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Home My WebLink About01-19-06 (3) " ... .' IN RE: ESTATE OF DOROTHY T. YINGLlNG, DECEASED IN TIlE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DMSION WILL NO. 0365 of2005 AGREEMENT OF RECEIPT. RELEASE.. AND WAIVER OF ACCOUNTING THIS AGREEMENT by and between JOHN D. KILLIAN, ESQUIRE, Executor of the Estate of DOROTHY T. YINGLlNG, deceased (the "Executor"); and PRESBYTERIAN CHURCH (U.S.A.) FOUNDATION, a non-profit corporation, (the "Foundationn); WHEREAS, Dorothy T. Yingling (the "Decedent"), who resided at Green Ridge Village, Newville, Cumberland County, Pennsylvania, passed away April 12, 2005; WHEREAS, Letters Testamentary for the estate of the Decedent were duly issued by the Register of Wills for Cumberland County, Pennsylvania to Executor on April 19, 2005; WHEREAS, at the time of her death, Decedent was not survived by a husband or any issue; WHEREAS, Item Second of Decedent's Will provides for a devise of Decedent's entire estate to Presbyterian Church (U.S.A.) Foundation for the purpose of establishing the Reverend William Yingling and Dorothy Yingling Permanent Endowment Fund for the benefit of three charitable orgllni7.Btlons, the Alban Institute, Inc., PHI, and Monagh~n Presbyterian Church; WHEREAS, the Foundation has been fuinished with a complete listing of the Estate assets, receipts and disbursements as set forth on the First and Final Accounting as attached;,j hereto and marked as Exhibit "A"; ,,,, t"\,^.,.\\~l \ ')',JiJV h .1\ \,\(1 b \ <) '\ .,; , \ ~ WHEREAS, it is the desire of the parties to this Agreement that final distribution of the Estate be accomplished without a formal accounting to the Orphans' Court Division of the Court of Common Pleas of Cumberland County, it being the desire of the parties to avoid the expense, delay and publicity of a formal accounting; and WHEREAS, the Foundation acknowledges having received a Schedule of Proposed Distribution, attached hereto and marked as Exhibit "B." NOW, THEREFORE, WITNESSEm, in consideration of the mutual promises, covenants and agreements recited herein, the parties do agree as follows: (1) The foregoing provisions of this Agreement are incorporated herein by this reference. (2) The parties hereto acknowledge and agree that the Executor will not file an Account or Petition for Distribution or secure a Decree of Distribution from any Court having jurisdiction in the matter of the Estate, and the Foundation hereby acknowledges the right to compel an accounting which right the Foundation hereby waives. (3) The Foundation acknowledges and agrees that the Schedule of Proposed Distribution attached hereto as Exhibit "B" is satisfactory and proper, and the Foundation accepts distribution in accordance with its provisions and by executing this Agreement acknowledges receipt from the Executor of the property allocated to said Foundation on Exhibit "B" in full and complete satisfaction of the Foundation's legacy under the Decedent's Will. (4) The Foundation hereby forever releases and discharges the Executor from any and all claims and liabilities of any kind or nature whatsoever arising from or related to her services 2 FIRST AND FINAL ACCOUNT OF JOHN D. KILLIAN, EXECUTOR ESTATE OF DOROTHY T. YINGLING, DECEASED LATE OF CUMBERLAND COUNTY, PENNSYLVANIA Date of Death: Letters Granted: First Complete Advertisement of Letters Account Stated to: 04/12/05 04/19/05 04/29/05 10/31/05 SUMMARY AND INDEX PRINCIPAL Receipts of Principal: Cash Personal Property Refunds Changes to Carrying Values of Assets TOTAL RECEIPTS Disbursement of Principal: Funeral Expenses Debts of Decedent Administration Expenses Distribution to Beneficiaries TOTAL DISBURSEMENT NET PRINCIPAL Income: Balance Available for Distribution ~ 1 $ 317,525.88 $ 4,108.32 $ 5,397.15 ($ 3.367.75) $323,663.60 1 1-2 2 2 $ 1,503.78 $ 6,820.91 $ 33,459.48 $200.000.00 2 $241.784.17 $ 81,879.43 $ 281.04 $ 82,160.47 Exhibit "A" RECEIPT OF PRINCIPAL Cash Cash found at residence $ 471.87 M& T Bank checking account '1197568 $ 59,779.34 M& T Bank checking account '15004200060660 $ 44,580.47 Accrued interest $ 27.27 $ 44,607.74 M&T Bank checking account 19836614477 $ 31,637.34 Accrued interest $ 1.08 $ 31,638.42 Janney Montgomery Scott inv acct 'RK20 8236-4793 $ 178,517.88 Life Insurance Proceeds (Tyco International) $ 2,500.00 Interest $ 10.63 $ 2,510.63 TOTAL CASH $ 317,525.88 Personal ProDertv 144 shares of Tyco International @ $28.53/sh. $ 4,108.32 Refunds: Internal Revenue Service - '04 income tax refund $ 3,527.00 Donegal Insurance - Homeowners poficy premium $ 321.00 Tri-State Imaging $ 23.31 Sprint Telephone $ 12.69 PHI - Green Ridge Village expense $ 98.29 PHI - Green Ridge Village expense $ 720.60 Highmark $ 694.26 TOTAL CASH $ 5,397.15 Sale or Exchanae of Assets 9/2312005 144 shares of Tyco International Sale Price (144 sh. @ $28.9181share) $4,149.24 Fiduciary Acquisition Value ($4.108.32) $ 40.92 5/4/2005 Value of Janney Montgomery Scott account at liquidation $ 175,109.21 Fiduciary Acquisittion Value ($178,517.88) ($3.408.67) GAlN/(LOSS) FROM SALES $ (3,367.75) Page 1 Funeral E....... 4/20/2005 Auer Memorial Home Cremation Services, Inc $ 1,147.00 4/29/2005 Lois Hinebaugh - organist $ 125.00 4/29/2005 Monaghan Presbyterian Church $ 125.00 51212005 Monaghan Kitchen Fund - funeral luncheon $ 106.78 TOTAL FUNERAL EXPENSES $ 1,503.78 Debts of Decedent 4/11/2005 HealthCore of Marytand, LLC $ 736.00 4/11/2005 HealthCore of Maryland, LLC $ 465.00 4/20/2005 Comfort Keepers $ 247.80 4/20/2005 Continuing Care Rx $ 285.69 4/20/2005 Highmark Blue Shield $ 578.55 4/20/2005 presbyterian Homes, Inc. $ 4,124.41 4120/2005 Andorra Radiology Associates $ 23.31 4/20/2005 Sprint $ 39.89 4/20/2005 PPL $ 122.14 4/20/2005 Comfort Keepers $ 51.18 5/4/2005 Omega Medical Laboratories, Inc. $ 37.30 5/11/2005 Continuing Care Rx $ 5.32 5/1312005 Presbyterian Homes, Inc. - tetephone $ 41.49 6/21/2005 Mary Knackstedt - reimburse for clothing purchased $ 62.83 TOTAL DEBTS OF DECEDENT $ 6,820.91 Administration Exoe.... 4/20/2005 Shaun E. O'Toole, Esquire - Reimburse probate fee $ 364.00 5/4/2005 Shaun E. O'Toole, Esq. -legal fees $ 1,350.00 5/4/2005 Cumberland Journal (via SEO) - publish legal notice $ 75.00 5/10/2005 Deluxe Check - purchase of checks $ 23.50 5/13/2005 AT&T $ 37.60 5/1312005 Sprint $ 39.87 5/23/2005 George W. Weaver & Sons - transport of furniture $ 6,780.97 5/24/2005 PPL $ 61.36 6/312005 Relocation Consulting & Management, Inc. - transport personalty $ 2,100.00 71712005 The Sentinel (via SEO) - publish legal notice $ 166.07 71712005 Register of Wills - filing fee for Accounting $ 20.00 7n12oo5 John D. Killian - Executor commission $ 15,000.00 717/2005 Shaun E. O'Toole, Esq. - legal fees $ 5,650.00 8/1612005 Register of Wills - balance of probate fee $ 50.00 8125/2005 Mellon Investor Services- lost stock certificate and transfer of Tyco stock $ 241.11 Reserve Reserve for payment of '05 income taxes and fees $ 1,500.00 TOTAL ADMINISTRATION EXPENSES $ 33,459.48 Page 2 Distrtbutions to Beneficiaries 6/812005 presbyterian Foundation $ 200,000.00 RECEIPT OF INCOME Interest 4/19/2005 M&T Bank - personal checking account (#15004200060660) $ 9.09 4/19/2005 M&T Bank - personal checking account (#983661~~77) $ 0.50 5/5/2005 Janney Montgomery Scott $ 179.64 M& T Bank - estate checkina account 5/1912005 $ 18.28 6/17/2005 $ 22.80 7/19/2005 $ 8.02 8/19/2005 $ 6.71 $ 55.81 Dividends 5/1312005 Tyco International $ 14.40 8/17/2005 Tyco International $ 14.40 9/23/2005 Tyco International $ 7.20 TOTAL INCOME $ 281.04 Page 3 IN RE: ESTATE OF DOROTHY T. YINGLING, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DNISION WILL NO. 0365 of2005 SCHEDULE OF PROPOSED DISTRIBUTION Per Item SECOND of Decedent's Will: To: Presbyterian Church (U.S.A.) Foundation: 06/08/05 Proposed TOTAL Cash Cash $200,000.00 $ 82.160.47 $282,160.47. Exhibit "B"