Agenda Item
v. Donation Acceptance of $54, 047.38 in Funding from the Waltemeyer Estate in Care of Truist Wealth Management (Not to exceed $54,047.38)
Summary: Presented by: Dr. Yolanda Williamson, Chief of Community Engagement & Innovative Partnerships
Request: It is requested that the Board of Education accept a donation from Truist Wealth Management on behalf of Mr. Robert Waltemeyer’s estate in the amount of $54,047.38. This amount represents Fernbank Science Center’s share of accumulated income (interest and dividends) for 15,872 common shares of Coca-Cola Co. with a value of $58.1925 per share. Income distributions will occur periodically during the administration of the Robert V. Waltemeyer Trust agreement until the shares are officially transferred to Fernbank Science Center, DeKalb County School District brokerage account.
Why: The funding provided by Mr. Robert Waltemeyer’s estate in care of Truist Wealth Management in the amount of $54,047.38 will be utilized to support the Fernbank Science Center.
Details: The Robert V. Waltemeyer Trust agreement directs the Trustee to divide the Trust into two shares, the Family Share A and the Charitable Share B. Fernbank Science Center is listed as one of the charities under Share B. The Trustee (Truist Bank) has opened and is funding Share A and Share B from the Robert V. Waltemeyer Trust with the Coca-Cola stock as well as the accumulated income (interest and dividends). Fernbank Science Center’s share of accumulated income (interest and dividends) for 15,872 common shares of Coca-Cola Co. with a value of $58.1925 per share has an Estate Tax Value in the amount of $923, 631.36. This number of Coke shares is subject to change, and the final number of Coke shares that is received may be less than the number that has been provided. However, even if the number of shares changes, the basis of $58.1925 per share will not change. Income distributions will occur periodically during the administration of the Robert V. Waltemeyer Trust agreement until the shares are officially transferred to Fernbank Science Center, DeKalb County School District.
Financial impact: There is no financial impact for the district accepting a donation in the amount of $54,047.38 from Truist Wealth Management on behalf of Mr. Robert Waltemeyer’s estate.
Contact: Ms. Stacy E. Stepney, Chief Academic Officer, Division of Curriculum and Instruction, 678.676.0731
Mrs. Jennifer Caracciolo, Deputy Chief Communications Officer, Division of Community Engagement & Innovative Partnerships, 678.676.0409
Dr. Sean R. Tartt, Deputy Chief Academic Officer, Division of Curriculum and Instruction, 678.676.0731
Effective: Upon Board Approval
Status: Reviewed and Approved by Counsel for Legal Sufficiency