Gene Lindsay's Trust Funds
The 2009 Tennessee Open tournament was dedicated to "Gene Lindsay" in honor and memory of him as a Master Tennessee Checker Player and a generous supporter and promoter of checkers. Steven Eugene "Gene" Lindsay of Morristown, Tennessee suddenly and unexpectedly died September 6, 2007 at age 52. Gene gifted Checkers over $360,920.00. Mr. Frank Davis, President of TCA announced that Betty Vanover would be present for a special Gene Lindsay presentation. This would be a good opportunity to personally thank Betty and show our appreciation for this generous Lindsay bequest as funding to our great mind sport. Lindsay's estate was settled in mid-January, 2009 which wasn't the best timing because of the economy; it would easily have yielded 2-3 times this amount if not in one of the worst real estate markets since the great depression. A large proportion of Mr. Lindsay's net worth was his apartment complex (income property). His will specifically provided checkers 7/8 of his real estate, although there was surviving family, and a 1/8 went to Ms. Tasha Lane, his niece. Never the less, we are thankful and appreciative that the funds were dispersed as following:
This is an exciting time and a strong promising forward step for checkers. It will help promote Tennessee Checkers and I expect the interest and enthusiasm will greatly increase future TN Open attendance.
Frank Davis explained during the 2009 TN 3-Move "Dedication to the memory & honor of Gene Lindsey" Tournament meeting the Tennessee account was set up by investing it in a 3% CD at F&M Bank in Clarksville, TN. This protects the principal with interest only to be used for tournament expense, and reporting the account status by financial statement annually at the TN Open business meeting. This account requires three signatures to make a withdrawal and therefore protecting the funds from an individual's death or a single individual's withdrawal. The three signatures on the initial certificate of deposit account were: the officer of Tennessee Checker Association as President, Frank Davis; Vice President, Ken Christian; and Treasurer Hugh Burton. The interest only would be available in our 2010 Tennessee State Open.
A checker player ask ACF President, Alan Millhone how the, Gene Lindsay ACF accounts were set up? ACF President, Alan Millhone responded, "Indicated that the ACF accounts were set up similarly requiring three signatures, and likewise the accounts status and balance would be reported annually at the National business meeting and published in the ACF November/December EOY issue of our bi-monthly bulletin." All Lindsay accounts were to conserve the principal and use only interest / dividends & growth for tournament expenses starting in 2010. The Lindsay Funds were stipulated to be paid out as prize funds mostly to the Master Division and tournament expenses.
All Lindsay accounts were to conserve the principal and use only interest / dividends & growth for tournament expenses starting in 2010. The Lindsay Funds were stipulated to be paid out as prize funds mostly to the Master Division and tournament expenses.
The WCDF General Assembly voted at the 2009 (GAYP) WQT in Isle of Wight, England on 9/02/2009, deciding Lindsay's money shall not be spent but invested in an index range of shares and the dividends used to fund WCDF. It was voted at the GA that the Gene Lindsay money should be invested and the income used to help towards funding qualifying tournaments. Ian Caws has invested the money at approximate 5% yield which should realize about £2K per annum.