THE JOHN STRANG TRUST, CREATED PURSUANT TO THE TERMS OF THE GOVERNING INSTRUMENT, THE LAST WILL AND TESTAMENT OF JOHN STRANG, TERMINATED UPON THE FIVE YEAR ANNIVERSARY OF THE DEATH OF JOHN STRANG, WHICH WAS MARCH 25, 2012. THE TRUSTEES, IN THE EXERCISE OF THE DISCRETION GRANTED TO THEM UNDER THE TRUST, SELECTED COMMUNITY FUNDS INC., NEW YORK, NEW YORK, A 501(C)(3) CHARITY (PUBLIC CHARITY UNDER 509(A)(2)), TO BE THE RECIPIENT OF THE BALANCE OF THE TRUST CORPUS. ACCORDINGLY, UPON RECEIPT OF A "NO OBJECTION" LETTER FROM THE NEW YORK ATTORNEY GENERAL, THE TRUSTEES DISTRIBUTED 2,245,661 TO COMMUNITY FUNDS, INC. IN DECEMBER, 2017. THE TRUSTEES DID RETAIN A SMALL RESERVE FUND OF LESS THAN 30,000 FOR THE PAYMENT OF ANY CONTINGENCIES. THE BALANCE OF THE RESERVE FUND, AFTER TAKING INTO ACCOUNT THE FINAL PAYMENT OF LEGAL FEES AND ANY OTHER EXPENSES, WILL BE DISTRIBUTED TO COMMUNITY FUND INC., BEFORE YEAR END 2018, ALONG WITH THE REFUND OF THE OVERPAYMENT OF THE EXCISE TAX HEREIN.
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