Charitable Gift Fund Program Circular. December 2017

Transcription

1 Charitable Gift Fund Program Circular December 2017

2 Introduction The J.P. Morgan Securities Charitable Gift Fund ( JPMSCGF ) is a donor-advised fund that facilitates charitable giving by individuals and legal entities. J.P. Morgan Securities offers JPMSCGF Gift Accounts in conjunction with National Philanthropic Trust ( NPT ), an independent public charity under the Internal Revenue Code (sections 501(c)(3) and 170(b)(1)(A)(vi)) that receives and administers donor gifts and approves and distributes grants to qualified organizations recommended by donors. This Program Circular ( Circular ) describes important policies, procedures and benefits associated with establishing and maintaining a JPMSCGF Gift Account. All activities of the JPMSCGF and donor participation in the program are subject to the terms and conditions of NPT s Articles of Incorporation and By-laws, and this Circular. NPT s Board of Trustees reserves the right to modify the JPMSCGF at any time. The JPMSCGF is a charitable vehicle that offers individuals the flexibility to make grant recommendations. Assets contributed to NPT for the JPMSCGF offer the potential for contributions to grow and ultimately result in greater distributions to charity.

3 Contents Establishing a Gift Account Managing a Gift Account Contributions Contributions are irrevocable Bequests, testamentary gifts and other beneficiary designations Recordkeeping and Reporting Contribution confirmations Tax reporting Tax Deductions Charitable deduction Other deduction limitations Estate planning Tax treatment Additional Gift Account Holders Succession Options Naming an individual successor Recommending a charity as beneficiary Investment Choices Investment Allocation Process Allocation of units Cash contributions Securities contributions Allocation of income Grantmaking Grant recommendations Grants to public charities Grants to religious organizations and educational institutions Grants to foreign charitable organizations Grant restrictions Minimum grant amounts Minimum account activity Number of grants Minimum account balance Timing of grant distributions Grant checks and recognition Anonymous grants Abandoned accounts Fees and Expenses Charitable administrative and investment management fees Minimum Gift Account balance Annual Gift Account maintenance fee Short-Term account fee Investment advisory fee and brokerage commissions Other Information Conflict of terms

4 Establishing a Gift Account Individuals, companies, trusts and estates are all eligible to be Gift Account Holders. Minors are not eligible to open Gift Accounts. An eligible Gift Account Holder may establish a Gift Account by speaking with his or her J.P. Morgan Securities Financial Advisor. The Primary Gift Account Holder, who must have a J.P. Morgan Securities brokerage account, retains the right to recommend grants and investment allocations with respect to the Gift Account and is J.P. Morgan Securities and the JPMSCGF s primary contact. A Gift Account Holder has the opportunity to: Contribute a wide range of assets. Recommend grants to qualified charitable organizations in the United States and around the world. Choose from a wide range of investment options. Establish a legacy by naming successors to the Gift Account. Managing a Gift Account A Gift Account Holder can manage his or her Gift Account and initiate grant recommendations in four ways: Through his or her J.P. Morgan Securities Financial Advisor. Via fax at (215) Online at By calling toll-free at (866) JPMSCGF telephone representatives are available Monday through Friday from 8:30 A.M. to 5:30 P.M. ET. Contributions Any individual or entity may make a contribution to any Gift Account, whether or not he, she or it is a Gift Account Holder. All contributions must be accompanied by a Contribution Form executed by the donor(s). The Gift Account must be funded initially with a contribution of at least $25,000. Once the Gift Account is established and funded, additional contributions of $5,000 or more can be made by any donor at any time. However, only donors who are Gift Account Holders may make grant or investment allocation recommendations with respect to the Gift Account. CASH: Contributions may be made in cash. Cash contributions must be in U.S. dollars and delivered by check or wire. Checks should be made payable to National Philanthropic Trust and delivered to: J.P. Morgan Securities Charitable Gift Fund, 165 Township Line Road, Suite 1200, Jenkintown, PA SECURITIES: Contributions may include mutual fund shares, stocks, bonds and other securities, including restricted stock. ILLIQUID ASSETS: Contributions of certain illiquid assets such as real estate, interests in hedge funds and private equity funds, and private company stock may also be considered. Additional fees may be charged for processing such gifts, and a reasonable estimate of such additional fees will be submitted to the donor for approval prior to acceptance of the gift. DEFERRED GIFTS: Contributions may also be made in wills and from retirement accounts, life insurance policies, charitable remainder trusts, charitable lead trusts and private foundations. In its discretion, NPT may also consider accepting other types of contributions. For tax purposes, contribution valuation will be as of the date NPT receives the contribution. Consequently, for gifts of securities, the value of the contribution (and of the Gift Account) may differ from the proceeds of the sale of the securities, depending on the market conditions at the time the securities were received by NPT and on the date on which they were sold. If the contribution is in a form other than cash, it will be liquidated and invested according to the Gift Account Holder s investment recommendation, if approved. For contributions of restricted stock, private placements and certain concentrated positions, donors should speak to the Primary Gift Account Holder s Financial Advisor about special handling. NPT does not value private securities or real estate for charitable deduction purposes; these contributions generally require an independent appraisal paid for by the donor for tax purposes. Once the proceeds of the sale of the donated property are available, NPT will invest them in one or more of the investment choices then available to Gift 1

5 Accounts NPT will mail a confirmation to the donor that includes a description of the donated property and (for publicly traded securities) the fair market value of the donation. Contributions are irrevocable Once NPT accepts a contribution, it is irrevocable and unconditional, and NPT retains exclusive legal control over the contributed assets. Contributions are not refundable. Bequests, testamentary gifts and other beneficiary designations The Gift Account may be named as the beneficiary of: (i) a bequest under a will; (ii) an Individual Retirement Account or other retirement account; (iii) a charitable remainder trust, charitable lead trust, or other trust; and/or (iv) a life insurance policy. National Philanthropic Trust should be named as charitable beneficiary, in care of the Gift Account in the JPMSCGF. The donor should contact the Primary Gift Account Holder s Financial Advisor for assistance in designating the JPMSCGF as the beneficiary of any of these vehicles and consult his or her tax and legal advisors when setting up any testamentary gift or trust. Recordkeeping and Reporting Contribution confirmations Contribution confirmations are provided to the donor with respect to all contributions made to the JPMSCGF and serve as a donor s receipts. Because the IRS requires these, they should be kept with the donor s tax records. Contribution confirmations also will show the fair market value of contributions of publicly traded securities. Any fair market value computation on a confirmation is a good faith estimate on the part of NPT. Before claiming any fair market value deduction, the donor should consult with his or her tax advisor. Tax reporting NPT also will review and sign an IRS Form 8283 prepared by or on behalf of a donor for contributions of non-publicly traded securities. The IRS requires that Form 8283 be completed and filed with the donor s federal income tax return for gifts of property (including securities) valued at $500 or more. Finally, NPT will provide donors and Gift Account Holders with any financial reports or information required by law. The Primary Gift Account Holder will also receive quarterly statements for the Gift Account. Tax Deductions Charitable deduction Any donor to a Gift Account, regardless of whether he or she is a Gift Account Holder, is eligible for an itemized deduction for the tax year in which the charitable contribution is made, subject to the general limitations described below. Only the donor is eligible for a deduction. A Gift Account Holder is not eligible for any deductions associated with a contribution made by another donor. The deduction will depend, in part, on the type of asset contributed, and the donor should consult his or her legal and/or tax advisor to determine the amount of the deduction. Valuation for income tax deduction purposes is as follows: CASH: The deduction is the amount of the cash contribution, subject to certain income limitations described below. PUBLICLY TRADED SECURITIES: Contributed publicly traded securities held for more than one year before the contribution are valued at the average of the high and low prices reported on the date the securities are received by NPT. For mutual fund shares held for more than one year before the contribution, the contribution is valued at the closing price on the date the mutual fund shares are received by NPT. For securities or mutual fund shares held for one year or less before the contribution, the contribution is valued at the lesser of the cost basis or fair market value. SECURITIES THAT ARE NOT PUBLICY TRADED: The IRS requires contributed securities that are not publicly traded and that have been held for more than one year before the contribution to be valued at their fair market value as determined by an independent qualified appraisal. For securities held for one year or less before the contribution, the contribution is valued at the lesser of the cost basis or fair market value. 2

6 Other deduction limitations A donation to the JPMSCGF of cash is typically eligible for an itemized deduction of up to 50% of adjusted gross income for the tax year in which the contribution is made. Deductions for contributions of appreciated securities held for more than one year before the contribution are limited to 30% of the donor s adjusted gross income. Any excess amount may be carried forward and deducted in the five-year period following the year of contribution. The ability to take itemized deductions may be subject to certain other limitations; the donor should contact his or her tax advisor to determine any further tax deductibility limitations. Estate planning Assets and any subsequent appreciation in the Gift Account are not part of the taxable estate of any Gift Account Holder or donor and therefore are not subject to probate. Amounts contributed to the JPMSCGF are not subject to gift or estate tax and need not be sheltered by gift or estate tax exemption or credit amounts. Tax treatment Income that accrues to the Gift Account is income of NPT (a tax-exempt organization), not of a Gift Account Holder or donor. Therefore, a Gift Account Holder is not subject to tax on that income and is also not eligible to take charitable contribution deductions with respect to that income. Income or loss to the Gift Account will be reflected in the value of each Gift Account as reported on quarterly statements or in the JPMS Charitable Gift Fund web portal. In addition, when NPT redeems units from the Gift Account to award grants, NPT is, as a legal matter, granting its own assets. Therefore, neither any Gift Account Holder nor any donor is eligible for additional charitable deductions when grants are made from the Gift Account. Additional Gift Account Holders The Primary Gift Account Holder may name Additional Gift Account Holders, who can recommend investment reallocations and grants. The Primary Gift Account Holder may remove any Additional Gift Account Holder from the Gift Account at any time by written instruction to NPT. Upon NPT s receipt of written notification (including, if applicable, a death certificate) of the Primary Gift Account Holder s death, removal or resignation, the first Additional Gift Account Holder listed on the Account Holder Agreement will be designated the successor Primary Gift Account Holder. A Primary Gift Account Holder must have a J.P. Morgan Securities brokerage account, but the brokerage account does not have to be funded. Succession Options Naming an individual successor When the Gift Account is opened, the Primary Gift Account Holder may choose one or more individual successors to assume grant recommendation and investment allocation recommendation rights after the death, resignation and/or removal of all Gift Account Holders. Any number of individuals may be designated, and they may be of any or no relation to the Primary Gift Account Holder (e.g., a spouse, one or more children, or any other family member or friend). Successors may be designated to share responsibilities of advising the Gift Account (with each successor having separate authority to make recommendations) or, if more than two successors are named, a separate and distinct Gift Account will be created for each successor, in which event each successor assumes all responsibilities associated with the newly created Gift Account, including (if desired) designating Additional Gift Account Holders and new successors. Recommending a charity as beneficiary As an alternative to naming one or more individual successors, the Primary Gift Account Holder may choose to recommend one or more charitable organizations as beneficiaries of all or any portion of the Gift Account, subject to NPT s review and approval. Upon NPT s receipt of written notification (including, if applicable, a death certificate) of the last surviving Gift Account Holder s death, removal or resignation, the designated organization(s) may receive the entire portion of the Gift Account balance allocated to it, either outright or a specified percentage annually. In the event a designated beneficiary charity no longer exists, the relevant grant will be awarded to a charity whose mission is similar to that of the original charity. Establishing a legacy The Primary Gift Account Holder also may designate one or more individual successors to 3

7 assume responsibility for grant and investment allocation recommendations once no Gift Account Holder remains associated with the Gift Account. Alternatively, the Primary Gift Account Holder may recommend one or more charitable organizations as outright beneficiaries of any remaining Gift Account balance. In either case, the Primary Gift Account Holder determines the proportion of the Gift Account that each such successor will advise on or that each such beneficiary organization will receive. Investment Choices Contributions are apportioned among any combination of exchange-traded fund (ETF) portfolios, individual ETFs, separate account investment strategies and/or money market mutual funds that are available to Gift Accounts from time to time. Investment choices are offered in the following asset classes: U.S. Equity Large Cap U.S. Equity Small/Mid Cap International Equity Emerging Markets Equity U.S. Taxable Fixed Income Real Estate Securities Socially Responsible Investing High Yield Fixed Income Commodities Money Market Mutual Funds The JPMSCGF typically pools contributions in order to enhance efficiency and reduce operating costs. Each Gift Account will reflect contributions to and grants from the Gift Account and the Gift Account s investment returns. NPT may adjust the composition of its underlying investments and/or allocations for its investment strategies through which Gift Account assets are invested from time to time and for any reason without notice to or consent of the Gift Account Holders and Gift Account assets will be re-invested into the replacement investments and/or allocation as designted by NPT. For additional information on current investment choices, Gift Account Holders should contact the Primary Gift Account Holder s Financial Advisor, or refer to the JPMSCGF Investment Allocation form. Investment Allocation Process Gift Account Holders may recommend investment choices to NPT. If no recommendation is made, initial contributions will be allocated among separate account strategies consistent with a conservative portfolio and additional contributions will be allocated in proportion to the Gift Account s most current allocation. Gift Account Holders may recommend reallocations in any amount and at any time from any investment choice into any other available investment choice. Gift Account Holders must make any and all recommendations in writing and may do so by completing the Investment Allocation form, which can be obtained online at Allocation of units NPT invests contributions in the form of units apportioned among the investment choices, typically in accordance with the Gift Account Holders recommendations. Cash contributions The Gift Account will be credited with the number of units equal in value to the cash contribution. The unit value will be determined as of the market close on the business day on which the contribution is made. Securities contributions NPT will sell contributed securities promptly. For assets that are not publicly traded such as closely-held stock or alternative investments NPT will exercise its full discretion over all conditions of the sale. This includes, but is not limited to, the time and price of sale. Units will be credited to the donor s DAF after the closing of the sale. Net proceeds are defined as gross proceeds less brokerage commissions and other fees, if any, as described later in this Circular. Units will be credited to the Gift Account when the sale of contributed securities is settled. The settlement date may be later than the contribution date. The value may fluctuate during the interval between the date of the contribution and the settlement date. This means that units may be issued to the Gift Account based on a value different from that on which the donor s income tax deduction is based. 4

8 Allocation of income NPT s earned income includes interest, dividends and other investment income (including capital gains from investments in securities) in excess of the operating expenses of NPT. Each investment choice will be allocated its pro rata share of NPT s daily income, which will be reflected in the unit value of that investment choice. The value of each Gift Account will be the number of units of each investment choice attributable to the Gift Account multiplied by the unit s current value. The value of a unit for each investment choice will include appreciation and depreciation of, and income attributable to, that investment choice. Grantmaking Grant recommendations Any Gift Account Holder may recommend grants from his or her Gift Account to IRS-qualified U.S. public charitable organizations. Grants may also be recommended to charitable organizations in other countries, but these may require special processing and consideration pursuant to IRS rules. NPT will facilitate making grants to such organizations and there may be additional fees associated with foreign grants. Once a grant recommendation has been submitted, NPT will review it. If the recommendation is approved, the appropriate number of units will be divested, pro rata according to the relevant Gift Account Holder s recommended investment allocation, based upon the next-determined unit value after the grant is approved. Once the grant is approved, the proceeds are distributed to the recommended organization. NPT processes grant recommendations on a weekly basis. If the recommended grant is not approved, the Financial Advisor will be notified and he or she will, in turn, notify the Primary Gift Account Holder. Grants to public charities Grants may be made to charitable organizations that the Internal Revenue Service recognizes as public charities under Internal Revenue Code Sections 501(c)(3) and 509(a). Grants can be made to private operating foundations (subject to certain limitations imposed by the Internal Revenue Code and accompanying Treasury Regulations), but cannot be made to private non-operating foundations. Grants to religious organizations and educational institutions Most established religious organizations and many educational institutions are not listed as 501(c) (3) nonprofits, but are nevertheless tax-exempt charitable institutions. NPT will facilitate making grants to such organizations. Grants to foreign charitable organizations NPT can make grants directly to foreign charities. Additional fees will be charged to the Gift Account for processing costs and due diligence. These fees will be disclosed to the Primary Gift Account Holder and/or his or her Financial Advisor prior to the processing of the grant recommendation. Grant restrictions Grants may not be made in exchange for any private benefit that may accrue either to the donor or any party related to the donor (such as school tuition or scholarships sent directly to or designated for a specific individual), or to defray the costs of dues, membership fees or goods bought at charitable auctions. A grant may not honor the legally binding pre-existing pledge of an individual. Grants will not be approved to or for individuals, lobbying, or political contributions, or to support political campaign activities. Grant recommendations for improper purposes, such as reimbursement of donor expenses, will be rejected. Remedial action will be taken if it is discovered that improper grants have been made; action may include, without limitation, requesting that the grant be returned or asking the Gift Account Holder to make an additional, nondeductible contribution. The Pension Protection Act (H.R.4, 2006) places additional onus on donors not to recommend grants from the Gift Account that involve any nontax deductible portion and/or prohibited benefit. Penalties will apply to donors who receive a prohibited benefit through JPMSCGF funding or who recommend a grant when a prohibited benefit is involved. This penalty can be levied against the donor who recommends the grant or against the person who receives the non-incidental economic benefit. In addition, charities receiving grants from NPT and other donor-advised funds are prohibited from accepting the contribution if there is more than an incidental benefit to the donor. Therefore, the recipient charity cannot accept grants from NPT or other donor-advised funds if the charity is aware that the grant would provide a benefit to the donor. 5

9 Minimum account activity The minimum grant amount is $250. At least one grant recommendation is required from a Gift Account at least every three years in order to meet the National Philanthropic Trust s Minimum Account Activity Policy. (For more details, please request a copy of the National Philanthropic Trust DAF Minimum Account Activity Policy.) Number of grants You can make an unlimited number of grants from your Gift Account provided there are sufficient funds. Grant Minimum The minimum grant amount is $250. If the amount of a grant recommendation exceeds your DAF balance, NPT will ask you to recommend a grant in a different amount or make an additional contribution to the DAF. Timing of grant distributions Upon receipt of a grant recommendation, it will be reviewed and, if approved by NPT, processed within 7-10 days. Grant checks and recognition Each grant transmittal letter bears the name J.P. Morgan Securities Charitable Gift Fund and will include a reference to the named JPMSCGF Gift Account in such manner as the Gift Account Holder selects. Anonymous grants Gift Account Holders can designate that a grant be anonymous or in honor or memory of a named person. Abandoned accounts If a Gift Account remains inactive (i.e., no grants and no contributions) for six (6) consecutive years or in the event of the death of the last surviving Gift Account Holder without a named individual successor or beneficiary charitable organization, NPT reserves the right, in its sole discretion, to honor the original Gift Account Holder s donative intent by granting the entire balance of the Gift Account over a maximum period of seven (7) years, in the following order of priority: Named Successor Charities or Areas of Interest. If there are one or more charitable organizations or areas of interest designated in the Gift Account s succession plan, NPT will grant the entire balance of the account: (i) to the designated organization(s) and/or to one or more organizations in the designated areas of interest; or (ii) to one or more organizations that are as nearly as practicable similar in mission and scope (as determined in NPT s sole discretion) to the designated organization(s) or area(s) of interest. Account Granting History. If there is no charitable organization or area of interest designated in the Gift Account s succession plan, NPT will grant the entire balance of the Gift Account to one or more qualified charitable organizations that are as nearly as practicable consistent with the original Gift Account Holder s donative intent. NPT will refer to the granting history of the account to determine donative intent. NPT Giving Fund. If the Gift Account has no granting history, NPT will transfer the entire balance of the Gift Account to the NPT Giving Fund, which is used to make grants to qualified charitable organizations across the country. Fees and Expenses Charitable administrative and investment management fees Each Gift Account is subject to an annual charitable administrative fee, which is paid to NPT to cover operating expenses such as grantmaking, recordkeeping, annual audits, tax filing, quarterly statements and other legal and fiscal responsibilities. Fees are charged monthly based on the daily account value. The following blended fee schedule will be applied to each Gift Account: Gift Account Value $25,000 to $250, % (85 basis points) Next $250,000 Next $500,000 Next $1.5 million Next $2.5 million Next $5 million Above $10 million Annual Fee 0.70% (70 basis points) 0.60% (60 basis points) 0.45% (45 basis points) 0.30% (30 basis points) 0.15% (15 basis points) 0.10% (10 basis points) * A separate tiered pricing schedule is available for Gift Accounts with a balance in excess of $20 million. 6

10 Minimum Account Balance Fee NPT will charge a $25 annual minimum balance fee to Gift Accounts with a balance below $25,000 on December 31 of any year. Short-Term account fee If, within 12 months of opening the Gift Account, a grant recommendation is made (and approved) that would cause the approved grant recommendations from the Gift Account in the aggregate to equal or exceed 95% of the maximum value of the Gift Account since opening the Gift Account (the maximum value ), NPT reserves the right to charge directly to the Gift Account a one-time fee equal to 2% of the maximum value before processing the grant recommendation. Investment advisory fees and brokerage commissions The NPT Board of Trustees ( the Board ) has entered into investment advisory agreements with J.P. Morgan Securities to allow NPT to participate in the J.P. Morgan Securities Strategic Investment Services program ( STRATIS ) and Horizon program ( Horizon ) for an asset-based advisory fee payable to J.P. Morgan Securities. Through STRATIS, the Board is presented with a number of separate account investment strategies managed by asset managers that may be appropriate for the management of assets for the JPMSCGF. Through Horizon, the Board is presented with a number of exchangetraded funds ( ETFs ) that may be appropriate for the investment of assets for the JPMSCGF. The Board has selected certain investment strategies through the STRATIS program and ETFs through the Horizon program for the array of investment choices that Gift Account Holders may recommend for the investment of Gift Account assets. NPT pays J.P. Morgan Securities program fees on assets invested through the STRATIS and Horizon programs as follows: 1.50% on assets (including cash and cash alternatives) in STRATIS separately managed equity strategies, a portion of which J.P. Morgan Securities pays over to the asset manager(s); 1.00% on assets (including cash and cash alternatives) in STRATIS separately managed fixed income strategies, a portion of which J.P. Morgan Securities pays over to the asset manager(s); 0.70% on assets (including cash and cash alternatives) in Horizon ETFs. The Horizon program fee paid to J.P. Morgan Securities is in addition to the fees charged by the individual ETFs as detailed in each ETF s prospectus. With respect to money market mutual fund investment choices, J.P. Morgan Securities receives compensation from fund families or their affiliates for providing certain administrative, clearing and shareholder services in connection with certain mutual funds. These fees, commonly referred to as revenue sharing, are fees are paid out of the assets of the fund affiliate and not from the fund s assets and, therefore, have no impact on a fund s expense ratio or yield. This is in addition to fees charged by the fund as detailed in its prospectus. In certain circumstances, a portion of these revenue sharing payments may be passed on as compensation to J.P. Morgan Securities Financial Advisors. In addition to the above, NPT may engage J.P. Morgan Securities LLC or another broker-dealer to sell publicly traded securities that are contributed in kind. Sales of securities may incur brokerage commissions payable to the J.P. Morgan Securities Financial Advisor, which are charged to the Gift Account. For additional information on current investment choices and the underlying securities for each investment choice, Gift Account Holders should contact the Primary Gift Account Holder s Financial Advisor. Other Information Conflict of terms In the event of an inconsistency between the terms of this Circular and NPT s By-laws and/or policies, the By-laws and/or policies of NPT will govern the rights and obligations of NPT, Gift Account Holders and donors. J.P. Morgan Securities is the registered trademark of JPMorgan Chase & Co. J.P. Morgan Securities is a business unit of J.P. Morgan Securities LLC ( JPMS ), an investment adviser and broker-dealer registered with the Securities and Exchange Commission. Investment services described in this material are provided by JPMS and its affiliates. 7

11 Information concerning the National Philanthropic Trust, including concerning its financial or charitable purpose(s), may be obtained, without cost, by writing to its principal place of business at the following address: National Philanthropic Trust, 165 Township Line Road, Suite 1200, Jenkintown, PA 19046, or by calling In addition, residents of the following states may obtain financial and/or licensing information from their states, as indicated. Registration with these states, or any other state, does not imply endorsement by the state. Florida: A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL FREE, REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL OR RECOMMENDATION BY THE STATE. Kansas: The annual financial report of National Philanthropic Trust is on file with the Kansas Secretary of State. Kansas Registration # Maryland: For the cost of copies and postage, documentation and financial information submitted to the Secretary of State is available from the Secretary of State, State House, Annapolis, MD Mississippi: The official registration and financial information of National Philanthropic Trust may be obtained from the Mississippi Secretary of State s office by calling Registration by the Secretary of State does not imply endorsement by the Secretary of State. New Jersey: Information filed with the Attorney General concerning this charitable solicitation may be obtained from the Attorney General of the State of New Jersey by calling Registration with the Attorney General does not imply endorsement. New York: A copy of the most recent annual report is available from the Office of the Attorney General, Department of Law, Charities Bureau, 120 Broadway, New York, New York North Carolina: Financial information about this organization and a copy of its license are available from the State Solicitation Branch at The license is not an endorsement by the State. Pennsylvania: The official registration and financial information of National Philanthropic Trust may be obtained from the Pennsylvania Department of State by calling toll-free within Pennsylvania Registration does not imply endorsement. Virginia: A copy of the financial statement is available from the Division of Consumer Affairs, Department of Agricultural and Consumer Services, P.O. Box 1163, Richmond, VA or call Washington: Financial information is available from the Secretary of State, Charities Division, Olympia, WA 98504, or call, in state, West Virginia: West Virginia residents may obtain a summary of the registration and financial documents from the Secretary of State, State Capital, Charleston, WV Registration does not imply endorsement. MKTG 08PCS48 JPS FOR AGTYDAF 1116 National Philanthropic Trust. All rights reserved.

12 165 Township Line Road, Suite 1200 Jenkintown, PA (888)