LAP FOUNDATION

LAP Foundation, Inc., owns an 11,000 square foot duplex warehouse located in Downtown Anchorage near Merrill Field Airport.  The leases on this property are triple net, which requires the leasees to pay all operating costs, including property taxes and insurance.  The investment income earned on this property provides the funding LAP Foundation uses to pay administrative costs, mainly professional services for tax preparation, real estate commissions and office supplies.  The remainder, over $100k a year,  is donated to local and national charities.