— in expenses

The rancho santa fe foundation charitable real estate fund ("cref") was established in february 2007 for the purpose of helping donors become impactful philanthropists through gifts of real estate and other illiquid assets. The cref received its IRS determination letter in january 2008. In 2020 the cref changed its name to the rancho santa fe foundation charitable special assets fund ("csaf") to better reflect the purpose of the fund.