Rancho Bernardo Community Presbyterian Church

Carroll and Jo Ann Badeau Memorial Fund

Beneficiary location:

San Diego, CA

Account number: 102261101870

Designated Use

to be used by the said church as its Session shall decide. Further, upon the decision of the Session of said church that there exists a need for the principal to further the mission of said church, the Foundation shall withdraw from the fund hereby established and pay the said church the market value at withdrawal of up to ten percent (10%) of the units of participation originally assigned to the investment of the residuum of this gift [12,730.246] during an twelve-month period, beginning with the first quarterly payment date following establishment of the memorial fund by removal of this gift from the foundation 's Pooled Income fund. The income on any funds withdrawn shall cease as of the date of withdrawal. The said church has the option in any twelve-month period to make no withdrawals of principal. In such an event, the principal not withdrawn will remain invested with the Foundation, and the Rancho Bernardo Community Presbyterian Church, San Diego, California, or its successor shall continue to receive the income from the remaining funds.Withdrawal of principal may be made the Clerk of Session of said church by written request to the Foundation's Development Office at least ten (10) days before the valuation date of the Fund in which the gift is invested. The Clerk of Session shall attest to the Foundation that the Session has voted to approve the withdrawal under the terms of this agreement and shall provide to the Foundation a copy of the excerpt from the official, dated minutes of the Session, which include the withdrawal resolution.The Session shall further specify, and the Clerk of Session shall attest to the Foundation, that the withdrawn funds will be expended before additional withdrawals are made, and that previously withdrawn funds (if any) have been fully expended before applying for the present withdrawal.