First Presbyterian Church

Ruth and R. C. Douglas Endowment Fund

Beneficiary location:

Lubbock, TX

Account number: 102262102184

Designated Use

The Foundation shall reinvest the net income of this Fund into principal until this Fund reaches a fair market value of two million dollars ($2,000,000.00) or the expiration of ten (10) years following the death of the Donor, whichever occurs first. After the first to occur of the Fund assets reaching a fair market value of two million dollars ($2,000,000.00) or the expiration of ten (10) years following the death of the Donor, distributions of income and principal may be made as follows: (A) At such time, the Foundation shall pay up to 75% of the net income annually to First Presbyterian Church, whose current address is P.O. Box 69, 1500 14th Street, Lubbock, Texas 79408 (hereinafter the Beneficiary) to support the Beneficiary's Ministry of Music. Net income shall mean interest and dividends, excluding capital gains, less any expenses allocable to income. The Beneficiary, at its discretion, may instruct the Foundation to accumulate part or all of said 75% of the net income of this Fund in a separate income account. The remaining 25% of the net income of this Fund shall be reinvested back into principal in perpetuity. (B) Further, at such time, the Beneficiary can make requests to withdraw principal from this Fund. Such withdrawals shall not reduce the fair market value of the Fund below one-fourth of its fair market value as of the date on which the Fund assets reach a fair market value of two million dollars ($2,000,000) or the expiration of ten (10) years following the death of the Donor, whichever occurs first. Such withdrawals shall be made according to the administrative procedures of the Foundation then in effect for withdrawals. The written requests for withdrawals must be received by the Foundation at least ten business days prior to the last day of any month to be effective for that month. The Beneficiary shall use such withdrawals for development or redevelopment of First Presbyterian Church, Lubbock, Texas or other Presbyterian Churches in Lubbock County, Texas including, but not limited to, the construction of buildings, purchase of real estate and landscape of church property. The Session of First Presbyterian Church, Lubbock, Texas may request withdrawals of principal by submitting to the Foundation a copy of the Session's resolution authorizing such request. Such request must state that the Beneficiary has agreed and shown its ability to invest its own funds in an amount equal to ten percent of the total funds necessary for the church development or redevelopment project for which withdrawals from this Fund will be made.