Posted 9/30/2013 12:00 am
A trust fund that had been supplying Little Rock’s World Services for the Blind with funds for 30 years has been dissolved.
We caught wind of the trust cancellation from a lawsuit filed in Pulaski County Circuit Court by the board of directors of the Little Rock Founders Lions Club.
According to the suit, the $100,000 fund was created in 1982 by Carolyn and Bernard Whetstone, parents of Little Rock attorney Bud Whetstone.
Income from the fund was used to purchase equipment and training. At the time the suit was filed, the trust consisted of $95,929 in cash and securities.
But, the suit said, fees for managing the trust were starting to overtake income from the trust.
To fix the situation, the Lion Club proposed terminating the trust and distributing the assets in their entirety to World Services for the Blind.
According to a letter attached to the suit, Larry Dickerson, president of World Services for the Blind, approved of the Lion Club’s proposal.
On Aug. 26, Circuit Judge Collins Kilgore ruled in favor of the dissolution.