Source Document Excerpts

FOIA source documents from the Divest for AR Future investigation.

These are excerpts from FOIA documents obtained by Divest for Arkansas Future through public records requests to the Arkansas State Treasurer’s Office, Arkansas Teacher Retirement System (ATRS), Arkansas Public Employees Retirement System (APERS), and the Arkansas Auditor of State.

All documents were provided by the agencies in response to Freedom of Information Act requests. Where noted, page ranges have been extracted from larger compiled document sets. No content has been altered.

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Key Evidence Documents

• milligan-happy-to-help-internal-email-2025.pdf
  Auditor’s communications director calls Israel Bonds reps ‘friends’ in internal email
  Source: AUDIT-JUN25-0568

• israel-bonds-marketing-to-milligan-gov-2025.pdf
  Israel Bonds marketing materials sent to Auditor’s .gov email
  Source: AUDIT-JUN25-0085

• private-economic-briefing-invitation-2025.pdf
  Israel Bonds ‘Private & Exclusive’ briefing invitation for Milligan & staff
  Source: AUDIT-JUN25-0001

• milligan-oct7-anniversary-berman-reply-2024.pdf
  Berman calls Milligan ‘truly one of a kind, forever grateful’ on Oct 7 anniversary
  Source: AUDIT-JUN25-0516

• walther-10m-purchase-news-coverage-2023.pdf
  ADG article: $10M purchase announced, Gov. Sanders quote
  Source: TREAS-SEP25-0008

• israel-bonds-purchase-confirmation-nov2023.pdf
  Official purchase confirmation — $10M Israel Bond, November 2023 (3-year Jubilee at 5.40%)
  Source: TREAS-SEP25-0066

Excerpts from Compiled Records

• berman-young-congratulations-milligan-2018.pdf (pages 19–21 of original)
  Bond salesmen congratulate Treasurer on re-election; Milligan replies ‘look forward to our future together’
  Source: TREAS-SEP25-0015

• berman-invokes-deceased-lowery-2023.pdf (pages 50–51 of original)
  Berman cites deceased Treasurer Lowery’s verbal promise to push purchases
  Source: TREAS-SEP25-0015

• berman-thank-you-apers-staff-2024.pdf (pages 26–26 of original)
  Berman thanks APERS staff for ‘kind hospitality,’ pitches meetings
  Source: APERS-JUL25-0002

• berman-thank-you-fecher-20m-pitch-2025.pdf (pages 589–590 of original)
  Berman uses $20M Treasury purchase as sales leverage on APERS director
  Source: APERS-JUL25-0002

• sfof-nominates-milligan-chair-2020.pdf (pages 307–308 of original)
  Milligan nominated as SFOF National Chair by Indiana Treasurer Kelly Mitchell
  Source: TREAS-FEB26-0108

Reference Documents

• treasury-investment-policy-2022.pdf
  Most recent Treasury investment policy — the standards that should apply
  Source: TREAS-SEP25-0049

• israel-bonds-purchase-confirmation-may2025.pdf
  Purchase confirmation — $10M Israel Bond, May 2025 (3-year Jubilee at ~4.86%)
  Source: TREAS-SEP25-0063