Documents — FOIA Public Records Archive

About these documents

These are excerpts and key documents from nearly 1,100 public records obtained by Divest for AR Future through two rounds of Freedom of Information Act requests to four Arkansas state agencies: the 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 lawful FOIA requests. Where noted, page ranges have been extracted from larger compiled document sets. No content has been altered.

1,098 documents obtained across two FOIA rounds from four Arkansas state agencies. 8 requests filed. Every claim on this site traces back to these records.

Primary sources

Key evidence documents

Auditor's communications director calls Israel Bonds reps "friends" in internal email Internal email from Auditor's Director of Communications to a colleague, expressing personal support for Israel Bonds representatives Larry Berman and Brad Young AUDIT-JUN25-0568
Israel Bonds marketing materials sent to Auditor's .gov email Marketing and promotional materials from Israel Bonds directed to the State Auditor's government email address AUDIT-JUN25-0085
Israel Bonds "Private & Exclusive" briefing invitation for Milligan and staff Invitation to a private economic briefing hosted by Israel Bonds for the State Auditor and his staff AUDIT-JUN25-0001
Berman calls Milligan "truly one of a kind, forever grateful" on Oct 7 anniversary Israel Bonds executive Lawrence Berman's correspondence with State Auditor Milligan on the anniversary of October 7, praising his support AUDIT-JUN25-0516
ADG article: $10M purchase announced, Governor Sanders quote Arkansas Democrat-Gazette coverage of the $10 million Treasury purchase, including Governor Sanders stating Arkansas "stands with Israel" TREAS-SEP25-0008
Official purchase confirmation — November 2023 State Treasury purchase confirmation for a $10 million Israel Bond (3-year Jubilee at 5.40%), dated November 1, 2023. For context on the political statements surrounding this purchase, see our evidence page TREAS-SEP25-0066

Extracted records

Excerpts from compiled records

These are page-range extracts from larger compiled FOIA response documents.

Bond salesmen congratulate Treasurer on re-election Israel Bonds representatives congratulate Dennis Milligan on his 2018 re-election as State Treasurer. Pages 19–21 of original. TREAS-SEP25-0015
Berman cites deceased Treasurer Lowery's verbal promise Israel Bonds executive Lawrence Berman invokes a verbal commitment from the late Treasurer to push purchases. Pages 50–51 of original. TREAS-SEP25-0015
Berman thanks APERS staff for "kind hospitality" Thank-you correspondence from Israel Bonds to APERS staff after a meeting, with follow-up sales pitch. Page 26 of original. APERS-JUL25-0002
Berman uses $20M Treasury purchase as sales leverage Israel Bonds executive cites the State Treasury's $20 million purchase as leverage while pitching APERS Executive Director Amy Fecher. Pages 589–590 of original. APERS-JUL25-0002
Milligan nominated as SFOF National Chair State Financial Officers Foundation nominates Dennis Milligan as National Chair. Pages 307–308 of original. TREAS-FEB26-0108

Reference materials

Reference documents

Treasury investment policy — the standards that should apply The State Treasurer's most recent investment policy document, establishing the pecuniary and prudent-investor standards for state investments TREAS-SEP25-0049
Purchase confirmation — May 2025 State Treasury purchase confirmation for a $10 million Israel Bond (3-year Jubilee at approximately 4.86%), dated May 2025. For context on how this purchase followed internal recommendations against new purchases, see our evidence page TREAS-SEP25-0063

Second FOIA round

Round 2 FOIA responses (February 2026)

A second round of FOIA requests produced 141 additional documents:

Treasury

Documents: 118
Pages: 2,526
Contents: Daily trading dashboards, ROI reports, Israel Bonds cash flow projections, 412-page redacted communications compilation, custodial statements, SFOF conference materials, portfolio snapshots, marketing materials, management signoff records

APERS

Documents: 16
Pages: 9,241 total
Contents: Four quarterly board packets (March–December 2025), four Investment Finance Committee subcommittee packets, 8,648-page comprehensive FOIA production, six sets of meeting minutes

ATRS

Documents: 7 (partial response)
Pages: 51
Contents: Investment guidelines for "Israeli Jubilee bond account" managed by Reams Asset Management, contract documents, sign-in sheets, email files
Status: Full scope confirmed in writing by ATRS General Counsel; full response not yet delivered

Auditor of State

Status: Round 2 response received and under review

Additional source documents are available upon request. Contact divestforarfuture@proton.me.