2024-11-15T10:01:12-06:00 2023-12-31 990 2023-01-01 376107738 VERNA TOWNSEND TRUST DATED 7871 1020000374 TOWN PO BOX 260 CHAMPAIGN IL 618240260 BUSEY BANK Trustee 2024-11-15 false 2023 2024-10-15 13:58:12Z BUSEY BANK TRUSTEE PO BOX 260 CHAMPAIGN IL 618240260 412431 false X N/A X 1979 IL THE VERNA K TOWNSEND TRUST PROVIDES FOR $2,500 ANNUAL SCHOLARSHIPS TO BE GIVEN TO STUDENTS AT THE UNIVERSITY OF ILLINOIS WHO ARE CURRENTLY ENROLLED IN THE COLLEGE OF LAW AND SCHOOL OF MUSIC. 0 0 0 0 0 0 0 11704 4070 128198 113394 139902 117464 90000 94000 0 7524 7824 0 0 1477 1441 99001 103265 40901 14199 1740434 1755877 0 0 1740434 1755877 THE VERNA K TOWNSEND TRUST PROVIDES FOR $2,500 ANNUAL SCHOLARSHIPS TO BE GIVEN TO STUDENTS AT THE UNIVERSITY OF ILLINOIS WHO ARE CURRENTLY ENROLLED IN THE COLLEGE OF LAW AND SCHOOL OF MUSIC. false false 48000 48000 UNIVERSITY OF ILLINOIS COLLEGE OF LAW 46000 46000 UNIVERSITY OF ILLINOIS SCHOOL OF MUSIC 94000 true false false false false false false false false false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 0 0 true 0 false false false false false false false false false false false false false X 0 0 false false false false false false false true true false false true true true true true true true true false IL X BUSEY BANK 2173654800 PO BOX 260 CHAMPAIGN IL 618240260 X BUSEY BANK TRUSTEE 1.0 X 7824 0 0 7824 0 0 false false false 22254 22254 147144 33750 113394 113394 243033 261217 -18184 -18184 NON TAXABLE DIV 117464 22254 94000 94000 7824 7824 930 930 188 323 323 103265 94323 8754 0 104188 126998 1288133 111102 1161398 1177031 474848 451848 1740434 1755877 0 0 X 1740434 1755877 1740434 1755877 1740434 1755877 X 14199 1244 X false false false X X X 2 UNIVERSITY OF ILLINOIS 376124411 5 true 48000 0 UNIVERSITY OF ILLINOIS 376124411 5 true 46000 0 2 94000 0 true true false false false false false false false false false false false false false true false true X 0 0 0 0 0 0 PART IV, SECTION D, LINE 2 THE TRUSTEE WAS NAMED IN THE WILL OF VERNA TOWNSEND. MEETINGS WITH REP RESENTATIVES OF THE SUPPORTED ORGANIZATIONS ARE COORDINATED BY THE TRU STEE. ONGOING COMMUNICATION REGARDING INVESTMENTS AND FARM ACTIVITY OC CURS THROUGHOUT THE YEAR. THERE ARE DISCUSSIONS REGARDING THE INVESTM ENTS. PART IV, SECTION D, LINE 3 THE INVESTMENTS ARE ROUTINELY REVIEWED WITH REPRESENTATIVES OF THE SUP PORTED ORGANIZATIONS. QUESTIONS AND CONCERNS ARE ADDRESSED. IF THERE A RE INVESTMENTS THE SUPPORTED ORGANIZATIONS DO NOT WANT HELD IN THE POR TFOLIO, THOSE ARE NOTED. PART V, SECTION E LINE 6 ALL NET INCOME WAS DISTRIBUTED. THE REMAINDER WILL BE DISTRIBUTED IN T HE FOLLOWING YEAR. PART IV, SECTION A, LINE 2 THE SUPPORTED ORGANIZATION IS A STATE UNIVERSITY 1158670 1158670 113642 111102 2540 15821 15821 1177031 EXXON OIL/GAS LEASE ILLINI FS COOP STOCK HEARTLAND GRAIN COOP STOCK SCHEDULE A, PART IV, SECTION 3, LINE 1 THE VERNA TOWNSEND TRUST SUPPORTS THE UNIVERSITY OF ILLINOIS COLLEGE OF LAW AND SCHOOL OF MUSIC. THE TRUST PROVIDES SCHOLARSHIPS TO STUDENTS CHOSEN BY THE UNIVERISITY. THIS ALLOWS THE UNIVERSITY TO CONTINUE TO ATTRACT HIGH CALIBER STUDENTS AND REDUCE THE AMOUNT IT OFFERS IN SCHOLARSHIPS. THESE FUNDS CAN THEN BE USED TO MAINTAIN OTHER AREAS WITHIN THE TWO COLLEGES. FORM 990, PAGE 6, PART VI, LINE 11-DESCRIPTION OF PROCESS FOR REVIEW THE GOVERNING BODY, BUSEY TRUST COMPANY AS TRUSTEE, IS RESPONSIBLE FOR THE PREPARATION OF THE FORM 990. THIS FORM IS PREPARED BY AN EMPLOYEE OF BUSEY TRUST COMPANY AND IS REVIEWED BY ANOTHER MEMBER OF THE TRUST COMPANY PRIOR TO FILING THE RETURN. EXPLANATION FOR FORM 990, PAGE 6, PART VI, LINE 12c PART VI, SECTION B, LINE 12C: THE ORGANIZATION IS A CHARITABLE TRUST UNDER SECTION. ITS TRUSTEE, BUSEY TRUST COMPANY, AS A SEPARATE ORGANIZATION DOES HAVE A WRITTEN CONFLICT OF INTEREST POLICY. BUSEY TRUST COMPANY REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THESE POLICIES THROUGH EMPLOYEE EDUCATION AND REPRESENTATION. ASSOCIATES ARE REQUIRED TO PROVIDE INFORMATION IN CONNECTION WITH REGULATROY EXAMS REGARDING ANY POTENTIAL CONFLICTS OF INTEREST, INCLUDING OTHER BUSINESS ACTIVITIES OR PROVISION OF SERVICES TO THE TRUSTCOMPANY INDIVIDUALLY OR IN ITS FIDUCIARY CAPACITY. FORM 990, PAGE 6, PART VI, LINE 15a FORM 990, PART VI, SECTION B, LINE 15: THE VERNA K TOWNSEND TRUST DOES NOT HAVE COMPENSATED OFFICERS. THE COMPENSATION TO THE TRUSTEE IS SET BASED UPON A STANDARD FEE SCHEDULE USED IN ASSESSING FEES TO ALL EXEMPT ORGANIZATION CLIENTS, REPORTED TO THE CHARIABLE BENEFICIARY, APPROVED BY ITS BOARD OF DIRECTORS AND COMPARABLE TO INDUSTRY FEE SCHEDULES IN THE AREA. FORM 990, PAGE 6, PART VI, LINE 15b THE VERNA K TOWNSEND TRUST DOES NOT HAVE COMPENSATED OFFICERS. THE COMPENSATION TO THE TRUSTEE IS SET BASED UPON A STANDARD FEE SCHEDULE USED IN ASSESSING FEES TO ALL EXEMPT ORGANIZATION CLIENTS, REPORTED TO THE CHARIABLE BENEFICIARY, APPROVED BY ITS BOARD OF DIRECTORS AND COMPARABLE TO INDUSTRY FEE SCHEDULES IN THE AREA.. FORM 990, PAGE 6, PART VI, LINE 19 ALL DOCUMENTS ARE MAINTAINED AT THE OFFICE OF THE TRUSTEE, BUSEY TRUST COMPANY. THE GOVERNING TRUST DOCUMENT IS MAINTAINED ELECTRONICALLY, AS ARE OTHER POLICIES. THEY MAY BE PRINTED UPON REQUEST. FORM 990, PAGE 7, PART VII, SECTION A BUSEY BANK 1 HOUR PER WEEK EXPLANATION FOR FORM 990, PART XI, LINE 9 TRANSACTIONS POSTED AFTER PERIOD END ($157.88); TRANSACTIONS POSTED FOR PRIOR149.06; REFUND FROM UNIVERSITY OF ILLINOIS 1250. DEMINIMIS $2.82