<html xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:st1="urn:schemas-microsoft-com:office:smarttags" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv=Content-Type content="text/html; charset=us-ascii">
<meta name=Generator content="Microsoft Word 11 (filtered medium)">
<o:SmartTagType namespaceuri="urn:schemas-microsoft-com:office:smarttags"
name="PersonName"/>
<!--[if !mso]>
<style>
st1\:*{behavior:url(#default#ieooui) }
</style>
<![endif]-->
<style>
<!--
/* Font Definitions */
@font-face
{font-family:Tahoma;
panose-1:2 11 6 4 3 5 4 4 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman";}
h1
{margin-top:12.0pt;
margin-right:0in;
margin-bottom:3.0pt;
margin-left:0in;
page-break-after:avoid;
font-size:14.0pt;
font-family:"Times New Roman";}
h2
{margin-top:12.0pt;
margin-right:0in;
margin-bottom:3.0pt;
margin-left:0in;
page-break-after:avoid;
font-size:12.0pt;
font-family:"Times New Roman";
font-style:italic;}
h3
{margin-top:12.0pt;
margin-right:0in;
margin-bottom:3.0pt;
margin-left:0in;
page-break-after:avoid;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoHeader, li.MsoHeader, div.MsoHeader
{margin:0in;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
{margin:0in;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoCaption, li.MsoCaption, div.MsoCaption
{margin-top:6.0pt;
margin-right:0in;
margin-bottom:6.0pt;
margin-left:0in;
font-size:12.0pt;
font-family:"Times New Roman";
font-weight:bold;}
p.MsoList, li.MsoList, div.MsoList
{margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
text-indent:-.25in;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoListBullet, li.MsoListBullet, div.MsoListBullet
{margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
text-indent:-.25in;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoListNumber, li.MsoListNumber, div.MsoListNumber
{margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
text-indent:-.25in;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoListBullet2, li.MsoListBullet2, div.MsoListBullet2
{margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.75in;
margin-bottom:.0001pt;
text-indent:-.25in;
font-size:12.0pt;
font-family:"Times New Roman";}
p.MsoTitle, li.MsoTitle, div.MsoTitle
{margin-top:12.0pt;
margin-right:0in;
margin-bottom:3.0pt;
margin-left:0in;
text-align:center;
font-size:16.0pt;
font-family:Arial;
font-weight:bold;}
p.MsoSignature, li.MsoSignature, div.MsoSignature
{margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:3.0in;
margin-bottom:.0001pt;
text-align:justify;
font-size:12.0pt;
font-family:"Times New Roman";}
a:link, span.MsoHyperlink
{color:blue;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{color:purple;
text-decoration:underline;}
span.EmailStyle26
{mso-style-type:personal;
font-family:Arial;
color:windowtext;}
span.EmailStyle27
{mso-style-type:personal;
font-family:Arial;
color:navy;}
span.EmailStyle28
{mso-style-type:personal-reply;
font-family:Arial;
color:navy;}
@page Section1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.Section1
{page:Section1;}
-->
</style>
</head>
<body lang=EN-US link=blue vlink=purple>
<div class=Section1>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
<div>
<p class=MsoNormal><b><font size=2 face=Tahoma><span style='font-size:10.0pt;
font-family:Tahoma;font-weight:bold'>From:</span></font></b><font size=2
face=Tahoma><span style='font-size:10.0pt;font-family:Tahoma'> Mauck, Sheri <br>
<b><span style='font-weight:bold'>Sent:</span></b> Tuesday, July 26, 2005 9:35
AM<br>
<b><span style='font-weight:bold'>To:</span></b> <st1:PersonName w:st="on">Council
of Business Officers</st1:PersonName><br>
<b><span style='font-weight:bold'>Subject:</span></b> FY05 Actuarial
Assumptions/Section 13 Distributions</span></font><o:p></o:p></p>
</div>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span style='font-size:10.0pt;
font-family:Arial'>Attached are two documents used in your audit process each
year. The first document is the actuarial assumptions used by the system
and the second is a workbook containing two worksheets on the funds distributed
from Section 13 and the “Funds held in Trust” on behalf of those
institutions eligible to receive Section 13 funding.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span style='font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span style='font-size:10.0pt;
font-family:Arial'>Please see that the appropriate staff collecting information
for you audit receives this information.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span style='font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span style='font-size:10.0pt;
font-family:Arial'>Please let me know if you have questions.<o:p></o:p></span></font></p>
</div>
</body>
</html>