- BHAKTIVEDANTA BOOK TRUST AGREEMENT -
Founding Document for the BBT, USA
BBT Trust Agreement 72/05/29
I, A.C. Bhaktivedanta Swami, disciple of OM VISNUPAD PARAMHANSA 108 SRI SRIMAD BHAKTISIDDHANTA SARASVATI GOSVAMI MAHARAJ PRABHUPĀDA, hereby give and transfer all of my books and all property rights incidental thereto as hereinafter described to A.C. BHAKTIVEDANTA SWAMI, BALI MARDAN dasa BRAHMACHARY, and KARANDHAR dasa ADHIKARY as Trustees, in Trust, for the purposes hereinafter stated and to be administered in accordance with the provisions hereinafter set forth.
I. TRUST FUND
The properties which shall constitute the Trust Fund include all books and manuscripts and other documents written by me or translated by me, including the following hereinafter listed, and all those written by me in the future, including all copyrights and publication rights incidental thereto:
The Nectar of Devotion;
KRSNA, The Supreme Personality of Godhead;
Teachings of Lord Caitanya;
The Bhagavad-Gītā As It Is;
Easy Journey to Other Planets;
KRSNA CONSCIOUSNESS: The Topmost Yoga System;
Back to Godhead Magazine;
The First Step in God Realization;
The Lord in the Heart;
Pure Devotional Service—The Change in Heart;
Process of Creation;
The Cause of All Causes;
The Incarnations of Godhead;
Answers by Citing the Lord's Version.
II. NAME OF TRUST
This trust shall be known by the name, "BHAKTIVEDANTA BOOK TRUST." Insofar as practicable, the Trustees shall conduct the trust activities in that name.
III. PURPOSE OF TRUST
This trust is created and shall be operated exclusively for the benefit of the INTERNATIONAL SOCIETY FOR KRISHNA CONSCIOUSNESS, incorporated by me, and qualified as a tax-exempt religious organization under the provisions of the Internal Revenue Code, and specifically for the Book Fund and Building Fund activities hereinafter set forth in particular. This trust shall exist independently of the International Society for Krishna Consciousness and the Trustees' functions and duties stated herein shall be separate and not dependent on the Governing Body Commission of the International Society for Krishna Consciousness.
I direct that no part of the Trust Fund shall inure to the benefit of any private individual and no part of the activities of this trust shall consist of carrying on propaganda or otherwise attempting to influence legislation, or participating in or intervening in any political campaign on behalf of any candidate for public office. I insert these mandates in order to comply with the provisions of the Internal Revenue Code applicable to tax-exempt organizations. For the same purpose, I direct that the Trustees shall not conduct or carry on any activities which are not permitted to be conducted or carried on by tax-exempt organizations under the provisions of the Internal Revenue Code.
USE OF THE TRUST FUND
The Trustees shall collect all proceeds from the sale of my books, that is One Hundred Percent (100%) of all the proceeds from all of the International Society for Krishna Consciousness Temples and divide these proceeds into two funds, one-half (1/2) for the fund known as the Book Fund, and one-half (1/2) for the fund known as the Building Fund.
The proceeds allocated to the Book Fund shall be used for the following purposes, all in the discretion of the Trustees, in whom I have complete confidence:
- Printing and reprinting of books;
- Directing and managing all publicity and
distribution of my books;
- Processing all copyrights and legal rights
to my books;
- Allocating funds as they see fit to ISKCON
Press and directing the operation of the
activities of ISKCON Press in the printing
and reprinting of said books.
Those funds allocated to the Building Fund shall be applied in the sole discretion of the Trustees in the following manner:
- Purchase of properties for the construction
of new temples or renovation of old temples.
In the application of said proceeds, I direct the Trustees to distribute the trust income for each taxable year at such time and in such manner as not to become subject to the tax on undistributed income imposed by the Internal Revenue Code. In addition, in the discretion of the Trustees, I direct them to allocate such portions of the principal portion of the proceeds of said trust for the purposes stated in this Paragraph IV.
Any funds not so allocated may be distributed in the sole discretion of the Trustees to other charitable or religious organizations or purposes which qualify as tax-exempt under the provisions of the Internal Revenue Code.
MANAGEMENT OF TRUST FUND
I have full confidence in the manner in which my Trustees will govern the Trust Fund but, in order to give them as much flexibility as possible in accordance with the law, I set forth the following powers. In the administration of this trust and the Trust Fund, the Trustees shall have all powers and authorities necessary or available under the law to carry out the purposes of this trust, subject to the restriction as heretofore stated that they may not exercise any power or authority which is prohibited by the Internal Revenue Code for tax-exempt organizations.
Without limiting the generality of their powers, for purposes of clarification, I include the following special powers:
- A. To invest any of the principal of the Trust Fund not used for the purposes hereinabove stated;
- B. To open bank accounts in the name of the trust for the transaction of business;
- C. To pay such administrative expense as may be necessary in the administration of this trust;
- D. To appoint a secretary to keep account books and issue a monthly statement to the Trustees.
APPOINTMENT OF TRUSTEES
The Trustees whom I have herein designated are appointed for lifetime. In the event of the death or failure to act for any reason of any of said Trustees, a successor Trustee or Trustees may be appointed by the remaining Trustees, with never more than five (5) Trustees acting at one time.
TERM OF TRUST
This trust shall be irrevocable. In the event of an inadvertent disqualification of this trust under the laws as they may exist from time to time, which may require a dissolution of the trust, the entire Trust Fund shall, in that event, be distributed to the International Society for Krishna Consciousness.
IN WITNESS WHEREOF, I have executed this trust this 29th day of May, 1972.
A.C. BHAKTIVEDANTA SWAMI
ACCEPTANCE OF TRUST
The Trustees hereby accept this Trust and the obligations imposed thereby and undertake to hold, manage and administer the Trust Fund in accordance with the terms of this Agreement.
A.C. BHAKTIVEDANTA SWAMI
BALI MARDAN dasa BRAHMACHARY
KARANDHAR dasa ADHIKARY
(Kelly G. Smith)