Keystone Checkers Trust
The Pennsylvania State Open was held in the State College (Penn. State Univ.) area at Traveler's Lodge & Restaurant in
earlier years because of the generous donations by
Daniel G. Frank. Mr. Frank was a gracious host to all checker players who attended these annual tournaments at his
Hotel & Restaurant (Motor Inn) and he supported this tournament for years. He left $10,000 in a trust at Peoples National Bank of State College, PA as the "Dan Frank Trust" so the income would be used to provide a
biennial bid to attract the Pennsylvania State Checker Association to hold it's
annual tourney in the State College area. Whenever the tourney is held in
the State College area the bid can then be used for the prize fund. In the
event that the State College area is outbid for the biennial tournament, the
interest shall be added to the principal of the trust. Daniel Grimnison Frank,
born in 9/15/1907 and died 10/18/1966 at age 59. The trust was opened by
the executor of Frank's estate in accordance with his wishes as outlined by his will. The 2003 PA Ty was the last
year it was held in State College. Since then organizers have moved it to
Western PA in Grove City. Tony Kozenski, PA Ty Director / D3 Manager and a Pennsylvania Checker Association
officer was the bank's contact. Interest would be withdraw from the Dan Frank Trust
Fund and allocated toward the PA tournament. When the principal begin to
dwindle over the past 10 years Tony Kozenski brought his concerns to Don Deweber who
took the initiative to call the bank for an explanation. They explained
the trust was small and unprofitable and Omega was actually charging 1/2 their
minimum fees since the account couldn't bear the full fees allowable. Omega Bank
would rather be released from the fiduciary responsibility. Omega Bank
would not release the trust to an individual or just a name as
Pennsylvania Checker Association which Mr. Rayback an attorney with
Omega Bank's legal department stated and explained their liability as a trustee.
He researched and found no EIN, registration, no records, or successful business
history, nothing supporting Pennsylvania Checker Association as a legal
identity. They ask Deweber who could take over the trust and suggested how to do it; therefore, in 2005 the
trust fund was closed out
court order and moved
to the Trust Department of US Bank, Dubuque, IA in Don Deweber's care. The John
Caldwell-Irving Windt Library of Checkers, Inc. satisfied Omega's demand for a
financially viable identity, a non-profit corporation entity, as being established in 1980 with a flawless
business and tax history. This process took over a year. Mr. Raybeck
was legal counsel and Don Deweber worked with the bank to petition the old trust, create a new trust
with wording to exclude the central Pennsylvania tournament location
stipulation. Don was also registered as one of the two
trustees of the
new Keystone Checkers Trust Fund. Don was prudent in his effort to reduce the
principal erosion from bank service charges, fiduciary tax preparation, and
filing fees by having the Centre County Court order the trust ownership to The John Caldwell-Irving Windt
Library of Checkers Inc., a 501(c)(3) non-profit corporation, with an IRS
"determination letter," a letter of approval as a tax exempt organization.
has the interest withdrawn annually and transferred to Dr. Richard Beckwith so he can make the
contribution to the PA Tournament.
2008 Notes: |
Keystone Trust changed as “Restated Revocable Trust”
Copied from the ACF Forum:
pennsylania 3move tourney june 11-12 questions posted by
Palomino on Mon Jun 13, 2011 1:25 pm Subject: PA Checker Trust Info
2011 Tournament Dates
The principle has been reinvested in another 12 month CD at a rate .0015% which will yield $12.30 for next year's tournament; however, the note was renegotiated as a 5 year CD which the yield may be withdraw annually on June 1. The expected amount is $202.00 for 2012.
Understand that as of today (June 1, 2011) the yield of a 12 month CDs has dropped to .0010%. Had Don Deweber not agreed to take control of the trust money by placing it under the protection of The John Caldwell-Irving Windt Library of Checkers Inc., there would not have been any earnings for this year (as little as it was ) and the principle of the trust would have substantially eroded these past 6 years.
The following e-mail from The Trust Department of Omega Bank was forwarded to me by Don Deweber on November 2, 2007. I believe it backs up the above statement.
Dear Mr. Deweber,
Per our phone conversation yesterday, here is some initial research to help answer your questions.
The final check was issued in the amount of $8,308.94 on 12/23/05 in the name of: The John Caldwell-Irving Windt Library of Checkers Inc.
The final fee from Mr. Rayback for legal services was $500.00, which was deducted from principal.
The trust was actually on a reduced fee schedule $324.96 per year, taken from income. Normal fees for trust accounts are $600 minimum per year.
All trusts file annual fiduciary income tax returns. Therefore, from 1996-2005, annual accountant's fees were deducted from principal totaling $1,245.00.
An average of just over $130 per year for fiduciary tax preparation and filing.
The following information relates only to the previous 9 years before it closed in 2005.
The market value of the trust at each year end was:
2005: $0.00 (closed)
The reduction in value over time is due in large part to market fluctuation and annual trustee and tax preparer fees.
I hope this helps you in answering the questions that are being demanded of you. Please let me know if you need any other information.
I will send you copies of account's history since 1996 of which is summarized in this email.
Omega Bank, Wealth Management Division
Copied from the ACF Forum: pennsylania 3move tourney june 11-12 questions posted by Palomino on Mon Jun 13, 2011 1:25 pm
Subject: PA Checker Trust Info
2011 Tournament Dates |2011 PA Results | Keystone Trust changed as "Restated Revocable Trust"