![]() | Board of Visitors minutes January 31, 2003 | ![]() |
APPROVAL OF RECOMMENDATION FOR DISPOSITION OF THE COLE MEMORIAL FUND
WHEREAS, J. Marshall Cole (BA '25 and MA '27) created in 1962 a Charitable Remainder Trust, which quarterly provided net income to himself and his wife, Bertha Bates Cole, upon their lifetimes; and
WHEREAS, the Rector and Visitors of the University received the principal and undistributed income from this trust on December 13, 2002, in the amount of $28,351.15; and
WHEREAS, according to the provisions of the trust, the principal and undistributed income shall be used to establish a fund known as The James Alfred Cole and Nannie Marshall Cole Memorial Fund; and
WHEREAS, the Board of Visitors is required by condition of the trust to determine the use of the income and principal of this fund;
RESOLVED that the Board of Visitors delegates discretionary authority to the President of the University as to the disposition of The James Alfred Cole and Nannie Marshall Cole Memorial Fund.
![]() | Board of Visitors minutes January 31, 2003 | ![]() |