CTU as a retirement residence for teachers.

Financed via a $3.4 million loan from FHA for 40 years @ 5.25%

Generated $1.35 million/year in revenue after expenses 2011, 2012, 2013.

See CTU Tower Corporation IRS 990's for details (EIN 36-2609734).

CORE's CTU Officers sold Fewkes Tower and liquidated Tower Corporation assets for just over $62 million placing the proceeds in the CTU Foundation. The four CTU Officers are the four Directors of the CTU Foundation and have been the sole decision makers for these million-dollar deals.

CTU Tower Corp IRS 990s

2013

Schedule N Page 21 06/13/14

Cash/CDs distributed as dividend to CTUF

$8,104,919,00

2014 Schedule N Page 16

09/30/15

Cash/CDs/Building Contents

$6,260,298.00

CTUF Audit Report by Bansley & Keiner dated 05/31/16 CTUF Proceeds from sale of Fewkes

$47,754,611.00

Total Assets Realized from Sale of Fewkes

$62,119,828.00

How much of the S62 million is left in the CTU Foundation accounts? As of June 30, 2020 (CTUF 990 EIN 23-7076885) there was $7.2 million in securities and $120,000 in cash. The CTU Foundation has been operating at a $2 million/year loss for the past five years. By June 2022, the $62 million will likely be almost all gone.



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