990-PF, PART XI, LINE 3(b): The Purpose of Charitable Trust, established in July 2020 under Article Fifth, Section 5.2, of the original Trust Agreement (September 14, 2006) and its second amendment (October 3, 2019), is to provide scholarships to Sherburne-Earlville High School students for higher education. However, its governing documents limit annual distributions to $6,000, conflicting with private foundation rules due to increasing required minimum distributions. This could trigger excise taxes under IRC Section 4942, reducing available funds for students. To resolve this, the trustee filed for a trust reformation, and a court-approved decree on February 28, 2024, allowed additional scholarship programs. The trustee is working with Sherburne-Earlville High School to select scholarship recipients, a detailed process that remained incomplete by the tax year ending 03/31/24. A set-aside election is requested to meet these objectives, approved by the IRS on 1/17/2025. The trust allocated $34,000 for set-aside funds, disclosed in Part II, Line 15, of the Form 990-PF return. Refer to the attached document for details on scholarships totaling $25,000, disbursed between July 8, 2024, and September 19, 2024.
Application Information
Accepts Unsolicited ProposalsUnknown
Contact PersonWEBB CHARITABLE TRUST SCHOLARSHIP
Phone6073376136
DeadlinesMAY 1
How to ApplyApplication form will be circulated by the Guidance Department of the Sherburne-Earlville Central School district
RestrictionsGRADUATE OF SHERBURNE-EARLVILLE HIGH SCHOOL IN FINANCIAL NEED.