HomeMy WebLinkAbout09-10-08 (2)IN RE: IN THE COURT OF COMMON PLEAS
AMENDED AND RESTATED OF CUMBERLAND COUNTY, PENNSYLVANIA
TRUST UNDER AGREEMENT OF ORPHANS' COURT DIVISION
ELIZABETH W. PENNINGTON
r-a
DATED JUNE 2, 2000, AMENDED N0.21-OS-0089 ~~ `' -,.~
MARCH 21, 2004 ~ ~ ~~ ~ } ~'~
(Original Trust Agreement dated ~ `-_^-' - ' -
September 28, 1982) ~ ~ ~:~ '- _ ~;
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APPROVAL OF ACCOUNT, RECEIPT, RELEASE AND INDEMNIF>~~-~1TION~ ~ r ` `
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WHEREAS, Elizabeth W. Pennington (the "Decedent") died January 16, 2005,
leaving a Will which was duly probated by the Register of Wills of Cumberland County on January
28, 2005; and
WHEREAS, Decedent's daughter, Cynthia Clippinger, was duly appointed as
Executrix of Decedent's Estate (the "Executrix"); and
WHEREAS, during her lifetime, Decedent entered into The Elizabeth W.
Pennington Revocable Trust under Agreement dated September 28, 1982, which was replaced in
toto by The Third Amended and Restated Elizabeth W. Pennington Revocable Trust under
Agreement dated June 2, 2002, which amended and restated agreement of trust was further
amended by instrument dated March 21, 2004 (the "Trust"); and
WHEREAS, Decedent served as Trustee of the Trust until her death, whereupon
Fred A. Pennington, Jr., Sherill T. Moyer and James R. Clippinger became successor Trustees (the
"Trustees"); and
689519.2
WHEREAS, Decedent was survived by her son, Fred A. Pennington, Jr., and her
daughter, Cynthia Clippinger, who are the parties in interest under the Trust (the "Beneficiaries");
and
WHEREAS, ARTICLE III of the Trust makes the following bequests:
(A) $10,000.00 to Decedent's sister, NANCY WATKINS LUCAS.
(B) $5,000 to Decedent's grandson, JON CHRISTOPHER PENNINGTON.
(C) $5,000 to the Trustee of the Irrevocable Agreement of Trust
dated June 15, 1994, for the benefit of Stephen C. Pennington
IN TRUST NEVERTHELESS.
(D) $5,000 to Decedent's friend, DALE BOWER.
(E) $5,000 to Decedent's friend, MRS. CATHERINE KAERCHER.
(F) $5,000 to Decedent's friend, HARVEY R. CRESSLER.
(G) $10,000 to LYCOMING COLLEGE, to be added to the Fred A.
and Elizabeth W. Pennington Scholarship Fund.
(H) $10,000 to GRACE UNITED METHODIST CHURCH.
and
WHEREAS, all of the above bequests have been paid in full; and
WHEREAS, Article III (I) of the Trust provides that the residue of the Trust assets
be divided into two equal shares, one share to be distributed outright to Cynthia Clippinger if she is
living at the time of Decedent's death, and one share to be distributed outright to Fred A.
Pennington, Jr., if he is living at the time of Decedent's death; and
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WHEREAS, the parties hereto desire that the Trust assets be distributed without
the formality of an accounting filed in the Orphans' Court Division in order to save the expense,
publicity and delay of a court accounting; and
WHEREAS, the Trustees are willing to consent to making such distributions
upon receipt of a proper approval of account, receipt, release and indemnification, which it is the
purpose of this Agreement to provide; and
WHEREAS, the Beneficiaries are willing to waive an accounting of the
administration of The Elizabeth W. Pennington Revocable Trust during Decedent's lifetime
inasmuch as statements were provided to the Decedent her lifetime.
NOW THEREFORE, each of the undersigned Beneficiaries, for themselves, their
heirs, personal representatives and assigns:
States that he or she has examined the First and Final Accounting of Trust
and the Proposed Schedule of Distribution which are attached hereto as Exhibit "A" (the "Trust
Account") and approves the transactions set forth or proposed therein (and the administration of the
Estate and Trust generally) as though they were contained in a formal Accounting which had been
confirmed absolutely by the Court having jurisdiction over the Trust.
2. States that he or she has examined the Statement of Proposed Distribution
attached to the Trust Account and approves the calculation of shares therein and the distributions
proposed therein as though they were ordered by the Court having jurisdiction over the Estate and
Trust.
3. Waives the filing of the Trust Account in any Court and agrees that any
Court having jurisdiction over the Trust may confirm the Account.
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4. Does hereby acknowledge receipt from the Trustee of the assets shown as
distributed or distributable to him or her in the said Trust Account or Statement of Proposed
Distribution in absolute payment of and in full satisfaction of his or her interests under the Trust.
Does hereby absolutely and irrevocably release, remise, quitclaim and
forever discharge the said Trustees, their heirs, personal representatives and assigns, of and from all
actions, suits, payments, accounts, reckonings, claims and demands whatsoever for or by reason of
their actions as Trustees.
6. Does hereby absolutely and irrevocably release the Trustees from filing any
Account, Petition. for Distribution or other document with the Orphans' Court of Cumberland
County, Pennsylvania, or in any other jurisdiction in connection with the Trust of the said
Decedent.
7. Does hereby agree that if, at any time in the future, the said Trustees receive
any demand or claim for any amount claimed to be due and owing from them, as Trustees, and
approve said demand or claim, the undersigned shall, at the request of the said Trustees, pay to the
said Trustees, as the case may be, the amount of any such demand or claim, or if it has been paid by
the said Trustees, then reimburse them for the amount paid by them, provided that the amount of
such requested payment or reimbursement shall not exceed the total of the assets paid or distributed
by said Trustees to the Beneficiaries as set forth in the attached Trust Account and Statement of
Proposed Distribution.
Does hereby agree to indemnify the Trustees, their heirs, personal
representatives and assigns, and hold them harmless, to the extent of the Estate and Trust assets
received by the undersigned, from and against any and all claims, loss, liability or damage
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(including legal fees and costs) which they may suffer or to which they maybe subjected by reason
of the administration of the Estate or Trust or the distribution of the assets of the Estate or Trust to
the Beneficiaries without having formal approval of the Orphans' County Division of the Court of
Common Pleas of Cumberland County, Pennsylvania, or any other jurisdiction.
9. Does hereby agree that this Agreement maybe signed and acknowledged by
the parties hereto in counterparts and a complete set of executed counterparts, containing the
signatures of all parties, shall constitute an original and complete instrument.
This instrument shall be legally binding upon the undersigned and their heirs,
personal representatives and assigns.
IN WITNESS WHEREOF, the undersigned have hereunto set their hands and seals
this,~~ day of , 2008.
WITNESS:
~~ ~ ~~
Fred A. Pennington, Jr.
Cynthia Clippinger, individually and as Executrix
of the Estate of Elizabeth W. Pennington
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(including legal fees and costs) which they may suffer or to which they maybe subjected by reason
of the administration of the Estate or Trust or the distribution of the assets of the Estate or Trust to
the Beneficiaries without having formal approval of the Orphans' County Division of the Court of
Common Pleas of Cumberland County, Pennsylvania, or any other jurisdiction.
9. Does hereby agree that this Agreement maybe signed and acknowledged by
the parties hereto in counterparts and a complete set of executed counterparts, containing the
signatures of all parties, shall constitute an original and complete instrument.
This instrument shall be legally binding upon the undersigned and their heirs,
personal representatives and assigns.
IN WITNESS WHEREOF, the undersigned have hereunto set their hands and seals
this day of , 2008.
WITNESS:
-~
~, ,,
~~.
Fred A. Pennington, Jr.
a .
Cynthia lippinger, indivi ally ~ as Executrix
of the Estate of Elizabeth W. Pennington
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COMMONWEALTH OF PENNSYLVANIA
COUNTY OF ~ ~~ ~ ~ N ~
SS:
On this, the 3 K-~ day of ~ c, ~= ~ , 2008, before me, a Notary
Public, personally appeared FRED A. PENNINGTON, JR., known to me (or satisfactorily proven)
to be the person whose name is subscribed to the within instrument, and acknowledged that he
executed the foregoing Receipt and Release for the purposes therein contained.
WITNESS my hand and notarial seal.
Notary Public
My Commission Expires:
(SEAL)
COMMONWEALTH QF PENNSYLVANIA
Notarial Seal
Nancy L. B++aaki, Notary Publb
Suaquahanna gyp.. Dauphin County
My Commiaaion Expirra ~~ 18, 2012
Member, Pennsylvania Associatlon o/ Notaries
689519.2
COMMONWEALTH OF PENNSYLVANIA )
SS:
COUNTY OF ~ ~~ ~ P H / nl )
On this, the ~2 ~ day of ~Td ~/~ , 2008, before me, a Notary
Public, personally appeared CYNTHIA CLIPPINGER, known to me (or satisfactorily proven) to be
the person whose name is subscribed to the within instrument, and acknowledged that she executed
the foregoing Receipt and Release for the purposes therein contained.
WITNESS my hand and notarial seal.
Lc~ L ~~.~~~~
Notary Public
My Commission Expires:
(SEAL)
COMMONWEALTH OF PENNSYWANW
NOhrial Saal
Nancy L. Blwki, Notary Public
5usquehanna'IMrp., Dauphin County
My Cammisabn Expir*a March 16, 2012
Member, Pennsylvania Associatbn of Notaries
689519.2
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
ORPHANS' COURT DIVISION
NO.2105-089
FIRST AND FINAL ACCOUNTING OF
FRED A. PENNINGTON, JR., SHERILL T. MOYER AND
JAMES R. CLIl'PINGER, Successor Trustees
For
THE ELIZABETH W. PENNINGTON REVOCABLE TRUST
Under Agreement dated September 28, 1982, as Amended and Restated
By Agreement dated June 2, 2000, and further Amended by Agreement dated March 21, 2004
Elizabeth W. Pennington died
Date of First Receipt of Funds:
Accounting for the Period
January 16, 2005
September 28, 1982
January 16, 2005 to May 9, 2008
Purpose of Account: Fred A. Pennington, Jr., Sherill T. Moyer and James R. Clippinger, Successor Trustees,
offer this account to acquaint interested parties with the transactions that have occurred. The account does not
reflect transactions occurring while Settlor was serving as Trustee.
The account also indicates the proposed distribution of the Trust assets.
It is important that the account be carefully examined. Requests for additional information, or questions, or
objections, can be discussed with:
Stanley A. Smith, Esquire
Rhoads & Sinon LLP
One South Market Square, 12th Floor
P.O. Box 1146
Hamsburg, PA 17108-1146
(717) 233-5731
EXHIBIT "A"
Elizabeth W. Pennington Revocable Trust
Summary of Account
Principal Page
Principal Receipts 2 $ 2,591,791.07
Net Loss on Sales or Other Dispositions 8 (22,223.53)
$ 2,569,567.54
Less Disbursements: 17
Administrative Expenses $ 295.60
Federal & State Taxes 92E,5 0.~~
926,795.60
Balance Before Distributions $ 1,642,771.94
Less Amounts to Beneficiaries 18 $ 55,000.00
Total Distributions $ 55,000.00
Principal Balance On Hand 20 $ 1,587,771.94
For Information:
Investments Made 21
Unpaid Expenses
Unrealized Gains and Losses
Income
Receipts 29 $ 81,461.76
Net Loss on Sales or Other Dispositions 37 (1.27)
$ 81,460.49
Less Disbursements: 38
~
~~
Balance Before Distributions $ _
81,460.49
Less Amounts to Beneficiaries 39 $ 6,351.90
Transfers 17,832.12
Total Distributions $ 24,184.02
Income Balance on Hand 42 $ 57,276.47
For Information:
Investments Made 43
Unpaid Expenses
Unrealized Gains and Losses
Combined Balance on Hand $ 1,645,048.41
Elizabeth W. Pennington Revocable Trust
Principal Receipts
Cash and Cash Equivalents
Heritage Cash Trust Municipal
Total Cash and Cash Equivalents
No. of
Shares Stocks
2,970 Allied Irish Banks PLC
211 Anglo American Platinum Corp.
ADR NEW
122 Australia & New Zealand BkG GRP
Sponsored ADR
598 BHP Billiton LTD Sponsored ADR
171 Boeing Co
2,800 Coca Cola Co
4,859 Columbia Finl Corp
200 Electronic Data Sys New
815 Enbridge Energy Partners LP
114 Harmony Gold Mng Ltd Sponsored
ADR
1,624 Health Care REIT Inc.
427 Highveld Stl & Vanadium LTD
200 ING Capital Funding Trust II
Preferred GTD TR 9.2
400 Intel Corp
132,260 Andrew S. McCreath & Sons
common stock
163 Milfred Corporation common stock
600 Pepsico, Inc.
400 Public Storage, Inc. PFD 1/1000 T
200 Regions Financing Trust I PFD TR
8.0% due 02!28/2031
Inventory Value
01(16!2005
$ 10,139.60
$ 120,185.51
7,719.08
9,415.35
14,275.76
8,700.05
114,604.00
97,605.16
4,346.00
42,708.04
1,016.03
56,109.20
3,395.61
5,155.00
9,162.00
462,910.00
55,680.80
31,752.00
10,508.00
5,231.50
$ 10,139.60
(2)
Principal Receipts (Continued)
No. of Inventory Value
Shares Stocks 01/16/2005
1,035 Suburban Propane Partners LP Unit
LTD $ 35,940.38
25 Sunshine Mng & Refining Co Com
Par $0.01 2.88
500 Transcanada Corp PFD 8.25% 2047 12,836.25
110 Trism, Inc. Com New 1.38
250 Vodafone Group PLC New
Sponsored ADR 6,488.13
Dividend at Start of Trust 89.13
285 Wachovia Corp 14,735.21
200 Wal Mart Stores Inc 10,779.00
120 Yum Brands Inc 5,436.90
Dividend at Start of Trust 12.00
Total Stocks
Par
Value Bonds, Debentures & T-Bills
5,000 Allegheny Cnty PA Hosp Dev Auth
Rev Bd DTD: 03/15/1997 Mat:
04/01/2027 5.625%
Interest to Start of Trust
10,000 Baltimore Cnty MD Pollution Ctl
Ref Rev BD, DTD: 06/01/1994..
Mat: 06/01/2015 7.5%
Worthless
Interest to Start of Trust
15,000 Beaver Cnty PA Indl Dev Auth
Exempt FA DTD: 06/01/1998 Mat:
06/O1J2028 5.375%
Interest to Start of Trust
5,000 Butler PA Area School Dist G.O. Bd
DTD: O1/15/1998 Mat: 10/01/2022
4.75%
$ 5,377.03
82.03
10.00
93.75
15,596.55
100.78
5,106.68
$ 1,146,800.35
(3)
Principal Receipts (Continued)
Par Inventory Value
Value Bonds, Debentures & T-Bills 01/16/2005
Interest to Start of Trust 69.27
5,000 Cape Coral FLA G.O. Wtr Bd
DTD: 02!15/1978 Mat: 02/15/207
5.9% 5,362.48
Interest to Start of Trust 123.74
15,000 Collier Cnty Fla SPL Assmt Bd
DTD: 09/01/1993 Mat: 11/01/2013
5.6% 15,166.20
Interest to Start of Trust 175.00
5,000 Florida ST Expressway BD
DTD: 07/01/1970 Mat: 07/01/2008
5.9% 5,316.10
Interest to Start of Trust 12.29
5,000 Gainesville Fla New Pub Hsg Au
New Pub H DTD: 02/01/1968 Mat:
02/01/2007 5.25% 5,279.40
Interest to Start of Trust 120.31
15,000 General Mtrs Accep Corp Medium
Term Note
DTD: 11/23/2004 Mat: 11/15/2024
7% 14,403.33
Interest to Start of Trust 154.58
5,000 Hialeah FLA Wtr & Swr Rev Bd
DTD: 02/15/1968 Mat: 02/15/2006
5.6% 5,023.40
Interest to Start of Trust 117.44
10,000 Jacksonville Fla Port Auth Rev Bd
DTD: 08/06/1996 Mat: 11/01/2018
5.625% 10,509.95
Interest to Start of Trust 117.19
(4)
Principal Receipts (Continued)
Par Inventory Value
Value Bonds, Debentures & T-Bills 01/16/2005
5,000 Lake County FL Resource
Recreation Industrial Dev Rev Bd
DTD: 10/01/1993 Mat: 10!01/2005
5.65% $ 5,050.00
Interest to Start of Trust 82.40
10,000 Lancaster PA Area Swr Auth Rev Bd
DTD: 10/15/1988 Mat: 04/01/2018
4.5% 10,187.50
Interest to Start of Trust 131.25
10,004 Manatee Cnty Fla Pub Utils Rev Bd
DTD: 10/13!1993 Mat: 10/01/2013
0% 7,067.90
5,000 Manatee Cnty Fla Wtr & Swr Rev
DTD: 04/01/1978 Mat: 10/01/2008
6.4% 5,400.08
Interest to Start of Trust 93.33
5,000 Morehead KY Util Rev Bd
DTD: 12/01/1966 Mat: 12/01/2005
4.375% 5,029.88
Interest to Start of Trust 27.34
5,000 Philadelphia PA Auth for Ind! 1st
Mtg R Bd DTD: 10/15/1993 Mat:
07/01/2007 6.125% 5,006.38
Interest to Start of Trust 12.76
10,000 Pittsburgh PA G.O. Bd
DTD: 12/15/2001 Mat: 09/01/2026
5.25% 10,620.55
Interest to Start of Trust 196.88
5,000 Tampa Fla Sports Auth Rev Bd
DTD: 06101/1997 Mat: 01/01/2027
5.25°l0 5,289.45
Interest to Start of Trust 10.94
(5)
Principal Receipts (Continued)
Par Inventory Value
Value Bonds, Debentures & T-Bills 01/16/2005
1,739 Trism Inc. Bond
DTD: 09/15/1999 Mat: 02/15/2005
Last price available on 02/28/2001
WORTHLESS $ 0.00
Interest to Start of Trust 87.53
Total Bonds, Debentures & T-Bills
No. of
Units Mutual Funds
2,412 Eaton Vance Ins PA Mun Bd Fd $ 39,719.61
2,500 Franklin Tax Free TR FL Insd TXFR 27,050.00
2,395 Franklin Tax Free TR Hi Yld T/F A 25,818.10
3,510 Muniyield PA Insd Fd 55,800.23
608.838 Putnam FD for Gxowth & Income Sh
Ben Int A 11,567.92
2,035 Templeton Emerg Mkts Income Fd 28,210.19
1,524.44 Voyageur Invt TR DE FL T/F INSA 17,241.42
Total Mutual Funds
Total Inventory
Receipts Subs equent to Inventory
05/09/2008
Distribution from Estate of Elizabeth
W. Pennington
Principal cash {Citizens Bank) $ 1,024,860.94
05/09/2008
Distribution from Elizabeth W.
Pennington Estate
3.5 acre vacant lot, Mt. Allen Drive,
Upper Allen Township, Cumberland
County, PA 100,000.00
Total Receipts Subsequent to Inventory
ADJUSTMENTS TO CARRYING VALUE
$ 142,611.67
205,407.47
$ 1,504,959.09
$ 1,124,860.94
(6)
Principal Receipts (Continued)
ADJUSTMENTS TO CARRYING VALUE
01/16/2005
Milfred Corporation common stock
Value after adjustment
163 Shares valued at $ 1.00
VALUE PER INVENTORY
163 Shares VALUED AT 55,680.80
01/16/2005
Baltimore Cnty MD Pollution Ctl
Ref Rev BD, DTD: 06/01/1994
Mat: 06/01/2015 7.5%
Worthless
ACCRUED VALUE AFTER
ADJUSTMENT 0.00
ACCRUED VALUE PER
INVENTORY 93.75
01/16/2005
Trism Inc. Bond
DTD: 09/1511999 Mat: 02/15/2005
Last price available on 02/28/2001
WORTHLESS
ACCRUED VALUE AFTER
ADJUSTMENT 0.00
ACCRUED VALUE PER
INVENTORY 87.53
Total ADJUSTMENT TO CARRYING VALUES $ (55,861.08)
Transfers from Income
11/01/2006
Fulton Bank Money Market Acct.
#9904-85856 $ 17,832.12
Total Transfers from Income $ 171832.12
Total Receipts of Principal $ 2,591,791.07
(7)
Elizabeth W. Pennington Revocable Trust
Gains and Losses on Sales or Other Dispositions of Principal
Net Gain
01116/2005 Redemption
5,000 Par
Lake County FL Resource
Recreation Industrial Dev Rev Bd
DTD: 10/01/1993 Mat: 10/01/2005
5.65%
Net Proceeds
Inventory Value
$ 5,050.00
5,050.00
02/22/2005 Retired as Worthless
10,000 Par
Baltimore Cnty MD Pollution Ctl
Ref Rev BD, DTD: 06/01/1994
Mat: 06/01/2015 7.5%
Worthless
Inventory Value
Net Proceeds
02/22!2005 Retired as Worthless
1,739 Par
Trism Inc. Bond
DTD: 09/15/1999 Mat: 02/15/2005
Last price available on 02/28/2001
WORTHLESS
Net Proceeds
Inventory Value
10.00
0.00
0.00
0.00
03/30/2005 Sale
5,000 Par
Allegheny Cnty PA Hosp Dev Auth
Rev Bd DTD: 03/15/1997 Mat:
04/01/2027 5.625%
Inventory Value
Net Proceeds
$ 5,377.03
5,146.60
03/30/2005 Sale
2,970 Shares
Allied Irish Banks PLC
Net Proceeds
Inventory Value
03/30/2005 Sale
211 Shares
Anglo American Platinum Corp.
$ 123,482.30
120,185.51
$ 3,296.79
Net Loss
10.00
230.43
(8)
Gains and Losses on Sales or Other Dispositions of Principal (Continued)
Net Gain
ADR NEW
Inventory Value $ 7,719.08
Net Proceeds 7,510.71
03!30/2005 Sale
122 Shares
Australia & New Zealand BkG GRP
Sponsored ADR
Net Proceeds $ 9,677.03
Inventory Value 9,415.35
03/30/2005 Sale
15,000 Par
Beaver Cnty PA Ind! Dev Auth
Exempt FA DTD: 06/01/1998 Mat:
06/01/2028 5.375%
Inventory Value $ 15,596.55
Net Proceeds 15,010.80
03/30/2005 Sale
598 Shares
BHP Billiton LTD Sponsored ADR
Net Proceeds $ 16,302.91
Inventory Value 14,275.76
03130/2005 Sale
171 Shares
Boeing Co
Net Proceeds $ 9,546.09
Inventory Value 8,700.05
03/30/2005 Sale .
5,000 Par
Butler PA Area School Dist G.O.
Bd DTD: 01/15/1998 Mat:
10!01/2022 4.75%
Inventory Value $ 5,106.68
Net Proceeds 4,859.40
03/30/2005 Sale
5,000 Par
Cape Coral FLA G.O. Wtr Bd
DTD: 02/15/1978 Mat: 02/15/207
5.9%
Inventory Value $ 5,362.48
$ 261.68
2,027.15
846.04
Net Loss
$ 208.37
585.75
247.28
(9)
Gains and Losses on Sales or Other Dispositions of Principal (Continued)
Net Proceeds 5,059.00
03/30/2005 Sale
2,800 Shares
Coca Cola Co
Net Proceeds $ 114,820.81
Inventory Value 114,604.00
03/30/2005 Sale
15,000 Par
Collier Cnty Fla SPL Assmt Bd
DTD: 09/01/1993 Mat:
11/01/2013 5.6%
Inventory Value $ 15,166.20
Net Proceeds 14,602.05
03/30/2005 Sale
4,859 Shares
Columbia Finl Corp
Net Proceeds $ 100,864.85
Inventory Value 97,605.16
03!30!2005 Sale
2,412 Units
Eaton Vance Ins PA Mun Bd Fd
Inventory V alue $ 3 9,719.61
Net Proceeds 36,211.68
03/30/2005 Sale
200 Shares
Electronic Data Sys New
Inventory Value $ 4,346.00
Net Proceeds 3,931.74
03/30/2005 Sale
815 Shares
Enbridge Energy Partners LP
Inventory Value $ 42,708.04
Net Proceeds 39,883.91
03/30/2005 Sale
5,000 Par
Florida ST Expressway BD
DTD: 07/01/1970 Mat:
07/01/2008 5.9%
Net Gain
$ 216.81
3,259.69
Net Loss
$ 303.48
564.15
3,507.93
414.26
2,824.13
(10)
Gains and Losses an Sales or Other Dispositions of Principal (Continued)
Inventory Value $ 5,316.10
Net Proceeds 4,933.50
03/30/2005 Sale
2,500 Shares
Franklin Tax Free TR FL Insd
TXFR
Inventory Value $ 27,050.00
Net Proceeds 26,750.00
03!30!2005 Sale
2,395 Shares
Franklin Tax Free TR Hi Yld TJF A
Inventory Value $ 25,818.10
Net Proceeds 25,722.30
03/30/2005 Sale
5,000 Par
Gainesville Fla New Pub Hsg Au
New Pub H DTD: 02/01/1968 Mat:
02/01/2007 5.25%
Inventory Value $ 5,279.40
Net Proceeds 5,039.25
03/30/2005 Sale
15,000 Par
General Mtrs Accep Corp Medium
Term Note
DTD: 11/23/2004 Mat: 11/15/2024
7%
Inventory Value $ 14,403.33
Net Proceeds 11,677.35
03/30!2005 Sale
114 Shares
Harmony Gold Mng Ltd Sponsored
ADR
Inventory Value $ 1,016.03
Net Proceeds 902.68
03/30/2005 Sale
1,624 Shares
Health Care REIT Inc.
Inventory Value $ 55,636.62
Net Gain Net Loss
$ 382.60
300.00
95.80
240.15
2,725.98
113.35
(11)
Gains and Losses on Sales or Other Dispositions of Principal (Continued)
Net Proceeds 51,137.66
03/30/2005 Sale
5,000 Par
Hialeah FLA Wtr & Swr Rev Bd
DTD: 02/15/1968 Mat:
02/15/2006 5.6%
Inventory Value $ 5,023.40
Net Proceeds 4,862.95
03/30/2005 Sale
427 Shares
Highveld Stl & Vanadium LTD
Inventory Value $ 3,395.61
Net Proceeds 3,376.54
0313012005 Sale
200 Shares
ING Capital Funding Trust II
Preferred GTD TR 9.2
Inventory Value $ 5,155.00
Net Proceeds 5,040.54
03/30/2005 Sale
400 Shares
Intel Corp
Net Proceeds $ 9,177.77
Inventory Value 9,162.00
03/30/2005 Sale
10,000 Par
Jacksonville Fla Port Auth Rev Bd
DTD: 08/06/1996 Mat:
11/01/2018 5.625%
Inventory Value $ 10,509.95
Net Proceeds 10,312.80
03/30/2005 Sale
10,000 Par
Lancaster PA Area Swr Auth Rev
Bd DTD: 10/15!1988 Mat:
04/01/2018 4.5%
Inventory Value $ 10,187.50
Net Proceeds 9,801.90
Net Gain
$ 15.77
Net Loss
$ 4,498.96
160.45
19.07
114.46
197.15
385.60
(12)
Gains and Losses on Sales or Other Dispositions of Principal (Continued)
Net Gain
03/30/2005 Sale
10,000 Par
Manatee Cnty Fla Pub Utils Rev Bd
DTD: 10/13(1993 Mat:
10/01/2013 0%
Inventory Value
Net Proceeds
03/30!2005 Sale
5,000 Par
Manatee Cnty Fla Wtr & Swr Rev
DTD: 04/0111978 Mat:
10(0112008 6.4%
Inventory V alue
Net Proceeds
03!30!2405 Sale
5,000 Par
Morehead KY Util Rev Bd
DTD: 12/01/1966 Mat:
12/01/2005 4.375%
Inventory Value
Net Proceeds
03/30/2005 Sale
3,510 Units
Muniyield PA Insd Fd
Inventory Value
Net Proceeds
03/30/2005 Sale
600 Shares
Pepsico, Inc.
Inventory Value
Net Proceeds
03/30!2005 Sale
5,000 Par
Philadelphia PA Auth for Ind! 1st
Mtg R Bd DTD: 10/15/1993 Mat:
07/01/2007 6.125%
Inventory Value
Net Proceeds
03/30/2005 Sale
$ 7,067.90
6,718.60
$ 5,400.08
5,049.95
$ 5,029.88
4,890.00
$ 55,800.23
50,562.77
$ 31,752.00
30,608.85
$ 5,006.38
4,840.00
(13)
Net Loss
349.30
350.13
139.88
5,237.46
1,143.15
166.38
Gains and Losses on Sales or Other Dispositions of Principal (Continued)
Net Gain
10,000 Par
Pittsburgh PA G.O. Bd
DTD: 12/15/2001 Mat:
09/01/2026 5.25%
Inventory Value
Net Proceeds
03/30/2005 Sale
400 Shares
Public Storage, Inc. PFD 1/1000 T
Inventory Value
Net Proceeds
03/30/2005 Sale
608.838 Shares
Putnam FD for Growth & Income
Sh Ben Int A
Inventory Value
Net Proceeds
03/30/2005 Sale
200 Shares
Regions Financing Trust I PFD TR
8.0% due 02/28/2031
Inventory Value
Net Proceeds
03/30/2005 Sale
1,035 Shares
Suburban Propane Partners LP Unit
LTD
Inventory Value .
Net Proceeds
03/30/2005 Sale
25 Shares
Sunshine Mng & Refining Co Com
Par $0.01
Inventory Value
Net Proceeds
03/30/2005 Sale
5,000 Par
Tampa Fla Sports Auth Rev Bd
DTD: 06/01/1997 Mat:
$ 10,620.55
10,266.40
$ 10,508.00
9,953.73
$ 11,567.92
11,537.48
$ 5,231.50
4,959.75
$ 35,940.38
35,528.00
$ 2.88
0.00
(14)
Net Loss
354.15
554.27
30.44
271.75
412.38
2.88
Gains and Losses on Sales or Other Dispositions of Principal (Continued)
Net Gain
01/01/2027 5.25%
Inventory Value
Net Proceeds
03/30!2005 Sale
2,035 Shares
Templeton Emerg Mkts Income Fd
Inventory Value
Net Proceeds
03/30!2005 Sale
500 Shares
Transcanada Corp PFD 8.25% 2047
Inventory Value
Net Proceeds
03/30/2005 Sale
110 Shares
Trism, Inc. Com New
Inventory Value
Net Proceeds
03/30/2005 Sale
250 Shares
Vodafone Group PLC New
Sponsored ADR
Net Proceeds
Inventory Value
03/30/2005 Sale
1,524.44 Shares
Voyageur Invt TR DE FL T/F INSA
Inventory Value
Net Proceeds
03/30/2005 Sale
285 Shares
Wachovia Corp
Inventory Value
Net Proceeds
03/30/2005 Sale
200 Shares
Wal Mart Stores Inc
Inventory Value
$ 5,289.45
4,951.55
$ 28,210.19
25,058.47
$ 12,836.25
12,496.12
1.38
0.00
$ 6,512.80
6,488.13
$ 17,241.42
17,027.99
$ 14,735.21
14,016.76
$ 10,779.00
(15)
24.67
Net Loss
$ 337.90
3,151.72
340.13
1.38
213.43
718.45
Gains and Losses on Sales or Other Dispositions of Principal (Continued)
Net Proceeds 9,961.66
03/30/2005 Sale
120 Shares
Yum Brands Inc
Net Proceeds $ 5,986.64
Inventory Value 5,436.90
05/12/2005 Collection
Heritage Cash Trust Municipal
Net Proceeds $ 963,963.48
Inventory Value 963,963.48
09/21/2005 Sale
900,000 Par
Fulton Bank CD #018-022114?
Net Proceeds $ 900,000.00
Inventory Value 900,000.00
Total Gains and Losses
Net Loss
Net Gain Net Loss
$ 817.34
$ 549.74
$ 10,498.34 $ 32,721.87
$ 22,223.53
(16)
Elizabeth W. Pennington Revocable Trust
Disbursements of Principal
Date Paid Amount Paid
Administration Expenses
06/07/2005 Fulton Bank $ 15.60
Check book fee
11/25/2005 Fulton Bank 5.00
Service fee
10/31/2006 Fulton Bank 275.00
Service fee, December 2005 -
October, 2006
Total Administration Expenses $ 295.60
Federal and State Taxes
10!1312005 Estate of Elizabeth W. $ 926,500.00
Pennington
Trust's contribution for Federal
Estate Tax
Total Federal and State Taxes $ 926,500.00
Total Disbursements of Principal $ 926,795.60
(17)
Elizabeth W. Pennington Revocable Trust
Distributions of Principal to Beneficiaries
Distribution Value
Pursuant to "ARTICLE III (A)"
of the Trust, the following
distribution was made to:
Nancy Watkins Lucas
10/21/2005 Cash $ 10,000.00
$ 10,000.00
Total To Or For Beneficiary $
Pursuant to "ARTICLE III (B)"
of the Trust, the following
distribution was made to:
Jon Christopher Pennington
10/21/2005 Cash $ 5,000.00
$ 5,000.00
Total To Or For Beneficiary $
Pursuant to "ARTICLE III (C)"
of the Trust, the following
distribution was made to:
James Flannery, Trustee
f/b/o Stephen C. Pennington
10!21/2005 Cash $ 5,000.00
$ 5,000.00
Total To Or For Beneficiary $
Pursuant to "ARTICLE III (D)"
of the Trust, the following
distribution was made to:
Dale Bower
10/21/2005 Cash $ 5,000.00
$ 5,000.00
Total To Or For Beneficiary $
Pursuant to "ARTICLE III (E)"
of the Trust, the following
distribution was made to:
10,000.00
5,000.00
5,000.00
5,000.00
(18)
Distributions of Principal to Beneficiaries (Continued)
Distribution Value
Pursuant to "ARTICLE III (E)"
of the Trust, the following
distribution was made to:
Catherine (Kathleen) Kaercher
10/21J2005 Cash
Total To Or For Beneficiary
Pursuant to "ARTICLE III (F)"
of the Trust, the following
distribution was made to:
Harvey R. Cressler
10(21/2005 Cash
Total To Or For Beneficiary
Pursuant to "ARTICLE III (G)"
of the Trust, the following
distribution was made to:
Lycoming College
10/21/2005 Cash
Total To Or For Beneficiary
Pursuant to "ARTICLE III (H)"
of the Trust, the following
distribution was made to:
Grace United Methodist Church
10/21/2005 Cash
Total To Or For Beneficiary
Total Distributions of Principal to Beneficiaries
Total Distributions of Principal
$ 5,000.00
$ 5,000.00
$ 5,000.00
$ 5,000.00
$ 5,000.00
$ 5,000.00
$ 10,000.00
$ 10,000.00
$ 10,000.00
$ 10,000.00
$ 10,000.00
$ 10,000.00
$ 55,000.00
$ 55,000.00
(19)
Elizabeth W. Pennington Revocable Trust
Principal Balance On Hand
Inventory Value
Cash and Cash Equivalents
Distribution from Estate of Elizabeth
W. Pennington
Principal cash (Citizens Bank) $ 1,424,864.94
Total Cash and Cash Equivalents
No. of
Shares Stocks
132,260 Andrew S. McCreath & Sons
common stock $ 462,910.00
163 Milfred Corporation common stock
Total Stocks
Real Property
Distribution from Elizabeth W.
Pennington Estate
3.5 acre vacant lot, Mt. Allen Drive,
Upper Allen Township, Cumberland
County, PA
Total Real Property
Total Balance on Hand
1.00
$ 100,000.00
$ 1.024,860.94
$ 462,911.00
~ 100,000.00
$ 1.587.771.94
(20)
Elizabeth W. Pennington Revocable Trust
Information Schedules -Principal
Inventory
Value
New Investments
Fulton Bank CD #018-0221147
05/19/2005 900,000 Par Purchased $ 900,000.00
Total New Investments $ 900,000.00
Exchanges and Stock Distributions
Allegheny Cnty PA Hosp Dev Auth Rev Bd DTD: 03/15/1997 Mat:
04/01/2027 5.625%
01/1612005 5,000 Par Received 5,377.03
03/30/2005 (5,000) Par Sold (5,377.03)
Allied Irish Banks PLC
01/16/2005 2,970 Shs. Received 120,185.51
03/30/2005 (2,970) Shs. Sold (120,185.51)
Anglo American Platinum Corp. ADR NEW
01/16/2005 211 Shs. Received 7,719.08
03/30/2005 (211) Shs. Sold (7,719.08)
Australia & New Zealand BkG GRP Sponsored ADR
01/16/2005 122 Shs. Received 9,415.35
03/30/2005 (122) Shs. Sold (9,415.35)
Baltimore Cnty MD Pollution Ctl Ref Rev BD, DTD: 06/01/1994 Mat:
Ob/01/2015 7.5%
Worthless
01/16/2005 10,000 Par Received 10.40
01/16!2005 Adjusted 0.00
02/22/2005 (10,000) Par Retired as worthless (10.00)
Beaver Cnty PA Ind! Dev Auth Exempt FA DTD: 06/01/1998 Mat:
06/01/2028 5.375%
01/16/2005 15,000 Par Received 15,596.55
(21)
Information Schedules -Principal (Continued)
Inventory
Value
Exchanges and Stock Distributions
Beaver Cnty PA Ind! Dev Auth Exempt FA DTD: 06/01/1998 Mat:
06/01/2028 5.375%
03/30/2005 (15,000) Par Sold $ (15,596.55)
BHP Billiton LTD Sponsored ADR
01/16/2005 598 Shs. Received 14,275.76
03/30/2005 (598) Shs. Sold (14,275.76)
Boeing Co
01/16/2005 171 Shs. Received 8,700.05
03/30/2005 (171) Shs. Sold (8,700.05)
Butler PA Area School Dist G.O. Bd DTD: Ol/15I1998 Mat: 10/01/2022
4.75%
01/16/2005 5,000 Par Received 5,106.68
03/30/2005 (5,000) Par Sold (5,106.68)
Cape Coral FLA G.O. Wtr Bd
DTD: 02/15/1978 Mat: 02/15/207 5.9%
01/16/2005 5,000 Par Received 5,362.48
03/30!2005 (5,000) Par Sold (5,362.48)
Coca Cola Co
01/16/2005 2,800 Shs. Received 114,604.00
03130!2005 (2,800) Shs. Sold (114,604.00)
Collier Cnty Fla SPL Assmt Bd DTD: 09/01/1993 Mat: 11/01/2013 5.6%
01/16/2005 15,000 Par Received 15,166.20
03/30!2005 (15,000) Par Sold (15,166.20)
Columbia Finl Corp
01/16/2005 4,859 Shs. Received 97,605.16
03/30/2005 (4,859) Shs. Sold (97,605.16)
(22)
Information Schedules -Principal (Continued)
Inventory
Value
Exchanges and Stock Distributions
Eaton Vance Ins PA Mun Bd Fd
01/16/2005 2,412 Uts. Received $ 39,719.61
03/30!2005 (2,412) Uts. Sold (39,719.61)
Electronic Data Sys New
01/16/2005 200 Shs. Received 4,346.00
03!30/2005 (200) Shs. Sold (4,346.00)
Enbridge Energy Partners LP
01/16/2005 815 Shs. Received 42,708.04
03/30/2005 (815) Shs. Sold (42,708.04)
Distribution from Elizabeth W. Pennington Estate
3.5 acre vacant lot, Mt. Allen Drive, Upper Allen Township, Cumberland
County, PA
05/09/2008 Received 100,000.00
On Hand $ 100,000.00
Florida ST Expressway BD
DTD: 07/01/1970 Mat: 07/01/2008 5.9%
01/16/2005 5,000 Par Received 5,316.10
03/30/2005 (5,000) Par Sold (5,316.10)
Franklin Tax Free TR FL Insd TXFR
01/16/2005 2,500 Shs. Received 27,050.00
03/30/2005 (2,500) Shs. Sold (27,050.00)
Franklin Tax Free TR Hi Yld T/F A
01/16/2005 2,395 Shs. Received 25,818.10
03/30!2005 (2,395) Shs. Sold (25,818.10)
Fulton Bank CD #018-0221147
05/19!2005 900,000 Par Purchased 900,000.00
09/21/2005 (900,000) Par Sold (900,000.00)
(23)
Information Schedules -Principal (Continued)
Inventory
Value
Exchanges and Stack Distributions
Gainesville Fla New Pub Hsg Au New Pub H DTD: 02/01/1968 Mat:
02/01/2007 5.25%
01/16/2005 5,000 Par Received
03/30/2005 (5,000) Par Sold
General Mtrs Accep Corp Medium Term Note
DTD: 11/23/2004 Mat: 11/15/2024 7%
01/16/2005 15,000 Par Received
03/30/2005 (15,000) Par .Sold
Harmony Gold Mng Ltd Sponsored ADR
01/16/2005 114 Shs. Received
03/30/2005 (114) Shs. Sold
Health Care REIT Inc.
01/16/2005 1,624 Shs. Received
02/22/2005
Return of principal
1,624 Shs. On Hand
03/30/2005 (1,624) Shs. Sold
Hialeah FLA Wtr & Swr Rev Bd
DTD: 02/15/1968 Mat: 02/15/2006 5.6%
01/16/2005 5,000 Par Received
03130/2005 (5,000) Par Sold
Highveld Stl & Vanadium LTD
01/16/2005 427 Shs. Received
03/30/2005 (427) Shs. Sold
ING Capital Funding Trust II
Preferred GTD TR 9.2
01/16/2005 240 Shs. Received
03/30/2005 (200) Shs. Sold
$ 5,279.40
(5,279.40)
14,403.33
(14,403.33)
1,016.03
(1,016.03)
56,109.20
(472.58)
$ 55,636.62
(55,636.62)
5,023.40
(5,023.40)
3,395.61
(3,395.61)
5,155.00
(5,155.00)
(24)
Information Schedules -Principal (Continued)
Inventory
Value
Exchanges and Stock Distributions
Intel Corp
01/16/2005 400 Shs. Received
03/30/2005 (400} Shs. Sold
Jacksonville Fla Port Auth Rev Bd DTD: 08/06/1996 Mat: 11/01/2018
5.625%
01/16/2005 10,000 Par Received
03/30/2005 (10,000) Par Sold
Lake County FL Resource Recreation Industrial Dev Rev Bd DTD:
10/01/1993 Mat: 10/01/2005 5.65%
01/16/2005 5,000 Par Received
01/1612005 (5,000) Par Redeemed
Lancaster PA Area Swr Auth Rev Bd DTD: 10/15/1988 Mat: 04/01/2018
4.5
01/16/2005 10,000 Par Received
03/30/2005 (10,000) Par Sold
Manatee Cnty Fla Pub Utils Rev Bd
DTD: 10/13/1993 Mat: 10/01/2013 0%
01/16/2005 10,000 Par Received
03/30/2005 (10,000) Par Sold
Manatee Cnty Fla Wtr &Swr Rev DTD: 04/01/1978 Mat: 10/01/2008
6.4
01/16/2005 5,000 Par Received
03/30/2005 (5,000) Par Sold
Andrew S. McCreath & Sons common stock
01/16!2005 132,260 Shs. Received
132,260 Shs. On Hand
$ 9,162.00
(9,162.00)
10,509.95
(10,509.95)
5,050.00
(5,050.00)
10,187.50
(10,187.50)
7,067.90
(7,067.90)
5,400.08
(5,400.08)
462,910.00
$ 462,910.00
(25)
Information Schedules -Principal (Continued)
Inventory
Value
Exchanges and Stock Distributions
Milfred Corporation common stock
01/16/2005 163 Shs. Received
01/16!2005 Adjusted
163 Shs. On Hand
Morehead KY Util Rev Bd
DTD: 12/01/1966 Mat: 12/01/2005 4.375%
01/16!2005 5,000 Par Received
03/30/2005 (5,000) Par Sold
Muniyield PA Insd Fd
01/16/2005 3,510 Uts. Received
03/30/2005 (3,510) Uts. Sold
Pepsico, Inc.
01/16/2005 600 Shs. Received
03/30/2005 (600) Shs. Sold
Philadelphia PA Auth for Ind! 1st Mtg R Bd DTD: 10/15/1993 Mat:
07/01/2007 6.125%
01/16/2005 5,000 Par Received
03/30/2005 (5,000) Par Sold
Pittsburgh PA G.O. Bd
DTD: 12/15/2001 Mat: 09/01/2026 5.25%
01/16/2005 10,000 Par Received
03/30/2005 (10,000} Par Sold
Public Storage, Inc. PFD 1/1000 T
01/16/2005 400 Shs. Received
03/30/2005 (400) Shs. Sold
Putnam FD for Growth & Income Sh Ben Int A
01/16/2005 608.838 Shs. Received
$ 55,680.80
(55,679.80)
$ 1.00
5,029.88
(5,029.88)
55,800.23
(55,800.23)
31,752.00
(31,752.00)
5,006.3 8
(5,006.38)
10,620.55
(10,620.55)
10,508.00
(10,508.00)
11,567.92
(26)
Information Schedules -Principal (Continued)
Inventory
Value
Exchanges and Stock Distributions
Putnam FD for Growth & Income Sh Ben Int A
03/30/2005 (608.838) Shs. Sold $ (11,567.92)
Regions Financing Trust I PFD TR 8.0% due 02/28/2031
01/16/2005 200 Shs. Received 5,231.50
03/30/2005 (200) Shs. Sold (5,231.50)
Suburban Propane Partners LP Unit LTD
01/16/2005 1,035 Shs. Received 35,940.38
03/30/2005 (1,035) Shs. Sold (35,940.38)
Sunshine Mng & Refining Co Com Par $0.01
01/16/2005 25 Shs. Received 2.88
03/30/2005 (25) Shs. Sold (2.88)
Tampa Fla Sports Auth Rev Bd
DTD: 06/01/1997 Mat: 01/01/2027 5.25%
01/16/2005 5,000 Par Received 5,289.45
03/30/2005 (5,000} Par Sold (5,289.45)
Templeton Emerg Mkts Income Fd
01/16/2005 2,035 Shs. Received 28,210.19
03/30/2005 (2,035) Shs. Sold (28,210.19)
Transcanada Corp PFD 8.25% 2047
01/16/2005 500 Shs. Received 12,836.25
03!30/2005 (500) Shs. Sold (12,836.25)
Trism Inc. Bond
DTD: 09/15/1999 Mat: 02/15/2005
Last price available on 02/28/2001
WORTHLESS
01/16/2005 1,739 Par Received 0.00
0111612005 Adjusted 0.00
(27)
Information Schedules -Principal (Continued)
Inventory
Value
Exchanges and Stock Distributions
Trism Inc. Bond
DTD: 09/15/1999 Mat: 02/15/2005
Last price available on 02/28/2001
WORTHLESS
02/22/2005 (1,739) Par Retired as worthless $ 0.00
Trism, Inc. Com New
01/16/2005 110 Shs. Received 1.38
03/30/2005 (110) Shs. Sold (1.38)
Vodafone Group PLC New Sponsored ADR
01/16/2005 250 Shs. Received 6,488.13
03/30/2005 (250) Shs. Sold (6,488.13)
Voyageur Invt TR DE FL T/F INSA
01/16/2005 1,524.44 Shs. Received 17,241.42
03/30/2005 (1,524.44} Shs. Sold (17,241.42)
Wachovia Corp
01/16/2005 285 Shs. Received 14,735.21
0313012005 (285) Shs. Sold (14,735.21)
Wal Mart Stores Inc
01/16/2005 200 Shs. Received 10,779.00
03!30/2005 (200) Shs. Sold (10,779.00)
Yum Brands Inc
01/16/2005 120 Shs. Received 5,436.90
03/30/2005 (120) Shs. Sold (5,436.90)
(28)
Elizabeth W. Pennington Revocable Trust
Receipts of Income
Income on Hand as of Prior Account
Distribution from Estate of $ 57,276.47
Elizabeth W. Pennington
Income cash (Citizens Bank)
Total Income on Hand as of Prior Account
Income Collected
Allegheny Cnty PA Hosp Dev Auth Rev
Bd DTD: 03/15/1997 Mat: 04/01/2027
5.625%
03/30/2005 Interest on sale $ 140.63
Less accrued portion (82.03)
$ 57,276.47
$ 57,276.47
58.60
Allied Irish Banks PLC
04/28/2005 Dividend on 2,970 Shares $ 2,959.13
2,959.13
Anglo American Platinum Corp. ADR
NEW
04/13/2005 Dividend on 211 Shares $ 112.23
112.23
Beaver Cnty PA Ind! Dev Auth Exempt
FA DTD: 06!01/1998 Mat: 06/01!2028
5.375
03/30/2005 Interest on sale $ 268.75
Less accrued portion (100.78)
167.97
BHP Billiton LTD Sponsored ADR
03/23/2005 Dividend on 598 Shares $ 161.46
161.46
Boeing Co
03/04/2005 Dividend on 171 Shares $ 42.75
(29)
Receipts of Income (Continued)
Boeing Co
Butler PA Area School Dist G.O. Bd
DTD: 01/15/1998 Mat: 10/01/2022
4.75%
04/4112005 Interest on 0 Par $ 118.75
Less accrued portion (69.27)
Cape Coral FLA G.O. Wtr Bd
DTD: 02/15/1978 Mat: 02/15/207 5.9%
02/15/2005 Interest on 5,000 Par $ 147.50
Less accrued portion (123.74)
03/30/2005 Interest on sale 37.69
Coca Cola Co
04/01/2005 Dividend on 0 Shares $ 784.00
Collier Cnty Fla SPL Assmt Bd DTD:
09/01/1993 Mat: 11/01/2013 5.6%
03130!2005 Interest on sale $ 350.00
Less accrued portion (175.00)
Columbia Finl Corp
02/15/2005 Dividend on 4,859 Shares $ 753.15
Eaton Vance Ins PA Mun Bd Fd
01/31/2005 Dividend on 2,412 Units $ 188.43
02/28/2005 Dividend on 2,412 Units 188.43
03/30/2005 Dividend on 2,412 Units 188.43
(30)
42.75
49.48
61.45
784.00
175.00
753.15
565.29
Receipts of Income (Continued)
Electronic Data Sys New
03/10/2005 Dividend on 200 Shares
Enbridge Energy Partners LP
02/14/2005 Dividend on 815 Shares
Florida ST Expressway BD
DTD: 07101/1970 Mat: 07/01/2008
5.9%
03/30/2005 Interest on sale
Less accrued portion
$ 10.00
$ 753.88
$ 73.75
(12.29}
10.00
753.88
61.46
Franklin Tax Free TR FL Insd TXFR
01/24/2005 Dividend on 2,500 Shares
02/24/2005 Dividend on 2,500 Shares
03/21/2005 Dividend on 2,500 Shares
04/21/2005 Dividend on 2,500 Shares
Franklin Tax Free TR Hi Yld T/F A
01/24/2005 Dividend on 2,395 Shares
02124/2005 Dividend on 2,395 Shares
03/22/2005 Dividend on 2;395 Shares
04/25/2005 Dividend on 2,395 Shares
Fulton Bank CD #018-0221147
09/20/2005 Interest on 900,000 Par
Fulton Bank Money Market Acct.
#9904-85856
$ 96.00
96.00
96.00
34.90
114.96
114.96
114.96
32.33
$ 8,682.02
322.90
377.21
8,682.02
(31)
Receipts of Income (Continued)
Fulton Bank Money Market Acct.
#9904-85856
06/24/2005 Interest $ 121.31
07/25/2005 Interest 100.67
08!25!2005 Interest 108.13
09(23/2005 Interest 356.18
10/25/2005 Interest 925.45
11/25/2005 Interest 47.53
Gainesville Fla New Pub Hsg Au New
Pub H DTD: 02/01/1968 Mat: 02/01/2007
5.25%
02/01/2005 Interest on 5,000 Par $ 131.25
Less accrued portion (120.31)
03/30!2005 Interest on sale 43.75
$ 1,659.27
54.69
General Mtrs Accep Corp Medium Term
Note
DTD: 11/23/2004 Mat: 11/15/2024 7%
03/30/2005 Interest on sale $ 370.42
Less accrued portion (154.58)
Health Care REIT Inc.
02/22/2005 Dividend on 1,624 Shares $ 501.82
215.84
501.82
Heritage Cash Trust Municipal
01/28/2005 Dividend $ 9.85
02/2512005 Dividend 15.25
03!24!2005 Dividend 18.09
04/29/2005 Dividend 1,395.86
(32)
Receipts of Income (Continued)
Heritage Cash Trust Municipal
05/12/2005 Dividend $ 557.91
04/25/2008 Dividend 12.03
Hialeah FLA Wtr &Swr Rev Bd
DTD: 02/15/1968 Mat: 02/15/2006
5.6%
02/15/2005 Interest on 5,000 Par $ 140.00
Less accrued portion (117.44)
03/30/2005 Interest on sale 35.78
Highveld Stl & Vanadium LTD
03/28/2005 Dividend on 427 Shares $ 440.66
Intel Corp
03/01/2005 Dividend on 400 Shares $ 32.00
Jacksonville Fla Port Auth Rev Bd DTD:
08/06/1996 Mat: 11/01/2018 5.625%
03/30/2005 Interest on sale $ 234.38
Less accrued portion (117.19)
$ 2,008.99
58.34
440.66
32.00
117.19
Lake County FL Resource Recreation
Industrial Dev Rev Bd DTD: 10/01/1993
Mat: 10/01/2005 5.65%
01/20/2005 Interest on 0 Par $ 85.53
Less accrued portion (82.40)
3.13
Lancaster PA Area Swr Auth Rev Bd
DTD: 10/15/1988 Mat: 04/01!2018
4.5%
(33)
Receipts of Income (Continued)
Lancaster PA Area Swr Auth Rev Bd
DTD: 10/15/1988 Mat: 04/01/2018
4.5%
03/30/2005 Interest on sale $ 225.00
Less accrued portion (131.25)
$ 93.75
Manatee Cnty Fla Wtr &Swr Rev
DTD: 04/01/1978 Mat: 10/01/2008
6.4%
03!30/2005 Interest on sale $ 160.00
Less accrued portion (93.33)
66.67
Morehead KY Util Rev Bd
DTD: 12/01/1966 Mat: 12!0112005
4.375%
03/30/2005 Interest on sale $ 72.92
Less accrued portion (27.34)
45.58
Muniyield PA Insd Fd
01/25/2005 Interest on 3,510 Units $ 280.80
02!25/2005 Interest on 3,510 Units 280.80
03/30/2005 Interest on 3,510 Units 280.80
842.40
Pepsico, Inc.
03/31/2005 Dividend on 600 Shares $ 138.00
138.00
Philadelphia PA Auth for Ind! 1st Mtg R
Bd DTD: 10/15/1993 Mat: 07/01/2007
6.125%
03/30/2005 Interest on sale $ 76.56
Less accrued portion (12.76)
63.80
(34)
Receipts of Income (Continued)
Pittsburgh PA G.O. Bd
DTD: 12/15!2001 Mat: 09!01!2026
5.25%
03JO1I2005 Interest on 10,000 Par $ 262.50
Less accrued portion (196.88)
03/30/2005 Interest on sale 43.75
Public Storage, Inc. PFD 1/1000 T
03/31/2005 Dividend on 400 Shares $ 190.62
Putnam FD for Growth & Income Sh Ben
Int A
03/11/2005 Dividend on 608.838 Shares $ 30.44
Regions Financing Trust I PFD TR 8.0%
due 02/28/2031
03/31/2005 Dividend on 0 Shares $ 100.00
Suburban Propane Partners LP Unit
LTD
02/08/2005 Dividend on 1,035 Shares $ 633.94
Tampa Fla Sports Auth Rev Bd
DTD: 06/01/1997 Mat: Ol/O1h027
5.25%
03!30/2005 Interest on sale $ 65.63
Less accrued portion (10.94)
Transcanada Corp PFD 8.25% 2047
03/3112005 Dividend on 500 Shares $ 257.82
(35)
109.37
190.62
30.44
100.00
633.94
54.69
257.82
Receipts of Income (Continued)
Vodafone Group PLC New Sponsored
ADR
02/04/2005 Dividend on 250 Shares $ 89.13
Less accrued portion (89.13)
Voyageur Invt TR DE FL T/F INSA
01/25/2005 Dividend on 1,524.44 Shares $ 66.52
02/2412005 Dividend on 1,524.44 Shares 66.91
03/24/2005 Dividend on 1,524.44 Shares 60.21
03/30/2005 Dividend on 1524.44 Shares 13.56
Wachovia Corp
03/15/2005 Dividend on 285 Shares $ 131.10
$ 0.00
207.20
131.10
Wal Mart Stores Inc
04/O1/2005 Dividend on 0 Shares $ 30.00
30.00
Yum Brands Inc
02/04/2005 Dividend on 120 Shares $ 12.00
Less accrued portion (12.00)
0.00
Total Income Collected
Total Income Received
$ 24,185.29
$ 81,461.76
(36)
Elizabeth W. Pennington Revocable Trust
Gains and Losses on Sales or Other Dispositions of Income
Net Gain
03/30/2005 Sale
1.537 Shares
Putnam FD for Growth & Income
Sh Ben Int A
Inventory Value
Net Proceeds
05/12/2005 Collection
Heritage Cash Trust Municipal
Net Proceeds
Inventory Value
Total Gains and Losses
Net Loss
$ 30.44
29.17
$ 13,186.85
13,186.85
(37)
Net Loss
1.27
$ 0.00 $ 1.27
$ 1.27
Date Paid
Elizabeth W. Pennington Revocable Trust
Disbursements of Income
Total Disbursements of Income
(38)
Amount Paid
$ 0.00
Elizabeth W. Pennington Revocable Trust
Distributions of Income to Beneficiaries
Distribution Value
Estate of Elizabeth W. Pennington
01/16/2005 Cash $ 643.81
Income check distributed to decedent
after death
11/01/2006 Cash 4,279.55
04/25/2008 Cash 12.07
$ 4,935.43
Total To Or For Beneficiary $
Pursuant to "ARTICLE III (A)"
of the Trust, the following
distribution was made to:
Nancy Watkins Lucas
10/21/2005 Cash $ 257.54
$ 257.54
Total To Or For Beneficiary $
Pursuant to "ARTICLE III (B)"
of the Trust, the following
distribution was made to:
Jon Christopher Pennington
10/21/2005 Cash $ 128.77
Statutory interest
$ 128.77
Total To Or For Beneficiary $
Pursuant to "ARTICLE III (C)"
of the Trust, the following
distribution was made to:
James Flannery, Trustee
f/b/o Stephen C. Pennington
10/21/2005 Cash $ 128.77
Statutory interest
$ 128.77
Total To Or For Beneficiary $
4,935.43
257.54
128.77
128.77
(39)
Distributions of Income to Beneficiaries (Continued)
Distribution Value
Pursuant to "ARTICLE III (D)"
of the Trust, the following
distribution was made to:
Dale Bower
10!21!2005 Cash $ 128.77
Statutory interest
$ 128.77
Total To Or For Beneficiary $
Pursuant to "ARTICLE III (E)"
of the Trust, the following
distribution was made to:
Catherine (Kathleen) Kaercher
10/21/2005 Cash $ 128.77
Statutory interest
$ 128.77
Total To Or For Beneficiary $
Pursuant to "ARTICLE III (F)"
of the Trust, the following
distribution was made to:
Harvey R. Cressler
10/21/2005 Cash $ 128.77
Statutoryinterest
$ 128.77
Total To Or For Beneficiary $
Pursuant to "ARTICLE III (G)"
of the Trust, the following
distribution was made to:
Lycoming College
10/21/2045 Cash $ 257.54
Statutoryinterest
$ 257.54
Total To Or For Beneficiary $
Pursuant to "ARTICLE III (H)"
of the Trust, the following
distribution was made to:
128.77
128.77
128.77
257.54
(40)
Distributions of Income to Beneficiaries (Continued)
Distribution Value
Pursuant to "ARTICLE III (H)"
of the Trust, the following
distribution was made to:
Grace United Methodist Church
10/21/2005 Cash
Statutoryinterest
Total To Or Far Beneficiary
Total Distributions of Income to Beneficiaries
Transfers to Principal
$ 257.54
$ 257.54
11/01/2006 Transfer From:
Fulton Bank Money Market Acct.
#9904-85856
To:
Fulton Bank Money Market Acct.
#9904-85856
Total Transfers to Principal
Total Distributions of Income
$ 17,832.12
257.54
6,351.90
$ 17,832.12
$ 17,832.12
$ 24,184.02
(41)
Elizabeth W. Pennington Revocable Trust
Income Balance On Hand
Inventory Value
Cash and Cash Equivalents
Distribution from Estate of Elizabeth
W. Pennington
Income cash (Citizens Bank) $
Total Cash and Cash Equivalents
Total Balance on Hand
57,276.47
$ 57.276.47
$ 57,276.47
(42)
Elizabeth W. Pennington Revocable Trust
Information Schedules -Income
Inventory
Value
New Investments
Putnam FD for Growth & Income Sh Ben Int A
03/11/2005 1.537 Shs. Purchased via $ 30.44
Reinvestment
Total New Investments $ 30.44
Exchanges and Stock Distributions
Putnam FD for Growth & Income Sh Ben Int A
03/11/2005 1.537 Shs. Income Reinvestment 30.44
03/30/2005 (1.537) Shs. Sold (30.44)
(43)
VERIFICATION FOR ACCOUNTING
FRED A. PENNINGTON, JR., Successor Co-Trustee under Agreement of Trust of Elizabeth W.
Pennington, deceased, hereby declares under oath that the Trustees have fully and faithfully discharged the
duties of their office; that the foregoing First and Final Account is true and correct and fully discloses all
significant transactions occurring during the accounting period; that all known claims against the Trust have
been paid in full; that, to his knowledge, there are no claims now outstanding against the Trust; that all taxes
presently due from the Trust have been paid.
This statement is made subject to penalties of 18 Pa. C.S.A. Section 4904 relating to unsworn
falsification to authorities.
~{ Fred A. Pennington, Jr., Co-Trustee
Dated: ...1Jv~-Q 3 , Z~vv
VERIFICATION FOR ACCOUNTING
SHERILL T. MOYER, Successor Co-Trustee under Agreement of Trust of Elizabeth W.
Pennington, deceased, hereby declares under oath that the Trustees have fully and faithfully discharged the
duties of their office; that the foregoing First and Final Account is true and correct and fully discloses all
significant transactions occurring during the accounting period; that all known claims against the Trust have
been paid in full; that, to his knowledge, there are no claims now outstanding against the Trust; that all taxes
presently due from the Trust have been paid.
This statement is made subject to penalties of 18 Pa. C.S.A. Section 4904 relating to unsworn
falsification to authorities.
Dated: ~ ~~~
By: /~ `-T~~~
Sh rill T. Moyer, C rustee
VERIFICATION FOR ACCOUNTING
JAMES R. CLIl'PINGER, Successor Co-Trustee under Agreement of Trust of Elizabeth W.
Pennington, deceased, hereby declares under oath that the Trustees have fully and faithfully discharged the
duties of their office; that the foregoing First and Final Account is true and correct and fully discloses all
significant transactions occurring during the accounting period; that all known claims against the Trust have
been paid in full; that, to his knowledge, there are no claims now outstanding against the Trust; that all taxes
presently due from the Trust have been paid.
This statement is made subject to penalties of 18 Pa. C.S.A. Section 4904 relating to unsworn
falsification to authorities.
By:
Dated: 'Y ~a
ESTATE AND REVOCABLE TRUST OF ELIZABETH W. PENNINGTON
Schedule of Proposed Distribution of Combined Balance on Hand
TO: CYNTHIA CLIPPINGER
One-half residuary share per
ARTICLE IV of the Trust
66,130 shs. Andrew S. McCreath & Sons common stock 231,455.00
81.5 shs. Milfred Corporation commons stock 0.50
One-half undivided interest in 3.5 acres of vacant land
on Mt. Allen Drive, Upper Allen Twp., Cumberland County, PA 50,000.00
Principal cash 512,430.47
Income cash 28,638.23
822,524.20 ~
TO: FRED A. PENNINGTON, JR.
One-half residuary share per
ARTICLE V of the Trust
66,130 shs. Andrew S. McCreath & Sons common stock 231,455.00
81.5 shs. Milfred Corporation commons stock 0.50
One-half undivided interest in 3.5 acres of vacant land
on Mt. Allen Drive, Upper Allen Twp., Cumberland County, PA 50,000.00
Principal cash 512,430.47
Income cash 28,638.24
1
EXHIBIT 'A'
524.21
048.41
690815