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HomeMy WebLinkAbout12-12-14 �'qq/S60 , 13 TRUST COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PENNSYLVANIA ORPHANS' COURT DIVISION NAME OF TRUST or TRUST UNDER, IRREVOCABLE LIFE INSURANCE TRUST DATED 7 7/74/7 997 ) No. l C1 CIO ;;0a c7 cn � PETITION FOR ADJUDICATION/ r rr, STATEMENT OF PROPOSED DISTRIBUTION PURSUANT TO Pa. O.C.Rule 6.9 ZO 7-n -r+ C= '—' — M This form maybe used in all cases involving the Audit of Trust Accounts. If space is insuicient, riders may be attached. INCL UDE ATTACHMENTS AT THE BACK OF THIS FORM. Name of Counsel: Mark D. Bradshaw Supreme Court I.D.No.: 61975 Name of Law Firm: Stevens &Lee Address: 17 North 2nd Street, 16th Floor,Harrisburg,PA 17101 Telephone: (717)255-7357 Fax: (610) 371-7362 Form OC-02 rev 10.13.06 Page 1 of 10 SL1 1330565 Name of Trust: George F. Gardner Irrevocable Life Insurance Trust 1. Name(s) and address(es)of Petitioner(s): Petitioner: Petitioner: Name. Manufacturers and Traders Trust Company, Successor to Farmers Trust Company,Trustee Address. One M&T Plaza, 345 Main Street Buffalo,NY 14203 2. Check if any of the following issues are involved in this case: A. Appointment of Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ B. Interpretation . . . . . . • . . . . . . . . . . . . . . . . . . . . . . ' . . . . . . . . . . . . . . . . . . . . . ❑ C. Discharge of Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ D. Transfer of Situs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ E. Appointment of Ad Litem . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ F. Minor,Unborn or Unascertained Beneficiary(les) . . . . . . . . . . . . . . . . . . . . . . ❑ G. Principal Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ H. Partial/Full Termination of Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ I. Missing Beneficiary(ies) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ J. Cy Pres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ K. Williamson Issue* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ L. Other Issues . . . . . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ List: Please note: A detailed explanation of issues checked should be set forth at item 13 below. *See Williamson Estate,368 Pa.343,82 A.2d 49(1951),if Trustee was also Executor of the settlor/decedent's estate and received commissions in such capacity. FormOC-02 rev 10.13.06 Page 2 of 10 SL1 1330565 Name of Trust: George F. Gardner Irrevocable Life Insurance Trust 3. Testamentary Trust: Decedent's date of death: Date of Decedent's Will: Date(s) of Codicil(s): Date of probate: or IRREVOCABLE LIFE INSURANCE TRUST Date of Trust: 12/24/92 Date(s)of Amendment(s): 4. A. If any other Court has taken jurisdiction of any matter relating to this Trust, explain: N/A B. Identify all prior accountings and provide dates of adjudication. N/A 5. A. State how each Trustee was appointed: By Trust Agreement of 12/24/92 B. If a Petitioner is not a Trustee, explain: N/A Form oc-02 rev 10.13.06 Page 3 of 10 SL1 1330565 Name of Trust: George F. Gardner Irrevocable Life Insurance Trust 6. State how and when the present fluid was awarded to Trustee(s): May 11, 1993 7. Period covered by accounting: May 11, 1993 to June 2, 2014 8. Current fair market value of the Trust principal is $ 1,449.67 (See pages 2, 10,28 of Account.) 9. State concisely the dispositive provisions of the Trust: The trust is designed to provide for the settlor's grandchildren as beneficiaries of a large insurance benefit. 10. Explain the reason for filing this Account(if filed because of the death of a parry, state name of person,relationship to Trust and date of death): The corpus of the trust(utilized for paying insurance premiums)is now nearly depleted. Form OC-02 rev 10.13.06 Page 4 of 10 SL1 1330565 Name of Trust:George F. Gardner Irrevocable Life Insurance Trust 11. State why a Petition for Guardian/Trustee Ad Litem has or has not been filed for this Audit(see Pa. O.C. Rule 12.4): N/A 12. A. State the amount of Pennsylvania Transfer Inheritance Tax and Pennsylvania Estate Tax paid(including postponed tax on remainder interests), the dates of payment and the interests upon which such amounts were paid: Date Payment Interest N/A B. If any such taxes remain unpaid or are in dispute, explain: 13. Describe any questions requiring Adjudication.and state the position of Petitioner(s) and give details of any issues identified in item 2: N/A Form OC-02 rev 10.13.06 Page 5 of 10 SLI 1330565 Name of Trust:George F. Gardner Irrevocable Life Insurance Trust 14. Written notice of the Audit as required by Pa. O.C. Rules 6.3, 6.7 and 6.8 has been or will be given to all parties in interest listed in item 15 below. In addition,notice of any questions requiring Adjudication as discussed in item 13 above has been or will be given to all persons affected thereby. A. If Notice has been given, attach a copy of the Notice as well as a list of the names and addresses of the parties receiving such notice. B. If Notice is yet to be given, a copy of the Notice as well as a list of the names and addresses of the parties receiving such Notice shall be submitted at the Audit together with a statement executed by Petitioner(s)or counsel certifying that such Notice has been given. C. If any such party in interest is not sui juris (e.g., minors or incapacitated persons), Notice of the Audit has been or will be given to the appropriate representative on such party's behalf as required by Pa. O.C. Rule 5.2. D. If any charitable interest is involved,Notice of the Audit has been or will also be given to the Attorney General as required under Pa. O.C. Rule 5.5. In addition, the Attorney General's clearance certificate(or proof of service of Notice and a copy of such Notice)must be submitted herewith or at the Audit. 15. List all parties of whom Petitioner(s)has/have notice or knowledge,having or claiming any interest in the Trust, whether such interest is vested or contingent, charitable or non-charitable. This list shall: A. State each party's relationship to the Settlor/Decedent and the nature of each party's interest(s); Name and Address of Each Party in Interest I Relationship and Comments,if any I Interest See Rider"A" Fore,OC-02 rev 10.13.06 Page 6 of 10 SL1 1330565 Name of Trust: George F. Gardner Irrevocable Life Insurance Trust Name and Address of Each Party in Interest I Relationship and Comments,if any I Interest B. Identify each parry who is not sui juris (e.g., minors or incapacitated persons). For each such parry, give date of birth,the name of each Guardian and how each Guardian was appointed. If no Guardian has been appointed, identify the next of kin of such party, giving the name, address and relationship of each; and See Rider "A" C. If distribution is to be made to the personal representative of a deceased party, state date of death, date and place of grant of Letters and type of Letters granted. N/A 16. If Petitioner(s)has/have knowledge that a Trust share has been assigned or attached, provide a copy of the assignment or attachment,together with any relevant supporting documentation. N/A 17. If a trustee's principal commission is claimed: A. If based on a written agreement, attach a copy thereof. N/A Form OC-02 rev 10.13.06 Page 7 of 10 SL1 1330565 Name of Trust:George F. Gardner Irrevocable Life Insurance Trust B. If a principal commission is claimed, state amount. C. If a principal commission is claimed, state the amounts and dates of any principal commissions previously paid in prior accounting periods. Amount Date Paid 18. If a reserve is requested, state amount and purpose. Amount: N/A Purpose: If a reserve is requested for counsel fees,has notice of the amount of fees to be paid from the reserve been given to the parties in interest? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E]Yes ©No If so, attach a copy of the notice. 19. Is the Court being asked to direct the filing of a Schedule of Distribution? . . . . . . . . . . . . . . . . . . . . . . . . . . El Yes No Form OC-0l rev 10.13.06 Page 8 of 10 SLI 1330565 Name of Trust: George F. Gardner Irrevocable Life Insurance Trust Wherefore,your Petitioner(s) ask(s)that distribution be awarded to the parties entitled and suggest(s)that the distributive shares of income and principal (residuary shares being stated in proportions,not amounts) are as follows: A. Income: Proposed Distributee(s) Amount/Proportion Y B. Principal: Proposed Distributee(s) Amount/Proportion Submitted By: (All petitioners must sign. Add additional lines if necessary): N41ne of titioner: M&I ompany Name of Petitioner: Form OC-02 rev 10.13.06 Page 9 of 10 SL1 1330565 Name of Trust: George F. Gardner Irrevocable Life Insurance Trust Verification of Petitioner (Verification must be by at least one petitioner) The undersigned hereby verifies * [that heishe is title A' S�MT Z"E 22 miwT of the above-named name,fcorporation M&T Trust Company and] that the facts set forth in the foregoing Petition for Adjudication/ Statement of Proposed Distribution which are within the personal knowledge of the Petitioner are true, and as to facts based on the information of others,the Petitioner, after diligent inquiry,believes them to be true; and that any false statements herein are made subject to the penalties of 18 Pa. C.S. § 4904(relating to unsworn falsification to authorities). Si e of Petitioner *Corporate petitioners must complete bracketed information. Certification of Counsel The undersigned counsel hereby certifies that the foregoing Petition for Adjudication/ Statement of Proposed Distribution is a true and accurate reproduction of the form Petition authorized by the Supreme Court, and that no changes to the form have been made beyond the responses herein. Signature of Counsel for Petitioner Form OG02 rev 10.13.06 Page 10 of 10 SLI 1330565 q 49 r IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PA. ORPHANS' COURT DIVISION TRUST UNDER IRREVOCABLE LIFE INSURANCE TRUST WITH GEORGE F. GARDNER DATED 12/24/1992 ------------------------------------------------- ------------------------------------------------- FIRST AND PARTIAL ACCOUNT Manufacturers and Traders Trust Company, Successor to Farmers Trust Company, Trustee Date of First Receipt of Funds: May 11, 1993 Accounting for the period: May 11, 1993 to June 2, 2014 ------------------------------------------------------------------------------ Purpose of Account: The Trustee offers this Account to acquaint interested parties with the transactions that have occurred during the Administration. It is important that the Account be carefully examined. Requests for additional information, questions or objections can be discussed with: Cynthia C. Battle, Asst Vice President One M&T Plaza 345 Main Street Buffalo, NY 14203 (716) 842-5081 N_ C= ..S M o m. co �? o M to x3 ►-A MN � © M r G.O - 1 - SUMMARY OF ACCOUNT PAGES PRINCIPAL Receipts 3-4 $ 933, 985.13 Net Gain on Sales or Disposition 5 6,100.04 $ 940,085.17 Less Disbursements: Legal Fees 6 $ 14,911.97 Federal State & Local Taxes 6-7 10,398.07 General Disbursements 7-8 893,052.87 Administration - Misc. Exp. 9 20,300.00 -938, 662.91 Balance before Distributions $ 1,422.26 Principal Balance on Hand 10 $ 1,422.26 For Information: Investments Made 11 Changes in Holdings 12-13 INCOME Receipts 14-22 $ 15,515.00 Less Disbursements 23-27 -15, 487.59 Balance before Distributions $ 27.41 Income Balance on Hand 28 $ 27.41 COMBINED BALANCE ON HAND $ 1,449.67 ------------------ Verification 29 - 2 - PRINCIPAL RECEIPTS RECEIVED IN KIND Life Insurance Policies 05/11/93 General American Life Insurance Policy #3092306 $ 1.00 05/11/93 General American Life Insurance Policy #3092307 1.00 $ 2.00 SUBSEQUENT RECEIPTS LIFE INSURANCE 11/05/98 Prudential Life Insurance Policy #73471290 $ 1.00 05/04/99 John Hancock Life Insurance Company Policy #20033700 1.00 2.00 STOCK 02/28/02 219 Shs. Prudential Financial Inc. Received by Demutualization 1.00 CASH 11/30/93 Prudential Insurance Company Premium Rebate $ 4,513.16 06/22/00 Addition from Comcast Corporation for John Hancock Premium #020033700 148,248.00 05/08/01 Addition from Comcast Corporation for John Hancock Premium #020033700 148,248.00 09/23/03 General American Mutual Holding Company, Initial Liquidating Distribution 23,784.49 08/20/07 Second Liquidation Distribution from General American Mutual Holding Company 4,608.84 12/20/07 Third Liquidating Distribution from General American Mutual Holding Company 3,451.09 FORWARD $ 332,853.58 $ 5.00 3 - PRINCIPAL RECEIPTS (cont'd) FORWARD $ 332,853.58 $ 5.00 SUBSEQUENT RECEIPTS (cont'd) CASH (cont'd) 08/05/08 Addition from Comcast Corporation 444,744.00 12/08/09 Fourth Distribution from General American Mutual Holding Company 1,166.36 12/08/09 Qualified Settlement Fund 2 from General American Mutual Holding Company 561.95 12/30/09 Addition from George Gardner 78,100.00 01/05/10 Blackrock Liquidity Temp Fund CL I #24 - Long Term Capital Gain Distribution 1.34 12/13/10 Addition from George Gardner 71,500.00 01/03/11 Transfer from Income - Annual Transfer of Unexpended Income to Principal 3,484.92 01/03/12 Transfer from Income - Annual Transfer of Unexpended Income to Principal .97 09/13/12 Received from General American Mutual Holding 1,567.01 933,980.13 TOTAL PRINCIPAL RECEIPTS $ 933,985.13 --------------- --------------- - 4 - PRINCIPAL GAINS OR LOSSES ON SALES OR OTHER DISPOSITIONS GAIN LOSS 03/17/03 219 Shs. Prudential Financial Incorporated Net Proceeds 5,978.51 Acquisition 1.00 $ 5, 977.51 03/30/10 $200,000 U.S. Treasury Bill due 12/16/10 Net Proceeds 199,442.33 Acquisition Value 199,319.80 122.53 03/10/11 $175,000 U.S. Treasury Bill due 3/10/11 Net Proceeds 174,361.03 Acquisition Value 174,361.03 TOTALS $ 6,100.04 $ .00 ----------------- --------------- ----------------- --------------- NET GAIN TRANSFERRED TO SUMMARY $ 6,100.04 5 - DISBURSEMENTS OF PRINCIPAL LEGAL FEES Martson, Deardorff, Williams & Otto - Legal Fees 05/20/94 $ 1,045.00 07/19/94 47.50 $ 1,092.50 Martson Law Offices - Legal Fees 05/27/08 Document Review, Correspondence, Research & Client Conference Regarding Split Dollar Trust Issues $ 766.00 09/17/08 Review of File and Trust Agreement, Plus Correspondence with John Schall Re: Gardner L/I Trust 210.00 12/01/08 Professional Svcs Per Invoice #35011 For the Gardner LI Trust File #7259-00296 294.00 06/18/09 For Correspondence To and From John Schall and Phone Call RE: Trust Administration 610.00 10/07/09 For Correspondence and Follow-Up with John Schall and for Conference with Client 735.00 2,615.00 Stevens & Lee - Legal Fee 08/04/11 Review of File, Correspondence, Research & Client Conference Regarding Split Dollar Trust Issues 11,204.47 $ 14,911.97 FEDERAL STATE & LOCAL TAXES Internal Revenue Service Federal Fiduciary Income Tax 04/04/01 2000 Balance due $ 197.00 04/11/01 1st Quarter Estimated 200.00 07/30/02 2001 Refund -72.00 FORWARD $ 325.00 $ 14,911.97 - 6 - DISBURSEMENTS OF PRINCIPAL (cont'd) FORWARD $ 25.00 $ 14,911.97 FEDERAL STATE & LOCAL TAXES (cont'd) Internal Revenue Service Federal Fiduciary Income Tax (cont'd) 05/21/03 2002 Refund -64.00 04/07/04 2003 Balance due 8, 635.00 04/09/08 2007 Balance due 976.00 9,872.00 Pennsylvania Department of Revenue State Fiduciary Income Tax 04/04/95 1994 Balance due $ 9.00 04/04/01 2000 Balance due 40.00 04/11/01 1st Quarter Estimated 2.00 04/10/02 2001 Balance due 18.00 04/11/03 2002 Balance due 5.00 04/07/04 2003 Balance due 171.00 04/09/08 2007 Balance due 232.00 08/29/08 2007 Additional Balance due 13.07 04/12/10 lst Quarter Estimated 36.00 526.07 10,398.07 GENERAL DISBURSEMENTS Transfer to Income 12/19/11 To cover Income Overdraft from Fee Taken 12/15/11 $ 226.52 03/21/13 To cover Fee taken 12/17/12 974.35 02/05/14 To cover Fee taken 12/16/13 1,000.00 2,200.87 FORWARD $ 25,310.04 $ 25,310.04 - 7 - DISBURSEMENTS OF PRINCIPAL (cont'd) FORWARD $ 2,200.87 $ 25,510.04 GENERAL DISBURSEMENTS 'd General American Life Insurance Company Policy #3092306 - Premium and Loan Interest 02/0I/10 Premium $4, 961.67;Loao Iot'$2,204'89 $ 7,166.56 02/01/I0 Loan paid in Full 34,45I.39 I2/20/10 Pzemioim $4, 961.67;Loan Iot.$292.15 5,253.82 46,871.77 General American Life Insurance Company Policy #3092307 - Premium and Loan Interest 02/01/I0 Premium $21,323.02;Loao Zot.$I0,046.67 $ 31,369'69 02/01/10 Partial Payment on Loan Balance 5,112.36 12/20/10 Premium $21,323.02/LoaoIut.$44,923.I6 66,246.18 IO2,728.23 John Hancock Life Insurance Company Policy #020033700 - Annual Premium 08/08/00 Premium Payment $ I48,248'00 06/07/01 Premium Payment I48,248.00 04/08/09 Premium Payment I48,248'00 03/30/18 Premium Payment 148,248.00 04/24/14 Premium Payment 148,248.00 74I,240'00 UPS 07/03/00 Overnight Delivery to Comcast Corporation I2'00 893,052.87 roBDAao * 918'362.91 - 8 - DISBURSEMENTS OF PRINCIPAL (cont1d) FoowaRo $ 9I8,362'91 EXPENSESADMINISTRATION - MISC. Innovative Benefits Consulting Inc. 10/12/11 oeiodzozaemeot for Elizabeth Gardner's Zoaorauoe Analysis 300.00 Attorney Fee 20,000.00 20,300-00 TOTAL DISBURSEMENTS Or PRINCIPAL $ 938,662.91 _ 9 _ PRINCIPAL BALANCE ON HAND FIDUCIARY VALUE AT ACQUISITION 06/02/2014 VALUE Life Insurance Policies General American Life Insurance Policy #3092306 $ 1.00 $ 1.00 General American Life Insurance Policy #3092307 1.00 1.00 John Hancock Life Insurance Company Policy #20033700 1.00 1.00 Prudential Life Insurance Policy #73471290 1.00 1.00 $ 4.00 $ 4.00 CASH (AUTOMATICALLY INVESTED) 1,418.26 1,418.26 TOTAL PRINCIPAL BALANCE ON HAND $ 1,422.26 $ 1,422.26 ------------------ ------------------ ------------------ ------------------ THE ABOVE CASH IS CURRENTLY INVESTED IN Wilmington Prime Money Market Fund Select Shs - 10 - CHANGES IN PRINCIPAL HOLDINGS ACCOUNT VALUE General American Life Insurance Policy #3092306 0 Received $ 1.00 ----------------- General American Life Insurance Policy #3092307 0 Received $ 1.00 ---------------- ------------------ John Hancock Life Insurance Company Policy #20033700 05/04/99 0 Received $ 1.00 ----------------- ------------------ Prudential Financial Incorporated 02/28/02 219 Shs. Received $ 1.00 03/17/03 219 Shs. Sold -1.00 0 Shs. $ 0.00 ------------------ --------------------- ------------------ --------------------- Prudential Life Insurance Policy #73471290 11/05/98 0 Received $ 1.00 ------------------ ------------------ - 12 - CHANGES IN PRINCIPAL HOLDINGS (cont'd) ACCOUNT VALUE U.S. Treasury Bill due 12/16/10 01/08/10 $200,000 Purchased $ 199,319.80 03/30/10 $200,000 Sold -199,319.80 $0 $ 0.00 --------------------- ------------------ U.S. Treasury Bill due 3/10/11 03/30/10 $175,000 Purchased $ 174,361.03 03/10/11 $175,000 Matured -174,361.03 $0 $ 0.00 ------------------- ------------------ 13 - RECEIPTS OF INCOME Blackrock Liquidity T-Fund CL I #60 10/03/11 Interest $ 0.60 11/01/11 Interest 1.24 12/01/11 Interest 1.16 01/03/12 Interest 1.24 02/01/12 Interest 1.24 03/01/12 Interest 1.16 04/02/12 Interest 1.24 05/01/12 Interest 1.20 06/01/12 Interest 1.24 07/02/12 Interest 1.38 08/01/12 Interest 1.24 09/04/12 Interest 1.24 10/01/12 Interest 1.20 11/01/12 Interest 1.24 12/03/12 Interest 1.20 01/02/13 Interest 1.24 02/01/13 Interest 1.24 03/01/13 Interest 1.12 04/01/13 Interest 1.24 05/01/13 Interest 1.20 06/03/13 Interest 1.24 07/01/13 Interest 1.20 08/01/13 Interest 1.24 09/03/13 Interest 1.24 10/01/13 Interest 1.20 11/01/13 Interest 1.24 12/02/13 Interest 4.50 01/02/14 Interest 5.02 02/03/14 Interest 1.24 03/03/14 Interest 1.12 04/01/14 Interest 1.24 05/01/14 Interest 0.96 $ 45.30 Blackrock Liquidity Tempfund CL I #24 03/02/09 Interest $ 112.34 04/01/09 Interest 224.12 05/01/09 Interest 175.80 06/01/09 Interest 161.79 07/02/09 Interest 128.07 08/03/09 Interest 99.17 09/01/09 Interest 67.75 10/01/09 Interest 56.76 11/02/09 Interest 53.32 12/01/09 Interest 42.08 FORWARD $ 1,121.20 $ 45.30 14 - RECEIPTS OF INCOME (cont'd) FORWARD $ 1,121.20 $ 45.30 Blackrock Liquidity Tempfund CL I #24 (cont'd) 01/04/10 Interest 37.46 02/01/10 Interest 5.96 08/01/11 Interest 3.13 09/01/11 Interest 8.08 10/03/11 Interest 3.88 1, 179.71 Cash 07/30/02 Interest on 1041 Refund .73 Federated Fund 01/05/94 Interest $ 11.79 02/02/94 Interest 11.74 03/02/94 Interest 10.98 04/04/94 Interest 12.73 05/03/94 Interest 13.03 06/02/94 Interest 13.77 07/06/94 Interest 11.41 08/02/94 Interest 12.13 09/06/94 Interest 12.89 10/04/94 Interest 12.99 11/02/94 Interest 13.98 12/02/94 Interest 14.49 01/04/95 Interest 15.90 02/02/95 Interest 16.28 03/02/95 Interest 15.39 04/04/95 Interest 17.19 05/02/95 Interest 16.64 06/02/95 Interest 17.17 07/05/95 Interest 16.49 08/02/95 Interest 16.71 09/05/95 Interest 16.49 10/03/95 Interest 15.87 11/02/95 Interest 16.38 12/04/95 Interest 15.85 348.29 Governor Prime Money Market Fund 03/01/99 Interest $ 12.32 04/01/99 Interest 13.41 05/03/99 Interest 13.10 FORWARD $ 38.83 $ 1,574.03 - 15 - RECEIPTS OF INCOME (cont'd) FORWARD $ 38.83 $ 1,574.03 Governor Prime Money Market Fund (cont'd) 06/01/99 Interest 13.34 07/01/99 Interest 12.87 08/02/99 Interest 13.85 09/01/99 Interest 14.35 10/01/99 Interest 14.34 11/01/99 Interest 15.60 12/01/99 Interest 15.75 01/03/00 Interest 16.68 02/01/00 Interest 16.60 03/01/00 Interest 15.62 04/03/00 Interest 17.06 05/01/00 Interest 16.88 06/01/00 Interest 18.08 07/03/00 Interest 216.50 08/01/00 Interest 791.44 09/01/00 Interest 223.11 10/02/00 Interest 24.83 11/01/00 Interest 25.73 12/01/00 Interest 24.39 01/02/01 Interest 24.87 02/01/01 Interest 5.38 1,576.10 Keypremier Prime Money Market Fund 02/02/98 Interest $ 9.81 03/02/98 Interest 14.32 04/01/98 Interest 15.78 05/01/98 Interest 14.98 06/01/98 Interest 15.29 07/01/98 Interest 14.61 08/03/98 Interest 15.12 09/01/98 Interest 15.25 10/01/98 Interest 14.96 11/02/98 Interest 15.00 12/01/98 Interest 14.09 01/04/99 Interest 14.46 02/01/99 Interest 14.18 187.85 MTB Prime Money Market-Inst I Fund #142 09/02/03 Interest $ 3.68 10/01/03 Interest 10.42 FORWARD $ 14.10 $ 3,337.98 16 - RECEIPTS OF INCOME (cont'd) FORWARD $ 14.10 $ 3,337.98 MTB Prime Money Market-Inst I Fund #142 (cont'd) 11/03/03 Interest 19.57 12/01/03 Interest 18.84 01/02/04 Interest 19.01 02/02/04 Interest 19.39 03/01/04 Interest 17.98 04/01/04 Interest 19.50 05/03/04 Interest 15.11 06/01/04 Interest 14.56 07/01/04 Interest 15.04 08/02/04 Interest 19.24 09/01/04 Interest 22.78 10/01/04 Interest 25.47 11/01/04 Interest 29.59 12/01/04 Interest 31.67 01/03/05 Interest 38.62 02/01/05 Interest 43.86 03/01/05 Interest 43.21 04/01/05 Interest 51.85 05/02/05 Interest 53.89 06/01/05 Interest 58.69 07/01/05 Interest 59.13 08/01/05 Interest 65.07 09/01/05 Interest 68.31 10/04/05 Interest 70.00 11/01/05 Interest 74.99 12/01/05 Interest 78.66 01/03/06 Interest 86.61 02/01/06 Interest 89.16 03/01/06 Interest 84.33 04/03/06 Interest 95.78 05/01/06 Interest 96.69 06/01/06 Interest 102.81 07/03/06 Interest 102.30 08/01/06 Interest 109.02 09/01/06 Interest 112.78 10/02/06 Interest 112.12 11/01/06 Interest 115.37 12/01/06 Interest 111.69 01/02/07 Interest 115.20 02/01/07 Interest 114.91 03/01/07 Interest 103.87 04/02/07 Interest 114.93 FORWARD $ 2, 675.70 $ 3,337.98 - 17 - RECEIPTS OF INCOME (cont'd) FORWARD $ 2,675.70 $ 3,337.98 MTB Prime Money Market-Inst I Fund #142 (cont'd) 05/01/07 Interest 110.61 06/01/07 Interest 114.55 07/02/07 Interest 110.94 08/01/07 Interest 114.71 09/04/07 Interest 119.65 10/01/07 Interest 132.85 11/01/07 Interest 133.16 12/03/07 Interest 126.37 01/02/08 Interest 126.24 02/01/08 Interest 128.10 03/03/08 Interest 102.17 04/01/08 Interest 88.84 05/01/08 Interest 70.20 06/02/08 Interest 65.30 07/01/08 Interest 60.08 08/01/08 Interest 61.77 09/02/08 Interest 766.66 10/01/08 Interest 800.56 11/03/08 Interest 593.48 12/01/08 Interest 585.44 01/02/09 Interest 435.43 02/02/09 Interest 199.65 03/02/09 Interest 69.13 04/01/09 Interest 13.80 05/01/09 Interest 3.60 06/01/09 Interest 0.38 07/01/09 Interest 0.21 08/03/09 Interest 0.61 09/01/09 Interest 0.44 10/01/09 Interest 0.31 11/02/09 Interest 0.33 12/01/09 Interest 0.30 01/04/10 Interest 0.50 02/01/10 Interest 6.71 03/01/10 Interest 3.58 04/01/10 Interest 3.48 06/01/10 Interest 0.12 07/01/10 Interest 0.48 08/02/10 Interest 0.62 09/01/10 Interest 0.62 10/01/10 Interest 0.60 11/01/10 Interest 0.60 FORWARD $ 7,828.88 $ 3,337.98 - 18 - RECEIPTS OF INCOME (cont'd) FORWARD $ 7,828.88 $ 3,337.98 MTB Prime Money Market-Inst I Fund #142 (cont'd) 12/01/10 Interest 0.58 01/03/11 Interest 1.25 03/01/11 Interest 0.59 04/01/11 Interest 4.91 05/02/11 Interest 6.08 06/01/11 Interest 4.70 07/01/11 Interest 4.50 08/01/11 Interest 2.20 09/01/11 Interest 0.62 10/03/11 Interest 0.60 11/01/11 Interest 0.62 12/01/11 Interest 0.60 01/03/12 Interest 0.97 01/03/12 Interest 0.04 02/01/12 Interest 0.52 03/01/12 Interest 0.58 04/02/12 Interest 0.22 7,858.46 Provident Fed Fund 01/03/96 Interest $ 16.25 02/02/96 Interest 15.71 03/04/96 Interest 13.93 04/02/96 Interest 15.07 05/02/96 Interest 14.47 06/04/96 Interest 14.92 07/03/96 Interest 14.58 08/02/96 Interest 15.15 09/04/96 Interest 15.04 10/02/96 Interest 14.55 11/04/96 Interest 14.92 12/03/96 Interest 14.60 01/03/97 Interest 15.09 02/04/97 Interest 15.11 03/04/97 Interest 13.53 04/02/97 Interest 15.14 05/02/97 Interest 14.88 06/03/97 Interest 15.50 07/02/97 Interest 15.01 08/04/97 Interest 15.58 09/03/97 Interest 15.68 10/02/97 Interest 15.07 FORWARD $ 329.78 $ 11,196.44 19 - RECEIPTS OF INCOME (cont'd) FORWARD $ 329.78 $ 11,196.44 Provident Fed Fund (cont'd) 11/04/97 Interest 15.53 12/01/97 Interest 15.21 01/02/98 Interest 15.83 02/02/98 Interest 6.15 382.50 Provident Temp Fund 02/02/96 Interest $ 0.49 03/04/96 Interest 0.49 04/02/96 Interest 0.37 05/02/96 Interest 0.35 06/04/96 Interest 0.17 07/03/96 Interest 0.11 08/02/96 Interest 0.11 09/04/96 Interest 0.11 10/02/96 Interest 0.11 11/04/96 Interest 0.11 12/03/96 Interest 0.11 01/03/97 Interest 0.54 02/04/97 Interest 0.58 03/04/97 Interest 0.52 04/02/97 Interest 0.50 05/02/97 Interest 0.50 06/03/97 Interest 0.30 07/02/97 Interest 0.29 08/04/97 Interest 0.41 09/03/97 Interest 0.41 10/02/97 Interest 0.40 11/04/97 Interest 0.41 12/01/97 Interest 0.65 01/02/98 Interest 0.79 02/02/98 Interest 0.32 9.15 Prudential Financial Incorporated 12/18/02 Dividend 219 Shs. 87.60 Transfer from Principal 12/19/11 To cover Income Overdraft from Fee taken 12/15/11 $ 226.52 03/21/13 To cover Fee taken 12/17/12 974.35 FORWARD $ 1,200.87 $ 11,675.69 - 20 - RECEIPTS OF INCOME (cont'd) FORWARD $ 1,200.87 $ 11, 675.69 Transfer from Principal (cont'd) 02/05/14 To cover Fee taken 12/16/13 1,000.00 2,200.87 U.S. Treasury Bill due 12/16/10 03/30/10 Interest $200, 000 161.10 U.S. Treasury Bill due 3/10/11 03/10/11 Interest $175,000 638.97 Vision Institutional Prime Money Market Fund #142 10/02/00 Interest $ 13.13 02/01/01 Interest 17.96 03/01/01 Interest 19.85 04/03/01 Interest 21.16 05/01/01 Interest 18.10 06/01/01 Interest 428.25 07/02/01 Interest 129.89 08/01/01 Interest 15.74 09/04/01 Interest 14.75 11/01/01 Interest 11.91 12/03/01 Interest 9.15 01/02/02 Interest 7.93 02/01/02 Interest 7.30 03/01/02 Interest 6.23 04/01/02 Interest 6.57 05/01/02 Interest 6.32 06/03/02 Interest 6.51 07/01/02 Interest 6.30 08/01/02 Interest 6.30 09/03/02 Interest 6.18 10/01/02 Interest 5.76 11/01/02 Interest 5.91 12/02/02 Interest 5.05 01/02/03 Interest 4.45 02/03/03 Interest 4.34 03/03/03 Interest 3.92 04/01/03 Interest 6.32 05/01/03 Interest 8.10 06/02/03 Interest 7.71 FORWARD $ 811.09 $ 14, 676.63 - 21 - RECEIPTS OF INCOME (cont'd) FORWARD $ 811.09 $ 14,676.63 Vision Institutional Prime Money Market Fund #142 (cont'd) 07/01/03 Interest 6.92 08/01/03 Interest 6.04 09/02/03 Interest 2.92 826.97 Wilmington Prime Money Market Fund Select Shs 04/02/12 Interest $ 0.40 05/01/12 Interest 0.62 06/01/12 Interest 0.62 07/02/12 Interest 0.62 08/01/12 Interest 0.59 09/04/12 Interest 0.61 10/01/12 Interest 0.60 11/01/12 Interest 0.62 12/03/12 Interest 0.65 01/02/13 Interest 0.60 02/01/13 Interest 0.59 03/01/13 Interest 0.35 04/01/13 Interest 0.32 05/01/13 Interest 0.30 06/03/13 Interest 0.31 07/01/13 Interest 0.29 08/01/13 Interest 0.30 09/03/13 Interest 0.31 10/01/13 Interest 0.30 11/01/13 Interest 0.31 12/02/13 Interest 0.29 01/02/14 Interest 0.30 02/03/14 Interest 0.33 03/03/14 Interest 0.28 04/01/14 Interest 0.29 05/01/14 Interest 0.29 06/02/14 Interest 0.31 11.40 TOTAL RECEIPTS OF INCOME $ 15,515.00 --------------- --------------- 22 - DISBURSEMENTS OF INCOME Farmers Trust Company - Trustee Fee 05/05/94 $ 100.00 05/08/95 100.00 $ 200.00 Financial Trust Services Company - Trustee Fee 05/07/96 $ 100.00 05/05/97 100.00 05/14/98 100.00 300.00 Allfirst Trust Co. - Trustee Fee 05/14/99 $ 100.00 05/14/01 100.00 10/16/01 Prorated Fee as of September 30, 2001 41.92 05/15/02 61.92 Manufacturers and Traders Trust Company Trustee Fee 06/15/06 100.15 07/17/06 100.15 08/15/06 100.16 09/15/06 100.17 10/16/06 100.18 11/15/06 100.20 12/15/06 100.21 01/16/07 100.22 02/15/07 100.23 FORWARD $ 1,205.51 $ 500.00 - 23 - DISBURSEMENTS OF INCOME (cont'd) FORWARD $ 1,205.51 $ 500.00 Manufacturers and Traders Trust Company Trustee Fee (cont'd) 03/15/07 100.24 04/16/07 100.17 05/15/07 100.18 06/15/07 100.19 07/16/07 100.20 08/15/07 100.22 09/17/07 104.46 10/15/07 104.49 11/15/07 104.51 12/17/07 104.53 01/15/08 107.72 02/15/08 107.73 03/17/08 107.73 04/15/08 106.48 05/15/08 106.44 06/16/08 105.70 07/15/08 105.66 08/15/08 513.30 09/15/08 513.52 10/15/08 513.59 FORWARD $ 4,512.57 $ 500.00 - 24 - DISBURSEMENTS OF INCOME (cont'd) FORWARD $ 4,512.57 $ 500.00 Manufacturers and Traders Trust Company Trustee Fee (cont'd) 11/17/08 513. 67 12/15/08 513.46 01/15/09 513.39 02/17/09 513.10 03/16/09 512.80 04/15/09 376.48 05/13/09 Fee Credited -1, 915.77 5,539.70 Manufacturers and Traders Trust Company Trustee Fee (cont'd) 05/15/03 100.00 05/17/04 100.00 05/16/05 100.00 05/15/06 100.00 12/15/09 900.00 12/15/10 900.00 12/15/11 1, 000.00 12/17/12 1,000.00 12/16/13 1,000.00 5,200.00 FORWARD $ 11,239.70 25 - DISBURSEMENTS OF INCOME (cont'd) FORWARD $ 11,239.70 Internal Revenue Service Federal Fiduciary Income Tax 04/11/06 2005 Balance due $ 82.00 04/12/07 2006 Balance due 49.00 04/09/08 2007 Balance due 83.00 214.00 Pennsylvania Department of Revenue State Fiduciary Income Tax 04/03/98 1997 Balance due $ 5.00 03/26/99 1998 Balance due 5.00 03/27/00 1999 Balance due 5.00 04/11/05 2004 Balance due 8.00 04/11/06 2005 Balance due 23.00 04/12/07 2006 Balance due 37.00 04/09/08 2007 Balance due 58.00 04/09/09 2008 Balance due 93.00 04/13/09 1st Quarter Estimated 96.00 04/12/10 1st Quarter Estimated 57.00 05/05/11 2010 Refund -91.00 04/09/12 1st Quarter Estimated 1.00 12/23/13 4th Quarter Estimated 1.00 298.00 FORWARD $ 11,751.70 - 26 - DISBURSEMENTS OF INCOME (cont'd) FORWARD $ 11, 751.70 Transfer to Principal 01/03/11 Annual Transfer of Unexpended Income to Principal $ 3,484.92 01/03/12 Annual Transfer of Unexpended Income to Principal 0.97 3,485.89 Financial Trust Services Company - Tax Preparation Fee 02/27/96 1995 $ 50.00 02/28/97 1996 50.00 02/27/98 1997 50.00 150.00 Farmers Trust Company - Tax Preparation Fee 03/02/95 1994 50.00 Manufacturers and Traders Trust Company - Tax Preparation Fee 02/26/99 1998 50.00 TOTAL DISBURSEMENTS OF INCOME $ 15,487.59 -------------- - 27 - INCOME BALANCE ON HAND FIDUCIARY VALUE AT ACQUISITION 06/02/2014 VALUE CASH (AUTOMATICALLY INVESTED) $ 27.41 $ 27.41 TOTAL INCOME BALANCE ON HAND $ 27.41 $ 27.41 ------------------ ------------------ THE ABOVE CASH IS CURRENTLY INVESTED IN Wilmington Prime Money Market Fund Select Shs Manufacturers and Traders Trust Company BY Cynt is C. Battle, st Vice President Tr stee under Life Insurance Trust with Ge&rge F. Gardner, Settlor 28 - VERIFICATION Manufacturers and Traders Trust Company, Successor to Financial Trust Services Company, Successor to Farmers Trust Company, Trustee under Agreement with GEORGE F. GARDNER, hereby declares under oath that it has fully and faithfully discharged the duties of its office; that the foregoing 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 its knowledge, there are no claims now outstanding against the Trust; and that all taxes presently due from the Trust have been paid. This statement is made subject to the penalties of 18 PA. C.S.A. Section 4904 relating to unsworn falsification to authorities. nufa urers and Traddrs Truit Company Dated: W-769U�� - 29 - i