Francis T Smith Endowment Trust

“The assigned bank/trustee officer receives a draft of the form 990 from the cpa firm, reads the draft, and discusses any matters to the extent the officer and the signing cpa believe are not clear and the officer confirms that the answers to the return questions are correct. Thereafter the cpa prepares the final copy for delivery to the bank trustee.”

“The testator's last will and testament contains the language under which the charitable trust is operated and includes specifying the trustee. The trustee's governing body is the trust department of branch banking and trust company, a commercial bank wholly owned subsidiary of bb&t corporation, a bank holding company whose stock is publically traded. The holding company's stockholders select directors who select and/or approve the hiring of executive officers who select other members of management including the officers of the bank's trust department. All directors and employees of the bank holding company and of the commercial bank, including the employees of the trust department are subject to the commercial bank's written policies, including those policies related to conflicts of interest, whistleblowers, document retention and destruction, and operation of departments and branches.”

“The bank/trustee is compensated by the trust pursuant to the bank's trust department's published fee schedule. No individuals are compensated.”

“Question 18 and 19: the trustee maintains forms 1023 and /or 1024 and the annual form 990 as well as documents, policy statements, amd financial statements in public inspection files and/or trust specific files in the local branch office that is charged with the administration and the supervision of the trust. Such information is available to the public upon request during normal business hours.”

“Portfolio market value on 10/31/2020 = 3,856,372 cost (carrying value) on 10/31/2020 = 1,850,955 compared with portfolio market value on 10/31/2021 = 4,648,264 cost (carrying value) on 10/31/2021 = 1,663,527 unrealized appreciation (difference between 10/31/2020 and 10/31/2021) = 979,320 corpus (at market) 10/31/2020 = 3,856,372 increased by total revenue part vii column a, line 12 = 82,447 equals beginning corpus + income and realized gains = 3,938,819 less expenses - part ix line 25, column a = (269,875) increased by increase in unrealized appreciation = 979,320 equals corpus (at market) 10/31/2021 = 4,648,264”