Executor's and Trustee's Accounts
Philadelphia Orphans' Court Division Rule 6.1.A. governs the form of Account for both Executors and Trustees. Pursuant to this Rule, an Account must be stated in conformity with the Uniform Fiduciary Accounting Principles and accompanying commentaries, illustrations and forms of Account recommended by the Committee on National Fiduciary Accounting Standards in collaboration with the National Center for State Courts or in such other form of Account as may be approved by the Supreme Court of this Commonwealth. The Supreme Court has adopted the former as its approved form by Rule 6.1.
FIRST AND FINAL ACCOUNT OF
William C. Doe, Executor
For
ESTATE OF John Doe, Deceased
Date of Death: | November 14, 2001 |
Date of Executor's Appointment: | November 24, 2001 |
Date of First Advertising: | November 30, 2001 |
Accounting for the Period: | November 24, 2001 to November 30, 2002 |
Social Security Number: | 000-00-0000 |
Purpose of Account: William C. Doe, Executor, offers this Account to acquaint interested parties with the transactions that have occurred during his administration. [This Account also indicates the proposed distribution of the estate. It is important that the account be carefully examined. Requests for additional information or questions or objections can be discussed with:
[Name of Executor, Counsel or other appropriate person]
[address and telephone number]
[ID ## of counsel listed above]
Note: If the Decedent had been adjudged incapacitated, this should be indicated with the Orphans' Court number and the name of the Hearing Judge assigned.
Optional-for use if applicable.
SUMMARY OF ACCOUNT
Page | Value as of 11/30/2002 | Fiduciary Acquisition Value | |
* Proposed Distribution to Beneficiaries | 15 | $ 99,474.56 | $ 87,313.96 |
Principal Receipts | 3 | $160,488.76 | |
Net Gain (or Loss) on Sales | 2,662.00 | ||
or Other Disposition | 5 | $163,150.76 | |
Less Disbursements: | |||
Debts of Decedent | 6 | $ 485.82 | |
Funeral Expenses | 6 | 1,375.00 | |
Administration Expenses | 6 | 194.25 | |
Family Exemption | 6 | 3,500.00 | |
Federal and State Taxes | 6-7 | 5,962.09 | |
Fees and Commissions | 7 | 11,689.64 | 23,206.80 |
Balance before Distributions | $139,943.96 | ||
Distribution to Beneficiaries | 8 | 52,630.00 | |
Principal Balance on Hand | 9 | $ 87,313.96 | |
For Information: | |||
Investments Made | 10 | ||
Changes in Investment Holdings | 11 | ||
Income | |||
Receipts | 12 | $ 2,513.40 | |
Less Disbursements | 13 | 178.67 | |
Balance Before Distributions | $ 2,334.73 | ||
Distributions to Beneficiaries | 14 | 2,334.73 | |
Income Balance on Hand | 0.00 | ||
Combined Balance on Hand | $ 87,313.96 | ||
Affidavit | 16 | ||
Optional - for use if applicable |
RECEIPTS OF PRINCIPAL
Assets Listed in Inventory (Valued as of Date of Death) | Fiduciary Acquisition Value | |
Cash: | ||
First National Bank-checking account | $ 516.93 | |
Prudent Saving Fund Society-savings account | 2,518.16 | |
Cash in possession of Decedent | 42.54 | $ 3,077.63 |
Tangible Personal Property: | ||
Jewelry 1 gold watch | 515.00 | |
Furniture | ||
1 antique highboy | $ 2,000.00 | |
1 antique side table | 60.00 | |
1 antique chair | 55.00 | 2,115.00 |
Stocks: | ||
200 Shs. Home Telephone & Telegraph Co., common | $ 25,000.00 | |
50 Shs. Best Oil Co., common | 5,000.00 | |
1,000 Shs. Central Trust Co., capital | 50,850.00 | |
151 Shs. Electric Data Corp., common | 1,887.50 | |
50 Shs. Fabulous Mutual Fund | 1,833.33 | |
200 Shs. XYZ Corporation, common | 6,000.00 | 90,570.83 |
Realty: | ||
Residence - 86 Norwood Road, Philadelphia, PA | 50,000.00 | |
TOTAL INVENTORY | $146,278.46 |
Note: To facilitate preparation, the accountant may prefer to detail the starting balance by attaching a copy of the inventory as an exhibit. (This would be inappropriate if the inventory is prepared in a form that includes substantial extraneous material or does not list assets in an orderly manner.) The opening entry would then read:
"Assets Listed in Inventory per copy attached $146,278.46"
Of course, should the attached inventory require adjustment to accurately account for the estate, further entries would explain the change in total value (See what follows).
Receipts Subsequent to Inventory (Valued When Received) | |||
2/22/02 | Proceeds of Sale-Best Oil Co., rights to subscribe received 2/15/02 * | $ 50.00 | |
3/12/02 | Fabulous Mutual Fund, capital gains dividend received in cash | 32.50 | |
5/11/02 | Refund of overpayment of Final Life Period Federal Income Tax | 127.80 | |
9/25/02 | From Richard Roe, Ancillary Administrator, net proceeds on sale of oil and gas leases in Jefferson Parish, Louisiana | 10,000.00 | $ 10,210.30 |
Adjustment to Carrying Values | |||
Increased value of 200 Shs. XYZ Corporation, common stock upon audit of Federal Estate Tax Return: Adjusted value upon audit | $ 10,000.00 | ||
Value per Inventory | 6,000.00 | 4,000.00 | |
TOTAL RECEIPTS OF PRINCIPAL | $ 160,488.76 |
Proceeds of sale of rights may be treated as an additional receipt, as illustrated here, or may be applied in reduction of carrying value as illustrated on page 11 in the Trustee's Account. Either method, consistently applied, is acceptable.
GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS
Gain | Loss | |||
2/07/02 | 100 Shs. Home Telephone & Telegraph Co., common | |||
Net Proceeds | $ 14,025.00 | |||
Fiduciary Acquisition Value | 12,500.00 | $ 1,525.00 | ||
3/15/02 | 1,000 Shs. Central Trust Co., capital | |||
Net Proceeds | 27,467.00 | |||
Fiduciary Acquisition Value | 25,425.00 | 2,042.00 | ||
3/15/02 | 200 Shs. XYZ Corporation, common | |||
Net Proceeds | 9,000.00 | |||
Fiduciary Acquisition Value | 10,000.00 | $ 1,000.00 | ||
5/21/02 | 35 Shs. Electric Data Corp., common | |||
Net Proceeds | 530.00 | |||
Fiduciary Acquisition Value | 437.50 | 92.50 | ||
7/01/02 | $10,000 U.S. Treasury Bonds, 3%, due 7/1/02, matured | |||
Net Proceeds | 10,000.00 | |||
Fiduciary Acquisition Value | 9,997.50 | 2.50 | ||
TOTAL GAINS AND LOSSES | $ 3,662.00 | $ 1,000.00 | ||
NET GAIN TRANSFERRED TO SUMMARY | $ 2,662.00 |
DISBURSEMENTS OF PRINCIPAL
Debts of Decedent | |||
1/25/02 | John T. Hill, M.D., Professional Services | $ 250.00 | |
1/25/02 | Thomas Pharmacy, prescriptions | 23.82 | |
2/01/02 | Sanders Hardware, purchases per bill dated 12/15/01 | 56.00 | |
4/12/02 | PA Department of Revenue, balance Final Life Period Income Tax | 156.00 | $ 485.82 |
Funeral Expenses | |||
1/10/02 | Smith Funeral Home, services | $ 1,200.00 | |
2/15/02 | Jones Memorials, grave marker | 175.00 | 1,375.00 |
Administration Expenses | |||
11/24/01 | Register of Wills, probate fee | $ 72.00 | |
12/06/01 | Legal advertising | 56.00 | |
02/22/02 | Henry Smith, appraisal of jewelry and antiques | 50.00 | |
11/16/02 | Arden, Miles & Solomon, disbursements | 16.25 | 194.25 |
Family Exemption | |||
05/15/02 | Janet Doe | 3,500.00 | |
Federal and State Taxes | |||
08/13/02 | Register of Wills, Agent PA Transfer Inheritance Tax | $ 2,501.33 | |
08/13/02 | United States Treasury Federal Estate Tax | 2,663.29 | |
11/15/02 | United States Treasury Federal Fiduciary Income Tax for fiscal year ending 7/31/02 (attributable to capital gains) | 283.84 | |
FORWARD | $ 5,448.46 | $ 5,555.07 |
11/23/02 | United States Treasury | |||
Deficiency in Federal Estate Tax | $ 505.24 | |||
Interest 8/14/02 to 11/24/02 | 8.39 | 513.63 | 5,962.09 | |
Fees and Commissions | ||||
11/16/02 | Albert Schryver, Esquire, fee as Guardian ad Litem | $ 375.00 | ||
11/16/02 | William C. Doe, Executor's principal commission | 6,314.64 | ||
11/16/02 | Arden, Miles & Solomon, attorneys' fees | 5,000.00 | 11,689.64 | |
TOTAL DISBURSEMENTS OF PRINCIPAL | $ 23,206.80 |
Note: In all cases fees and commissions shall be shown under a separate heading. Other disbursements, including the family exemption, need not be separated unless the estate is insolvent in which case disbursements shall be classified as provided by Section 3392 of the Probate, Estates and Fiduciaries Code. Also, check 20 Pa.C.S.A. § 3121, because the amount of the family exemption is revised periodically.
DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES
TO: Janet Doe, in satisfaction of gift under Article FIRST of Will | |||
12/01/01 | 1 gold watch | $ 515.00 | |
1 antique highboy | 2,000.00 | ||
1 antique side table | 60.00 | ||
1 antique side chair | 55.00 | $ 2,630.00 | |
12/01/01 | TO: Janet Doe, in satisfaction of devise under Article SECOND of Will Residence: 86 Norwood Road | ||
Philadelphia, PA | 50,000.00 | ||
TOTAL DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES | $ 52,630.00 |
PRINCIPAL BALANCE ON HAND
Value as of 11/30/02 or as noted | Fiduciary Acquisition Value | ||
Cash | $ 1,805.63 | $ 1,805.63 | |
Stocks: | |||
50 Shs. | Best Oil Co., common | 4,500.00 | 5,000.00 |
1,000 Shs. | Central Trust Co., capital value at most recent sale, 9/18/02 | 32,168.76 | 25,425.00 |
116 Shs. | Electric Data Corp., common-not traded, value per company books, 12/29/01 | 1,684.00 | 1,450.00 |
50 Shs. | Fabulous Mutual Fund | 4,016.17 | 1,833.33 |
200 Shs. | Home Telephone & Telegraph Co., common | 16,000.00 | 12,500.00 |
$40,000 | U.S. Treasury Bills due 12/14/03 | 39,300.00 | 39,300.00 |
PRINCIPAL BALANCE ON HAND | $ 99,474.56 | $ 87,313.96 | |
PRINCIPAL INVESTMENTS MADE
Fiduciary Investment Value | |||
02/01/02 | $10,000 U.S. Treasury Bonds 3% | $ 10,022.50 | |
Less accrued interest collected 6/29/94 | 25.00 | $ 9,997.50 | |
09/14/02 | $40,000 U.S. Treasury Bills, due 12/14/02 | 39,300.00 |
CHANGES IN PRINCIPAL HOLDINGS
Fiduciary Investment Value | |||
Central Trust Co. | |||
11/14/01 | 1,000 Shs. | Capital stock par $5 inventoried | $ 50,850.00 |
01/15/02 | 1,000 Shs. | Additional received in 2-1 split, par reduced to $2.50 | 0.00 |
2,000 Shs. | Par $2.50 carried at | 50,850.00 | |
03/15/02 | 1,000 Shs. | Sold, carried at | 25,425.00 |
1,000 Shs. | Remaining, carried at | $ 25,425.00 | |
Home Telephone & Telegraph Co. | |||
11/14/01 | 200 Shs. | Common par $10, inventoried | $ 25,000.00 |
02/07/02 | 100 Shs. | Sold, carried at | 12,500.00 |
100 Shs. | Remaining, carried at | 12,500.00 | |
03/30/02 | 100 Shs. | Additional received in 2-1 split, par reduced to $5 | 0.00 |
200 Shs. | Par $5 carried at | $ 12,500.00 | |
RECEIPTS OF INCOME
Dividends | |||
Best Oil Co., common ½/02 to 10/2/02 | $ 20.00 | ||
Central Trust Co., common | |||
1/15/02 - 2,000 Shs. | $ 600.00 | ||
1,000 Shs | 900.00 | 1,500.00 | |
Electric Data Corp., common | |||
12/29/01 to 3/30/02 - 151 Shs. | $ 30.20 | ||
6/29/02 to 9/28/02 - 116 Shs. | 23.20 | 53.40 | |
Fabulous Mutual Fund | |||
3/12/02 to 9/12/02 - 50 Shs. | 140.00 | ||
Home Telephone & Telegraph Co., common 2/1/02 - 200 Shs. | $ 225.00 | ||
5/1/02 to 11/1/02 - 200 Shs. | 450.00 | 675.00 | $ 2,388.40 |
Interest | |||
U.S. Treasury Bonds, 3%, due 7/1/02 6/29/02 - $10,000 | $ 150.00 | ||
Less: accrued interest | (25.00) | 125.00 | 125.00 |
TOTAL RECEIPTS OF INCOME | $ 2,513.40 |
DISBURSEMENTS OF INCOME
11/15/02 | United States Treasury - Fiduciary Income Tax for fiscal year ended 7/31/02 (allocable to income) | $ 53.00 |
To be paid: | ||
William C. Doe - Executor's income commission, 5% on $2,513.40 | 125.67 | |
TOTAL DISBURSEMENTS OF INCOME | $ 178.67 |
DISTRIBUTIONS OF INCOME TO BENEFICIARIES
11/16/02 | TO: William C. Doe, Trustee under Article FOURTH (A) of Will FBO Walter Doe Cash | $ 1,167.37 |
11/16/02 | TO: Sharon Doe, per Article FOURTH (B) of Will Cash | 1,167.36 |
TOTAL | $ 2,334.73 |
PROPOSED DISTRIBUTIONS TO BENEFICIARIES
Current Value 11/30/02 or as noted | Fiduciary Acquisition Value | ||
Per Article FOURTH (A) of Will: TO: William C. Doe, Trustee for Walter Doe | |||
25 Shs. | Best Oil Co., common | $ 2,250.00 | $ 2,500.00 |
500 Shs. | Central Trust Co., capital * | 16,084.38 | 12,712.50 |
58 Shs. | Electric Data Corp., common ** | 842.00 | 725.00 |
25 Shs. | Fabulous Mutual Fund | 2,008.09 | 916.67 |
100 Shs. | Home Telephone & Telegraph Co., common | 8,000.00 | 6,250.00 |
$20,000 | U.S. Treasury Bills, due 12/14/03 | 19,650.00 | 19,650.00 |
Cash | 902.81 | 902.81 | |
$ 49,737.28 | $ 43,656.98 | ||
Per Article FOURTH (B) of Will: | |||
TO: Sharon Doe | |||
25 Shs. | Best Oil Co., common | $ 2,250.00 | $ 2,500.00 |
500 Shs. | Central Trust Co., capital * | 16,084.38 | 12,712.50 |
58 Shs. | Electric Data Corp., common ** | 842.00 | 725.00 |
25 Shs. | Fabulous Mutual Fund | 2,008.09 | 916.67 |
100 Shs. | Home Telephone & Telegraph Co., common | 8,000.00 | 6,250.00 |
$20,000 | U.S. Treasury Bills, due 12/14/03 | 19,650.00 | 19,650.00 |
Cash | 902.81 | 902.81 | |
$ 49,737.28 | $ 43,656.98 | ||
TOTAL | $ 99,474.56 | $ 87,313.96 | |
* Central Trust Co. - valued at most recent sale, 9/17/02.
** Electric Data Corp. - not traded, valued per company books, 12/29/01.
COMMONWEALTH OF PENNSYLVANIA :
: ss
COUNTY OF PHILADELPHIA :
WILLIAM C. DOE, Executor of the Estate of JOHN DOE, Deceased, hereby declares under oath that he has fully and faithfully discharged the duties of his office; that the foregoing First and Final Account is true and correct and fully discloses all significant transactions occurring during the accounting period; that all known claims against the Estate have been paid in full; that, to his knowledge, there are no claims now outstanding against the Estate; that all taxes presently due from the Estate have been paid; and that the grant of Letters Testamentary and the first complete advertisement thereof occurred more than four months before the filing of the foregoing First and Final Account.
____________________
William C. Doe
Executor
Subscribed and sworn to by
WILLIAM C. DOE before me
this _____ day of ____________________, 2002.
____________________
Notary Public
Note: Accounts should be signed by all accountants and verified by at least one of them. Under Philadelphia Local Orphans' Court Rule 2.3.A., verification may be made by affidavits sworn to or affirmed before a notary public or other officer authorized to administer oaths or a verified statement which shall set forth that it is subject to the penalties of 18 Pa. C.S. § 4904 (relating to unsworn falsification to authorities).
[SEE CAPTION AT 1.3.2 ]
FIRST AND FINAL ACCOUNT
For the "Residual Trust" Established under the Will of John H. Doe, Deceased
Stated by UPSTANDING TRUST COMPANY, Surviving Trustee
and Mary W. Doe (Deceased Trustee Died December 30, 1999)
presented on her behalf by
UPSTANDING TRUST COMPANY,
as Executor of her Estate
John H. Doe, Died | January 30, 1975 |
Date of Trustee's first receipt of funds | February 11, 1977 |
Account Stated for the Period | February 11, 1977 to |
May 15, 2000 | |
Tax I.D. No. | 00-000000 |
Purpose of Account: The Trustees offer this account to acquaint interested parties with the transactions that have occurred during their administration of the Trust.
It is important that the Account be carefully examined. Requests for additional information or questions can be discussed with:
[Name of Trustee, Counsel or other appropriate person]
[address and telephone number]
[ID## of all counsel listed above]
SUMMARY OF ACCOUNT
Page | Value as of 11/30/2002 | Fiduciary Acquisition Value | |
* Proposed Distribution to Beneficiaries | 17 | $293,572.79 | $ 261,006.44 |
Principal Receipts | 3 | $ 158,259.02 | |
Net Gain (or Loss) on Sales or Other Disposition | 4-5 | 113,549.47 | |
$ 271,808.49 | |||
General Disbursements: | 6 | $ 77.36 | |
Fees | 6 | 4,300.00 | 4,377.36 |
Balance before Distributions | $ 267,431.13 | ||
Distributions to Beneficiaries | 7 | 10,703.79 | |
Principal Balance on Hand | 8 | $ 256,727.34 | |
For Information: | |||
Investments Made | 9 | ||
Changes in Investment Holdings | 10-12 | ||
Income Receipts (see note on page 13 about waiver) | 13 | $ 5,907.25 | |
Less Disbursements | 14 | 227.96 | |
Balance before Distributions | $ 5,679.29 | ||
Distributions to Beneficiaries | 15 | $ 1,400.19 | |
Income Balance on Hand | 16 | $ 4,279.10 | |
Combined Balance on Hand | $ 261,006.44 | ||
Affidavit | 18 |
* Optional - for use if applicable
RECEIPTS OF PRINCIPAL
Assets awarded to Trusteed by Adjudication dated January 30, 2977, of Smith, J., upon the First Account of the Executors and the Schedule of Distribution pursuant thereto:
1. | Premises 789 Main Street Media, PA | $ 10,000.00 | ||
2. | $7,000 face value, Bethlehem PA General Bonds, 1.75%, due 4/1/1978 | 6,965.00 | ||
3. | $20,000 face value, Ohio Turnpike Commission Project One Bonds, 3.25%, due 6/1/2000 | 18,025.00 | ||
4. | 352 Shs. American Telephone & Telegraph Co., capital | 54,340.00 | ||
5. | 703 Shs. XYZ & Co., common | 67,663.75 | ||
6. | 5 Shs. Southwest Rodeo Oil Co., common | 1.00 | ||
7. | Checking Account, Upstanding Trust Company | 264.27 | $157,259.02 | |
Other Receipts: | ||||
03/15/77 | Adjustment of Sewer Assessment | 1,000.00 | ||
TOTAL RECEIPTS OF PRINCIPAL | $ 158,259.02 |
Note: To facilitate preparation, the accountant may prefer to detail the starting balance by attaching as an exhibit
a copy of the closing balance from the last Account, Schedule of Assets in the Deed, etc., as appropriate. The opening entry would then read:
"Assets awarded by Adjudication dated January 30, 1977, of Smith, J., upon the First Account of the Executors per Schedule of Distribution pursuant thereto, copy attached, $157,259.02"
GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS
Gain | Loss | |||
07/02/77 | 103 Shs. XYZ & Co., common Net Proceeds | $ 25,614.54 | ||
Fiduciary Acquisition Value | 9,913.75 | $ 15,700.79 | ||
07/11/77 | 5 Shs. Southwest Rodeo Oil Co., common | |||
Company declared bankrupt | 0.00 | |||
Fiduciary Acquisition Value | 1.00 | $ 1.00 | ||
04/06/78 | 100 Shs. XYZ & Co., common Net Proceeds | 22,226.25 | ||
Fiduciary Acquisition Value | 9,625.00 | 12,601.25 | ||
12/29/84 | $20,000 face value, Ohio Turnpike Commission Project One Bonds, due 6/1/2000 | |||
Net Proceeds | 18,450.00 | |||
Fiduciary Acquisition Value | 18,025.00 | 425.00 | ||
06/19/88 | 500 Shs. XYZ & Co., common | |||
Net Proceeds | 56,337.21 | |||
Fiduciary Acquisition Value | 1.00 | 56,336.21 | ||
08/09/88 | $50,000 Commercial Credit Co., demand note | |||
Repaid | 50,000.00 | |||
Fiduciary Acquisition Value | 50,000.00 | |||
09/22/88 | 852 Shs. American Telephone & Telegraph Co., capital | |||
Net Proceeds | 39,503.92 | |||
Fiduciary Acquisition Value | 19,816.70 | 19,687.22 | ||
11/17/88 | $70,000 U.S. Treasury Bills | |||
Matured | 70,000.00 | |||
Fiduciary Acquisition Value | 70,000.00 | |||
FORWARD | $104,750.47 | $ 1.00 |
11/17/88 | Premises 789 Main Street, Media, PA Sold, receiving: | ||||
Purchase Money | |||||
Mortgage | $ 15,000.00 | ||||
Cash | 5,000.00 | ||||
Total | 20,000.00 | ||||
Less expenses of Sale: | |||||
Commission | $1,000.00 | ||||
Transfer Tax | 200.00 | 1,200.00 | |||
Balance | 18,800.00 | ||||
Fiduciary Acquisition Value | 10,000.00 | 8,800.00 | |||
TOTAL GAINS AND LOSSES | $113,550.47 | $ 1.00 | |||
NET GAIN TRANSFERRED TO SUMMARY | $ 113,549.47 | ||||
DISBURSEMENTS OF PRINCIPAL
General Disbursements | |||
05/15/88 | Acme Fire Insurance Co., 789 Main Street, Media, PA | $ 50.00 | |
06/15/99 | Reimbursement to Smith, Jones and Brown, Esquires, for Miscellaneous expenses, 2/11/77 to date | ||
Postage and Insurance | $ 26.21 | ||
Telephone | 1.15 | 27.36 | |
TOTAL | $77.36 | ||
Fees | |||
06/15/99 | Smith, Jones and Brown, Esquires Attorneys' Fee | $ 4,300.00 | |
TOTAL DISBURSEMENTS OF PRINCIPAL | $ 4,377.36 |
DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES
TO: Mary W. Doe | |||
07/01/77 | $7,000 face value, Bethlehem, PA General Bonds, 1.75%, due 4/1/85 | $ 6,965.00 | |
07/02/77 | Cash | 238.79 | $ 7,203.79 |
TO: XYZ Charity | |||
05/04/99 | Advance Distribution, cash | 3,500.00 | |
TOTAL DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES | $ 10,703.79 |
PRINCIPAL BALANCE ON HAND
Value as of 11/30/02 or as noted | Fiduciary Acquisition Value | |
$20,000 face value, Indiana Toll Road Commission East/West Revenue Bonds, 3.5%, due 1/1/2002 | $ 13,600.00 | $ 17,275.00 |
1,260 Shs. American Telephone & Telegraph Company, capital | 50,015.00 | 29,306.40 |
680 Shs. ABC Corp., common | 56,355.00 | 48,124.00 |
Mortgage, 789 Main Street, Media, PA, face amount $15,000 reduced to | 14,750.00 | 14,750.00 |
$120,000 face value, ABC Corp., demand note | 120,000.00 | 120,000.00 |
Checking Account, Upstanding Trust Company | 27,271.94 | 27,271.94 |
TOTAL PRINCIPAL BALANCE ON HAND | $281,991.94 | $256,727.34 |
INFORMATION SCHEDULES - PRINCIPAL
Fiduciary Investment Value | ||
Investment Made | ||
12/28/84 | $20,000 Indiana Toll Rd. Comm. East/West Revenue Bonds, 3.5%, due 1/1/2002; bought at face value | $ 17,275.00 |
06/29/88 | $50,000 Commercial Credit Co., demand note | 50,000.00 |
08/18/88 | $70,000 U.S. Treasury Bills, due 11/1/9/88 | 68,000.00 |
09/28/88 | $120,000 ABC Corp., demand note | 120,000.00 |
CHANGES IN PRINCIPAL HOLDINGS
Fiduciary Investment Value | ||||
American Telephone & Telegraph Company, common | ||||
02/11/77 | 352 Shs. | Awarded | $ 55,340.00 | |
04/24/77 | 704 Shs. | Received in three-for-one split | 0.00 | |
1,056 Shs. | Carried at | 54,340.00 | ||
03/22/79 | 1,056 Rights to subscribe to additional stock sold for * | 1,484.41 | ||
$ 52,855.59 | ||||
03/12/82 | 1,056 Rights to subscribe to additional stock sold for | 2,507.00 | ||
$ 50,348.59 | ||||
06/22/82 | 1,056 Shs. | Received in two-for-one split | 0.00 | |
2,112 Shs. | Carried at | $ 50,348.59 | ||
05/05/88 | 2,112 Rights to subscribe to additional stock sold for * | 1,225.49 | ||
$ 49,123.10 | ||||
09/22/88 | 852 Shs. | Sold for | $ 39,503.92 | |
Less Gain on Sale | 19,687.22 | 19,816.70 | ||
1,260 Shs. | Carried at | $ 29,306.40 | ||
XYZ & Co., common | ||||
02/11/77 | 703 Shs. | Awarded | $ 67,663.75 | |
07/02/77 | 103 Shs. | Sold for | $ 25,614.54 | |
Less Gain on Sale | 15,700.79 | 9,913.75 | ||
600 Shs. | Carried at | $ 57,750.00 | ||
04/06/78 | 100 Shs. | Sold for | $ 22,226.25 | |
Less Gain on Sale | 12,601.25 | 9,625.00 | ||
500 Shs. | Carried at | 48,125.00 | ||
* Proceeds of sale of rights may be applied in reduction of carrying value as illustrated here, or may be treated as an additional receipt, as illustrated in the Executor's Account. Either method, consistently applied, is acceptable.
07/09/80 | 250 Shs. | ABC Corp., common received @ 47.6875 in one-half-for-one divestment distribution | 11,921.88 | |
$ 36,203.12 | ||||
01/06/82 | 180 Shs. | ABC Corp., common received @79 in a 0.36 share-for-one divestment distribution | 14,220.00 | |
$ 21,983.12 | ||||
01/04/83 | 250 Shs. | ABC Corp., common received @ 96.0625 in a one-half-for-one divestment distribution, normally $24,015.62, of which the following was applied to account value ** | 21,982.12 | |
$ 1.00 | ||||
06/19/88 | 500 Shs. | Sold for | $ 56,337.21 | |
Less Gain on Sale | 56,336.21 | 1.00 | ||
0 | No Longer Held | $ 0.00 | ||
ABC Corp., common | ||||
07/09/80 | 250 Shs. | Received in distribution on 500 Shs. XYZ & Co., common | $ 11,921.88 | |
01/06/82 | 180 Shs. | Received in similar distribution | 14,220.00 | |
430 Shs. | Carried at | 26,141.88 | ||
01/04/83 | 250 Shs. | Received in similar distribution | $ 21,982.12 | |
06/15/89 | 34 Shs. | Received as 5% stock dividend, transferred to income | ||
680 Shs. | Carried at | $ 48,124.00 | ||
** This example is included to illustrate treatment of a case where the value of distribution exceeds carrying value.
789 Main Street, Media, PA | |||
02/11/77 | Awarded | $ 10,000.00 | |
11/17/88 | Sold for purchase money mortgage of $15,000 and cash of $5,000 | $ 20,000.00 | |
Less settlement costs itemized in principal account | 1,200.00 | ||
Balance | $ 18,800.00 | ||
Less Gain on Sale | 8,800.00 | $ 10,000.00 | |
No Longer Held | $ 0.00 | ||
Mortgage on 789 Main Street, Media, PA | |||
11/17/88 | $15,000 Mortgage received on sale of said premises | $ 15,000.00 | |
06/15/89 | 250 Principal received on account | 250.00 | |
$14,750 Balance remaining | $ 14,750.00 | ||
Southwest Rodeo Oil Co., common ABC Corp., common | |||
12/11/77 | 5 Shs. Awarded | $ 1.00 | |
07/11/77 | Company Declared Bankrupt 0 | 1.00 $ 0.00 |
RECEIPTS OF INCOME
Waiver of Income Accounting
An income accounting having been waived for the period February 11, 1977 to May 30, 1999, a limited schedule of receipts of income follows:
06/01/99 | Balance per last income statement rendered | $ 1,773.25 |
Dividend | ||
06/08/02 | ABC Corp. on 680 Shs. | 578.00 |
06/15/99 | 34 Shs. ABC Corp., 5% stock dividend @ $79.00 | 2,686.00 |
Interest | ||
06/01/99 | Indiana Toll Road Commission | 350.00 |
06/15/02 | ABC Corp., demand note | 520.00 |
TOTAL RECEIPTS OF INCOME | $ 5,907.25 |
DISBURSEMENTS OF INCOME
06/01/02 | Patrick Green, Tax Collector 1994 Personal Property Tax | $ 155.00 | |
06/15/02 | Upstanding Trust Co., 5% commission on income collected 3/30/02-05/31/02 | 72.40 | $ 227.96 |
TOTAL DISBURSEMENTS OF INCOME | $ 277.96 |
DISTRIBUTIONS OF INCOME TO BENEFICIARIES
06/01/02 | TO: Upstanding Trust Co., Executor under the Will of Mary w. Doe, Deceased, on income arising before 01/01/2002 Cash | $ 650.19 | |
06/15/99 | TO: XYZ Charity Cash | 750.00 | $ 1,400.19 |
BALANCE OF INCOME ON HAND
Current Value | Fiduciary Acquisition Value | ||
06/15/02 | Cash | $ 1,593.10 | $ 1,593.10 |
06/15/02 | 34 Shs. ABC Corp., common | 2,987.75 | 2,686.00 |
TOTAL BALANCE OF INCOME | $ 4,580.85 | $ 4,279.10 |
PROPOSED DISTRIBUTIONS TO BENEFICIARIES
Per Article FIFTH of Will:
Mary W. Doe, not having exercised her general power of appointment granted to her over the assets of the Marital Trust, the entire fund on hand is to be distributed pursuant to the terms of Article FIFTH of the Will to XYZ charity.
Current Value 11/30/02 or as noted | Fiduciary Acquisition Value | |
PRINCIPAL: | ||
$20,000 face value, Indiana Toll Road Commission East/West Revenue Bonds, 3.5%, due 1/1/2002 | $ 13,600.00 | $ 17,275.00 |
1,260 Shs. American Telephone & Telegraph Company, capital | 57,015.00 | 29,306.40 |
680 Shs. ABC Corp., common | 56,355.00 | 48,124.00 |
Mortgage, 789 Main Street, Media, PA, face amount $15,000, reduced to | 14,750.00 | 14,750.00 |
$120,000 face value, ABC Corp., demand note | 120,000.00 | 120,000.00 |
Checking Account, Upstanding Trust Company | 27,271.94 | 27,271.94 |
TOTAL PRINCIPAL | $288,991.94 | $256,727.34 |
INCOME: | |||
06/15/02 | Cash | $ 1,593.10 | $ 1,593.10 |
06/15/02 | 34 Shs. ABC Corp. | 2,987.75 | $ 2,686.00 |
TOTAL INCOME | $ 4,580.85 | $ 4,279.10 | |
COMBINED PRINCIPAL AND INCOME TOTAL | $293,572.79 | $261,006.44 | |
COMMONWEALTH OF PENNSYLVANIA :
: ss.
COUNTY OF PHILADELPHIA :
WALTER TRUST, Vice President of Upstanding Trust Company, Surviving Trustee under the Will of JOHN H. DOE, Deceased and Executor under the Will of Mary C. Doe, Deceased, Trustee under the Will of John H. Doe, hereby declares under oath that such Trustees have fully and faithfully discharged the duties of their office; that the foregoing First and Final 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 his knowledge, there are no claims now outstanding against the trust; and that all taxes presently due from the trust have been paid.
Walter Trust
Subscribed and sworn to by
Walter Trust before me this
day of , 20 .
Notary Public
Note: Accounts should be signed by all accountants and verified by at least one of them. Under Philadelphia Local Orphans' Court Rule 2.3.A., verification may be made by affidavits sworn to or affirmed before a notary public or other officer authorized to administer oaths or a verified statement which shall set forth that it is subject to the penalties of 18 Pa. C.S. § 4904 (relating to unsworn falsification to authorities).
Waiver of Income Accounting
[SEE CAPTION AT 1.3.2 ]
WAIVER OF INCOME ACCOUNTING
FROM 02 /11/97 TO 03 /30/00
For the "Residual Trust" Established under the Will of John H. Doe, Deceased
Upstanding Trust Company, Executor under the Will of Mary C. Doe, Deceased, the income beneficiary, has reviewed the periodic statements of the Trust provided by the Trustees and the First and Final Account of the Trust and hereby waives an income accounting from February 11, 1997, the date of the prior Adjudication of Judge Goodenov of the Orphans' Court of Philadelphia County, Pennsylvania, to December 31, 1999, the date of the last trust statement provided, through her death on December 30, 1999.
Upstanding Trust Company,
Executor under the Will of
Mary C. Doe, Deceased,
Walter Trust, Vice-President
Note: A more common example follows. Corporate trust administrators often procure waivers without assistance of counsel. Like any waiver, applicability to the situation at hand is always an appropriate inquiry, even though review, let alone restatement of many years of income receipts and disbursements could be burdensome.
Another Form of Income Waiver
[SEE CAPTION AT 1.3.2 ]
WAIVER OF INCOME ACCOUNTING
FROM 02 /11/97 TO 03 /30/00
For the "Residual Trust" Established under the Will of John H. Doe, Deceased
The undersigned, being the Executive Director of XYZ Charity, and being authorized to do so on behalf of XYZ Charity, successor beneficiary, hereby waive an Accounting of Income receipts, disbursements and distributions with respect to the referenced Deed of Trust, for the period of December 30, 1999, the date of the death of the life tenant, and March 30, 2000, having been satisfied that all such income was accounted for and distributed to it during this period.
XYZ Charity
By:
Ivan Dungoody, Executive Director