Attorney General Fox Announces Sale of Student Assistance Foundation Building
Yesterday, Attorney General Tim Fox’s office issued a letter allowing Student Assistance Foundation (SAF) in Helena to move forward with its plan to sell its office building to neighboring St. Peter’s Hospital. Attorney General Fox received a letter from SAF last Friday providing notification of the planned sale. The sale price of $8.1 million includes the building and some office equipment.
Under Mont. Code Ann. 35-2-617(7)(a), the Attorney General has 20 days to review a sale of a nonprofit corporation’s assets when it is outside the ordinary course of business. In reviewing the transaction, the Attorney General makes sure that the nonprofit receives a fair value for the assets it sells. The review also ensures that there were no conflicts of interest between the parties involved in the transaction. The proceeds, after any expenses are paid, must be used to support SAF’s charitable mission.
More details of the transaction are available here.