“It went to a company called Mercer Ridge LLC.”

Julian set his whiskey glass down on a leather coaster with a soft thud.

“That’s a standard endowment tax shelter for regional development,” he said, twisting the heavy silver band of his watch around his wrist.

“It shelters foundation earnings before the end of the tax year.”

“Mercer Ridge LLC isn’t listed in the foundation’s public board filings,” I said.

“It doesn’t require public disclosure until the end of the second fiscal quarter,” Julian said.