Missions and Ministries Endowment Fund

By /

YATES BAPTIST CHURCH

MISSIONS AND MINISTRIES ENDOWMENT FUND

A Charitable Endowment Fund

STATE OF NORTH CAROLINA COUNTY OF WAKE

Yates Baptist Church Missions and Ministries Endowment Fund

A CHARITABLE ENDOWMENT FUND

THIS AGREEMENT, made and entered into this the 12th day of February, 2012, executed in duplicate between Yates Baptist Church of Durham, North Carolina, hereinafter called “Grantor,” and The North Carolina Baptist Foundation, Inc., a nonprofit corporation duly organized and existing under and by virtue of the laws of the State of North Carolina with its principal office in Cary, Wake County, North Carolina, hereinafter called “Trustee.”

WITNESSETH

  1. Endowment Corpus.

The Grantor agrees to fund this Endowment by delivering to the Trustee the sum of $11,515.00 in cash to be used for the purposes hereinafter described.

  1. Irrevocable Fund.

This is an irrevocable Endowment and the same shall be in perpetuity.

  1. Additions to Endowment.

The Grantor and individuals shall have the right at any time to add to this Endowment other property acceptable to the Trustee by outright gift or bequest, which additional property, upon its acceptance by the Trustee, shall become a part of the Endowment corpus.

  1. Designation and Investment.

This Endowment and any additions made to the same shall be known as the Yates Baptist Church Missions and Ministries Endowment Fund (hereinafter referred to as the “Fund”), and shall be invested and managed by the Trustee in accordance with its procedures for handling and investment of funds as established by its Board of Directors from time to time. The Grantor reserves the right to direct the investment of this fund within the investment choices provided by the Trustee. Unless otherwise directed in writing and signed by the Yates Baptist Church Treasurer and the Yates Baptist Church Finance Committee Chair, the Trustee shall manage the funds under the Balanced Fund Guidelines.

  1. Distribution of Income.

An annual distribution amount shall be made available to the Grantor each year based on 4.25% of the 5-year rolling average (current year plus previous four) of the January 1 market value of the endowment fund. This amount shall be held as undistributed income and made available upon written request by the Grantor and signed by the Yates Baptist Church Treasurer.

All distributions shall be designated to be used to support local, state, or international missions, to provide financial assistance to those going on mission trips, or for programs of Yates Baptist Church which are designed for outreach, ministry to the community, or Christian education for children or adults at Yates Baptist Church.

The Grantor reserves the right to amend how the annual distribution amount is calculated in a manner that is acceptable to the Trustee. Such request must be in writing and signed by the Yates Baptist Church Treasurer and Yates Baptist Church Finance Committee Chair. No distribution shall be allowed that would cause the value of the endowment fund to fall below the corpus.

None of the proceeds of the Endowment Fund, whether principal or income, shall be distributed to any organization which does not qualify under Section 501(c)(3) of the Internal Revenue Code. Should any such organization not qualify, then the Trustee shall distribute the income to one or more organizations then so described as the Trustee shall select in its sole discretion and in such shares as it shall determine.

  1. General Powers of the Trustee.

The powers as enumerated in the North Carolina General Statutes §32-27 are hereby incorporated by reference and granted to the Trustee subject to the restrictions of North Carolina General Statutes §32-26.

  1. Accounting and Management.

The Trustee shall not be required to file any inventory or periodic accounting with respect to any trust created herein with any court, even though otherwise required by law, but it shall regularly inform the Grantor of receipts and distribution of income. The Trustee shall be entitled to compensation for services hereinunder according to the Trustee’s schedule of fees in effect at the time such services are rendered. Such administrative charge shall be debited to each account in four equal installments at the end of each calendar quarter.

  1. Bond.

The Trustee shall serve without bond.

  1. Effect of Dissolution of Yates Baptist Church.

In the event that Yates Baptist Church dissolves and ceases to operate at any point in the future, the Fund shall be dissolved and the Fund assets shall be distributed equally to the Cooperative Baptist Fellowship of North Carolina and the Baptist World Aid division of the Baptist World Alliance for the purposes of supporting state, national, and international missions.

IN WITNESS WHEREOF

the parties hereto have duly executed this Agreement in duplicate the day first hereinabove written, attaching their respective seals hereto.

YATES BAPTIST CHURCH (Signature) _ (Seal) [Sean Fenton] Church Treasurer

THE NORTH CAROLINA BAPTIST FOUNDATION, INC. M. Clay Warf, Executive Director (Seal)

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