First Presbyterian Church

Jane K. MacDonald/Nancy (First Presbyterian Church of Newton)

Beneficiary location:

Newton, NJ

Account number: 102261070928

Designated Use

In the event that either one of the designated Charitable Beneficiaries detailed in this agreement, or their successors, should cease to exist, should cease to be an entity described in Sections 170(c), 170(b)(1)(A), 2055(a) and 2522(a) of the Internal Revenue Code of 1986, as amended (or any successor provision of federal law hereafter promulgated), or should cease to be a member church or Validated Mission of the Presbyterian Church (U.S.A.), then that Charitable Beneficiary's interest in the Fund is to go to the remaining designated Charitable Beneficiary, In the event that both designated Charitable Beneficiaries detailed in this agreement, or their successors, cease to exist, cease to be an entity described in Sections 170(c), 170(b)(1)(A), 2055(a) and 2522(a) of the Internal Revenue Code of 1986, as amended (or any successor provision of federal law hereafter promulgated), or cease to be a member church or Validated Mission of the Presbyterian Church (U.S.A.), then one-hundred percent (100%) of the interest in the Fund is to be paid to the Presbyterian Church (U.S.A.) Mission Fund.The Fund will cease to operate on October 31, 2092 [2018 - SGC approved century change to 2042]. On the date that the Fund ceases to operate, one-hundred percent (100%) of the Fund is to be paid out in lump sum distributions of equal proportions to the remaining eligible Charitable Beneficiaries as described above. If none of the original designated Charitable Beneficiaries remain eligible, then one-hundred percent (100%) of the Fund is to be paid out in a lump distribution to the Presbyterian Church (U.S.A.) Mission Fund.