FOUNDATION IS MAKING AN ELECTION UNDER REGULATIONS SECTION 53.4942(A)-3(D)(2)TO HAVE ITS DISTRIBUTION OF $438 ON 7/31/2018 APPLIED FIRST AGAINST ITS UNDISTRIBUTED INCOME OF $136 FOR 2015, NEXT OUT OF ITS UNDISTRIBUTED INCOME OF $155 FOR 2016, AND LAST OUT OF ITS UNDISTRIBUTED INCOME OF $147 FOR 2017.