BOY SCOUTS OF AMERICA 388 WESTCHESTER PUTNAM COUNCIL TR FUND
41 SAW MILL RIVER ROAD, HAWTHORNE, NY 10532

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Organizations Filed Purposes: THE FUND WAS FORMED BY THE EXECUTIVE BOARD OF THE WESTCHESTER-PUTNAM COUNCIL, BSA FOR THE PURPOSE OF INCREASING ITS ENDOWMENT FUNDS AND THEREBY PROVIDING A STABLE SOURCE OF FUNDING FOR THE OPERATIONS OF THE COUNCIL. THE BOARD HAS DIRECTED THAT THE INCOME EARNED BY THE INVESTMENT OF THE ASSETS IN THE FUND BE REINVESTED IN THE FUND TO INCREASE THE VALUE OF THE FUND. TRANSFERS ARE MADE TO THE UNDESIGNATED FUNDS IN AN AMOUNT ESTABLISHED BY THE EXECUTIVE BOARD FOR THE PURPOSE OF PAYING THE COUNCIL'S ADMINISTRATIVE AND OPERATING EXPENSES.

PROVIDE SUPPORT FOR THE WESTCHESTER-PUTNAM COUNCIL INC BOY SCOUTS OF AMERICA

THE ASSETS OF THE COUNCIL'S TRUST FUNDS ARE MANAGED SO AS TO PROVIDE THE HIGHEST TOTAL RETURN CONSISTENT WITH PRUDENT INVESTMENT PRACTICES, PROVIDING FOR LONG-TERM RETURNS SUFFICIENT TO COVER THE RETURN REQUIREMENTS OF THE SPENDING FORMULA. THE INVESTMENT POLICY IS INTENDED TO ALLOW FOR SUFFICIENT FLEXIBILITY IN THE MANAGEMENT PROCESS TO CAPTURE INVESTMENT OPPORTUNITIES, YET PROVIDE PARAMETERS THAT WILL ENSURE PRUDENCE AND CARE IN THE EXECUTION OF THE INVESTMENT PROGRAM.THE COUNCIL'S SPENDING POLICY ALLOWS THE OPERATING FUND TO RECEIVE AND RECOGNIZE INVESTMENT EARNINGS ORIGINATING FROM THE ENDOWMENT FUND. BUDGETED NEEDS ARE PLANNED FROM A TOTAL RETURN SPENDING FORMULA TARGETED AT NOT MORE THAN FIVE PERCENT MULTIPLIED BY THE AVERAGE MARKET VALUE FOR THE TWELVE CONTIGUOUS CALENDAR QUARTERS ENDING SEPTEMBER 30TH OF THE YEAR PRECEDING THE SUBJECT FISCAL YEAR. THE TRUST FUNDS ARE OVERSEEN BY THE TRUST FUND MANAGEMENT COMMITTEE. THE OVERRIDING OBJECTIVES OF THE TRUST FUNDS ARE TO EXCEED AN ABSOLUTE RETURN OF 5% AND TO MAINTAIN PURCHASING POWER.

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