Seminario Evangelico de Puerto Rico

Distributable Fund Seminario Evangelico De Puerto Rico Administrative and Academic Building Endowment Fund

Beneficiary location:

San Juan, PR

Account number: 102262059194

Designated Use

The assets of the DISTRIBUTABLE FUND and any income earned thereupon shall accumulate until requested by Seminario Evangelico de Puerto Rico, San Juan, PR, (hereinafter the BENEFICIARY). The President and the Chair of the Board of Trustees of the BENEFICIARY shall have the ability to withdraw any or all of the DISTRIBUTABLE FUND for the following purposes: A) To pay costs of ordinary building repair and maintenance of the Administrative and Academic Building at the Seminario Evangelico De Puerto Rico (Administrative and Academic Building). Ordinary building repair and maintenance shall include only those expenditures which are required to maintain properly the Administrative and Academic Building such as: 1) painting; 2) replacement of floor coverings; 3) replacement of lights; 4) annual inspections and service of mechanical systems. Ordinary building repair and maintenance may include an allocation of time for maintenance personnel to perform the types of building maintenance described above but shall not include (a) personnel costs or any other expenses necessary for normal cleaning, or (b) payment of insurance premiums or utility charges. B) To fund major capital expenditures in connection with the Administrative and Academic Building, such as replacement of mechanical systems, roof, etc. Any written requests for withdrawal from the DISTRIBUTABLE FUND must be received by the Foundation at least ten (10) business days prior to the end of the calendar month to be effective for the month. The FOUNDATION shall provide an annual report to the DONOR within 90 days of the end of each calendar year setting forth *(a) the fair market value of the assets of the FUND as of the last day of such calendar year, (b) the DISTRIBUTABLE FUND balance as of the beginning and end of such calendar year and an itemization of the amounts withdrawn by the BENEFICIARY for the purposes described above, and (c) the amount of income and appreciation for such calendar year allocated to the DISTRIBUTABLE FUND.*NOTE: (a) is on the restrictions for account 103120059186.