White Hill Presbyterian Church Inc.

Barbara Matthews Jackson Scholarship Endowment

Beneficiary location:

Sanford, NC

Account number: 102240203062

Designated Use

See addendum attached: Addendum to Permanent Fund Application and Agreement Between the Presbyterian Foundation and White Hill Presbyterian Church Relating to the Barbara Matthews Jackson Scholarship Endowment Upon recommendation from the Commitment Committee of White Hill Presbyterian Church, the Session on March 15, 2015, approved the transfer of funds presently in the Barbara Matthews Jackson Scholarship Account to the Presbyterian Foundation as an Endowment to perpetually maintain the fund. There were several items that the Session wanted clarified and incorporated into the agreement regarding this endowment. This addendum is made a part of the Application and Agreement and is attached as restrictions on page 8. The following is a Restriction under Charitable Beneficiary #1: The payout from the endowment will come to the White Hill Presbyterian Church annually, in May of each year, to be distributed by the church to a recipient chosen by White Hill Presbyterian Church under guidelines as approved by the Session. The recipient will be a student who applies for the scholarship and is a member of White Hill Presbyterian Church. White Hill Presbyterian Church has the sole responsibility for choosing the scholarship recipient and the Foundation recognizes that the church has the authority and responsibility of choosing the recipient and handling the payment of the scholarship award directly to the school attended by the student. Any unused income can be added back into the principal of the fund. The following is a Restriction under Contingent Beneficiary: Should White Hill Presbyterian Church ever merge with another Presbyterian Church, the merged church will follow the guidelines approved by the Session and award the scholarship to a member of the merged church. In the unlikely event White Hill Presbyterian Church ceases to exist or ceases to remain a PCUSA congregation, the income will go to the Presbytery of Jurisdiction, which will insure that the scholarship recipient will be a local student who is a member of a Presbyterian Church in either Lee or Moore County, North Carolina. Any unused income can be added back into the principal of the fund.