Presbytery of New Hope

Presbyterian Point Permanent Endowment Fund

Beneficiary location:

Raleigh, NC

Account number: 102240101667

Designated Use

Reinvest the net income of the fund into the principal until the corpus of the Fund reaches $5,000.00, so that such reinvested income becomes principal. After the corpus of the Fund reaches $5,000.00, the Foundation shall pay the net Income therefrom quarterly, after the expiration of each calendar quarter to the Presbytery of the New Hope, Rocky Mount, North Carolina for the benefit of Presbyterian Point Camp, Clarksville, VA, for site development and capital improvements.Should Presbyterian Point Camp cease to exist or cease to be related to the Presbyterian Church (U.S.A.), the Charitable Beneficiary shall utilize the Net Income for the benefit of Camp New Hope, Chapel Hill, North Carolina for site development and capital improvements. [CEASED TO BE A PART OF THE PRESBYTERY IN 2003].Should Camp New Hope cease to exist or cease to be related to the Presbyterian Church (U.S.A.)[ceased to be Presbyterian August 2015], the Charitable Beneficiary shall utilize the Net Income for purposes which parallel, to the extent possible, the original intent of the Donors.[Camp Albemarle is still an option to use the income, when it becomes available, for site development and capital improvements.]