PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

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Corps officer in the U.S.Navy. From 1956 to 1958,he held positions with Getty/Tidewater Oil Co. and Login International Corp. Mr.Wedum received his B.S.in Economics from the University of Minnesota. He also has pursued graduate work at the University of Minnesota Law School, University of California- Berkeley and Alexandria Area Technical Institute. Dale A. Vesledahl, Governor, has held the positions of President and Chief Executive Officer with Vessco, Inc. since 1978. In addition, Mr. Vesledahl has also been the Chief Executive Officer of Quality Flow Systems, Inc. since 1992. Mr. Vesledahl received his Associate of Science degree in business and accounting from Willmar Community College. James Cooper, Governor, President, Chief Manager, obtained his undergraduate degree, a BS in accounting, from Brigham Young University in 1980. He then spent three years in public accounting with Grant Thorton and obtained his CPA designation. The following nine years were spent as the head of The Churchill Company's real estate finance division where he oversaw the origination and financing of over$350,000,000 in lodging and other real estate projects. From 1992 until present, Mr. Cooper has helped build a lodging company owning 20 properties in 7 states,one of the nation's largest fundraising companies for high school programs,and he has founded/helped to build a medical diagnostic company based in Plymouth, Minnesota which has national and international sales. Mr. Cooper was made President of the Wedum Foundation in September 1999. Shawn Beus, Secretary, holds undergraduate degrees in Physical Therapy and Health Sciences from Salt Lake Community College and Weber State University, both located in Utah. Upon graduation, Mr. Beus worked in the rehab field providing physical therapy in senior housing facilities where he became the Rehab Coordinator with SunDance Rehabilitation. He then became involved in the management of assisted living facilities for senior citizens where he served as an Assistant Administrator and Administrator with Assisted Living Concepts, Inc. and Alterra Healthcare, respectively. Mr. Beus joined the Sponsor as Vice President in December, 2000 and works with all new and existing developments as well as being the Operations and Marketing Supervisor for all senior housing facilities in the Sponsor's portfolio. THE SPONSOR General The Sponsor is the Wedum Foundation,a Minnesota nonprofit corporation,formed on January 30, 1959 for the general purpose of accepting gifts, grants, devises or bequests for such "general or specific civic, religious, charitable, scientific, literary or educational purposes ... as will promote the well-being of mankind" and to apply its income for the purpose,among other charitable activities, "for the care of the sick,aged and helpless." The principal office of the Sponsor is located at 3191 Shorewood Drive,Arden Hills,Minnesota 55112. The Sponsor is a 501(c)(3) organization as determined by the Internal Revenue Service in November, 1963.