NORTH CAROLINA

JOHNSTON COUNTY DECLARATION OF TRUST:

This TRUST AGREEMENT, made this £th day of .:Ju...ro e ,2013, by and between JAMES P. GEORGE, hereafter referred to as the "Donor" and the TUSCARORA COUNCIL, INe. #424 , hereafter referred to as the "Trustee." This Agreement supersedes the Agreement between Donor and Trustee dated September 18,2001. And the Agreement dated March 23, 2010 as recorded in book 3828 page21S-221 in Johnston County, North Carolina.'

WITNESS:

That whereas, the Donor wishes to establish a trust fund to be known and designated as the J.P. George Eagle Endowment Fund; and

WHEREAS, the Trustee has agreed to hold said fund under the previous agreement and any additions thereto in trust for the uses and purposes and upon the terms and conditions hereinafter set forth.

NOWTHEREFORE, the Donor and Trustee agree as follows:

I. There is hereby established the J.P. GEORGE EAGLE SCOUT ENDOWMENT FUND also referred to as the "Fund".

II. The Tuscarora Council Inc. #424 Boy Scouts of America, is hereby established as and agrees to serve as trustee of this fund.

III. The principal sum shall be retained and invested by the Trustee so as to generate income annually. Each year after this fund is established, beginning with the calendar year 1987, a percentage of the earned on the principalamount during the previous year(s) will be used to assist Boy Scouts from Tuscarora Council, who have attained the rank of Eagle Scout, with their expenses in attending the National Boy Scout Camp at Philmont, NM or a National , or some other camping experience OUTSIDE the Tuscarora Council area.

These funds are to be invested in the BSA Commingled Endowment Fund, L.P. which is managed by BSA Asset Management, LLC. A percentage is to be withdrawn each year which is as follows: Four percent (4%) ofthe average previous three (3) years ending balance as of December 31st each year. HOWEVER, should the Tuscarora Council #424 BSA Executive Board find that four (4%~)formula is depleting the Fund then they are authorized to ~ the percentage. Should these funds be invested in another fund then the same formula for withdrawal shall apply.

Thesefunds ARE NOT to be invested in assets such as real estate, gold, coins, paintings, etc.

IV. The Trustee or a committee designated by it for this purpose shall have full authority to determine how the Fund will be invested; to designate the beneficiaries of the Fund according to the direction of the Donor as expressed herein; to determine which trips or camping experiences will be supported by the trust funds, and generally make any and all other decisions relative to the carrying out the purposes and intent of the Fund. It is the express intent of the Donor that the Tuscarora Council Board shall have full authority and discretion to handle this Fund and to take all actions that may be necessary to carry out the purpose and intent for which this Fund is established.

Page 1 of6 v. It is the express purpose and intent ofthe Donor, and he does hereby so direct the Trustee: That the amount of the income from the Trust available each year for use for the purpose herein designated shall be divided equally among the Boy Scouts from Duplin, Johnston, Sampson, and Wayne Counties, who have obtained the Eagle rank and desire to participate in a camping experience without regard to need. It is the Donor's intent to provide these funds in honor and recognition of the accomplishments of these young men in obtaining the Eagle rank; therefore, need is NOT to be used as a criteria for the recipients of this fund.

VI. The requirements of eligibility for receive funds are as follows:

A. Only Boy Scouts from Duplin, Johnston, Sampson, and Wayne Counties (unless the Council expands to include other counties) who receive their Eagle rank will be eligible to apply for funds in the year following the DATE on their Eagle Scout Certificate. The registrar ofthe Tuscarora Council shall be responsible to photo copy the certificate when it returns from the National Boy Scouts and keep a copy with the Eagle list of the calendar year group.

B. If a Boy Scout who resides in the Tuscarora Council district and for any reason receives his Eagle Scout Award from another Boy Scout district, then he shall NOT eligible to quality to receive any monies from this fund.

th C. A Boy Scout must be awarded his Eagle rank PRIOR to his eighteen (18 ) birthday: however, he will still be eligible to use his monies after he turns eighteen(18).

VII. If Boy Scout qualifies for funds and is unable to attend his trip during the designated time due to medical or education or death in family or any EXTRA ORDINARTY hardship, then his funds shall be available in any calendar year thereafter.

VIII. Application procedures will be as follows:

A. A letter will be sent to each Boy Scout that receives his Eagle rank explaining this Fund to him. (See Attachment "A").

B. The final deadline for receipt of applications will be March 15th following th year the Eagle is awarded. (See Attachment "B").

C. The Scout Executive will review all applications with the maximum monies available to anyone individual being equal to fees plus transportation plus reasonable expense monies.

IX. A financial statement showing the Fund's activity and balance will be issued by the Tuscarora Council at the end of March 15th each year. This statement will be issued not later than st May 1 • This statement will include the following: (See Attachment C)

A. Beginning Fund balance as of December 31, 20_. B. Any additions contributions made to Fund prior to December 31, 20_. C. Total disbursements and individual amounts to named listed recipients. D. Ending balance of Fund as of December 31,20_. E. Amount of funds available for the upcoming year based on the formula of four percent (4%) of the previous three ending balances as of December 31st each calendar year Page 2 of 6 lnitia~·erA X. This statement will be given to tbe Scout Executive and to the Tuscarora Council Executive Board members and to James P. George. After his death a copy will be given to his daugbter. Susan George James at 2305 Wilson Street, Durbam NC 27705-3120 IF she wishes to receive this Statement.

XI. These funds are NOT to be co-mingle with other Tuscarora Council funds wbicb will make these funds indistinguishable and unaccouutable from other such funds.

xn. All persons and organizations making contribution to tbis endowment Fund and those who administer it shall be bound by the terms of this Agreement.

XIII. The documents that make up this Agreement consists of the following: (a) tbe terms and conditions that you are now reading; (b) Attachment "A" (page 4); (c) Attachment "B" (page 5); and (c) Attachment "C" (page 6).

XIV. This Agreement with attachments will be posted on Tuscarora's Web site which will provide permanent notification of this Fund and to any other electronic communication sites that the Ceunell desires to post this Fund.

WITNESS the hands and seals of the Donor and Trustee, this the day of Ju he. )6'!:h -4-- 4~ 2013 in the Year of Lor. . ,l /,'

Ci, )~ ffL! /O/~3 /James P. George, Donor ! Smithfield, NC

I John Lewis, President SCARORA COUNCIL #424 Trustee

ATTEST:_-->-_-=--f-t---'''-- _

Pic Feb. 15, 1990

Page 3 of6 Initia~ ATTACHMENT "A"

Letter of notification

date

Dear

On behalf of the J.P. George Eagle Scout Fund, I would like to congratulate your achievement of the Eagle Award. Your diligence and hard work are to be commended. Because of your achievement you are eligible to apply to this fund for assistance with the cost of attending Philmont or a National Jamboree or any other activity that takes place outside the Tuscarora Council.

Applications are accepted between now and March 15th of next year for activities that will take place during summer of that year. You are only eligible to apply for the year immediately following the award of you Eagle date. The purpose of this fund is to recognize your achievement and to encourage you to remain active in the Boy Scout in the years to come.

Available funds are distributed equally to all who apply without regard to need. Depending on the number of applicants and the amount of money available, you may receive monies to cover up to the full cost of your desired trip. Attached is the application form that you should complete and send to the Tuscarora Council office no later than March 15th of next year. Call me if you need further information at 919-734-1714.

Again, I congratulate you and look forward to receiving your application.

Sincerely,

Scout Executive Tuscarora Council

Enclosure

Page 4 of6 ATTACHMENT "B"

APPLICATION FOR FUNDS

J.P. George Eagle Scout Endowment

DEADLINE for submission is MARCH 15th

NAME:

ADDRESS;

COUNTY:

TROOP UNIT:

DATE OF EAGLE AWARD ON CERTIFICATE:

PLACE AND lOR ACTIVITY YOU PLAND TO PARTICIPATE IN:

TOTAL EXPENSES (Give a detail explanation of all cost including fees, travel cost& incidental cost)

Date application is received in the Tuscarora Council office:

Page 5 of6 ATTACHMENT "C"

Example of annnal eagle fund financial statement after MARCH 15TH

JAMES P.GEORGE EAGLE SCOUT FUND 2012

Beginning fund balance as of December 31,2011 $ 68,063.82

Contribution to Fund as of December 31, 2011 + 1,400;00

Fund increase (decrease) + 6,746.48

Total Disbursements to the following Scouts in 2012:

Bobby Smith Troop 63, Northern Tier High Adventure $ 958.98 Charles Jones Troop 8, Council Philmont Trek 1,230.57 Darwin Fitzgerald Troop 24, Council Philmont Trek 1,213.65 3,403.20

Ending fund balance as of December 31, 2012 $ 72,807.20

Funds Available for use in 2013:

2010 Ending balance $ 61,703.20 2011 Ending balance 68,063.82 2012 Ending balance 72,807.20

$202,574.12 divided by 3 == $67,524.70

Three (3) year average is $ 67,524.71 times 4% = Available funds for 2013 $ 2,700.98

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