Bb Property Trust Ua Dated 71013

“Pursuant to the bb property trust agreement, bethel has the right to appoint one or more individuals or a corporate fiduciary to serve as an additional or successor trustee of the bb property trust. If bethel fails to appoint a successor trustee after a trustee resigns or ceases to serve for any reason, the trust protector may appoint any individual or corporate fiduciary to serve as successor trustee. There is currently no trust protector appointed for the bb property trust; however, the bishop and senior pastor of bethel, acting in unanimity, may appoint a trust protector at any time.”

“Pursuant to the bb property trust agreement, bethel has the right to remove any trustee of the bb property trust at any time. In addition, the bishop and senior pastor of bethel, acting in unanimity, have the right to veto any distribution(s) by the trustees of the bb property trust to any beneficiary of the trust other than bethel, and they also have the right, acting in unanimity, to appoint the income and principal of the bb property trust to any one or more christian, bible-believing church or religious organization that is operated and organized with an emphasis on church planting, evangelism, and world missions, provided such religious organization(s) must qualify as a public charity under code sections 501 (c)(3) and 509(a).”

“Co-trustees will review the return.”

“Documents available upon request.”

“Real property and improvements located at 5670 granny white pike in brentwood, tennessee were contributed by bethel to the bb property trust on march 10, 2017. Because the contribution was received from a related party tax-exempt organization, the assets are recorded on the books of the trust at net book value.”

“The bb property trust (the "trust") was created by bethel world outreach center, inc. ("bethel"). Following the trust's formation, bethel contributed to the trust a church located at 5670 granny white pike, brentwood, tn and the surrounding real property. The trust then entered into a lease agreement with bethel pursuant to which the trust leased the brentwood church to bethel. In addition to acting as bethel's landlord under the lease agreement, the trust plans to utilize any other assets contributed to or otherwise acquired by the trust to support bethel, its affiliates, and any other christian, bible-believing church or religious organization that is operated and organized with an emphasis on church planting, evangelism, and world missions.”