Great Smoky Mountain Council 557 Boy Scouts of America Trust

“The great fund of the council is made up of all non- (specifically donor) covenanted monies. This fund includes such gifts as: the tirpak memorial established in 2005 and all other gifts that have come before, through such gifting vehicles as the james e. West fellowship, the heritage society, the 1910 society and the council's memorials and tributes program. The policy for spending the earnings of all the great fund is that proceeds are to be used for the general operations of the council. Spending will, however, conform to the limits established by the spending policy of the council. Monies from gifts that make up the great fund do not have any specific donor restriction except by way of the intent of their solicitation; therefore all great fund assets are permenantly restricted. The fleming (larry a.) fund was established following the untimely passing of larry a. Fleming, a valued citizen and scouting benefactor. This fund's covenants are that it pays out from earnings, $1,000 each year to provide a higher education scholarship thru an application process to a recipient eagle scout based on his community service project. The scholarship is awarded around march of each year in conjunction with the council's eagle reception event. Monies are forwarded in the student's name to the school of his choosing following the recipient's high school graduation. All funds earned beyond the annual payout amount are reinvested and are not taken for other purposes. The sansom (lewis m.) fund was established in may of 2000 following the untimely death of lewis m. Sansom. Its covenants are that the entirety of its interest earnings can be used to offset the expenses of the council in terms of camperships, registration fees, books and uniform parts. Several donors continue to regularly contribute to this fund. The council annually spends several thousand dollars toward the aforementioned expense items as a function of its operating budget. Although the fund convenants are that the entirety of its interest earnings can be used, the annual draw is controlled by the spending limits outlined in the council's spending policy. The kiana fund is a modest fund that pays out an amount of money for each local council woodbadge training course in the form of participant scholarship(s). The amount the fund pays shall not exceed the earnings of the fund, therefore the fund may possibly allow for more than one scholarship recipient for each course. The fry (george w. And helen f.) fund was established in 1992 to become a part of the council's endowment to specifically fund a higher education scholarship for a local council eagle scout. The scholarship amount of $1,000, awarded each year, is funded from earnings. The scholarship is awarded around march of each year through an application process in conjunction with the council's eagle reception event. Funds are paid directly to the recipient following the reciept of a letter from the recipient certifying enrollment in an upper-level education institution. All funds earned beyond the annual payout amounts are reinvested, and are not taken for other purposes. The baer (thomas h.) memorial fund is covenanted to provide campership (scholarships) to council cubs and scouts to that they may attend day or (twilight) camp or summer camp (respectively) at a council operated camp. There is an application and selection process established for the use of the recipient selection committee. The entirety of the fund's annual interest earnings may be used toward this purpose. There is no maximum or minimum scholarship amount and the only qualifier is that the total of all awards shall not exceed earnings. It is specifically noted that unused earnings will be reinvested in the fund and will not be used for other purposes. Earned monies from this fund are expensed through the council's assistance to individuals budget line and revenue is reflected in the specific activities (camperships) for which the fund was established.”

“The council adopted the provisions of fasb asc 740-10-25 (formerly fasb interpretation no. 48, accounting for uncertainty in income taxes) on january 1, 2009. The implementation of this standard did not have a significant impact on the council's financial statements. For the years ended december 31, 2013 and prior there were no interest or penalties recorded or included in the financial statements.”

“Expenses netted against revenue on financial statements 37,420. Provision for allowance for uncollectible accounts 100,833.”

“Expenses netted against revenue of financial statements 37,420.”