Purpose of the Albert J. Ryan Foundation

(As written by Alice M. Ryan on January 30, 1967)

It is my intention to perpetuate the name of my family and the name of my late beloved father, Albert J. Ryan, through the advancement of medical knowledge for the good of all humanity by the encouragement of basic research in any or all fields of medicine and related sciences. It is my preference but not a requirement which I impose upon the trustees that the basic research be encouraged through financial awards to researchers or to medical and scientific institutes who are not receiving large awards of monies from state or federal government agencies to underwrite their research.

The net income and so much of the principal as shall exceed, at the time of distribution, the amount of principal received by the trustees under my last will and testament shall be disposed of as follows (notwithstanding the possibility that a later decline in markets might reduce the amount of the principal below the amount received by the trustees under my will):

1. The trustees shall from time to time pay such portions of the whole of the net income or the principal authorized above for distribution to such one or more of the charitable organizations (as hereafter defined) as the trustees in their uncontrolled discretion shall determine for the purpose of awarding one or more Albert J. Ryan Scholarships for outstanding students of medicine or related sciences who show promise of becoming research scholars and who show a capacity to contribute to the advancement of knowledge of medical science.
   
   
2. The trustees shall from time to time pay such portions or the whole of the net income and/or the principal authorized above for distribution to one or more of the charitable organizations (as herein defined) as the trustees in their uncontrolled discretion shall determine, for the establishment of one or more Albert J. Ryan Fellowships to underwrite postdoctoral graduate research undertaken by an outstanding graduate student who is pursuing significant basic research.
   
   
3. In the event that the current trend toward "Socialized medicine" is carried to the extent that tax funds from state or federal government agencies provide, in the judgment of the trustees, sufficient financial support for those basic research projects which hold the greatest promise for the advancement of medical science, the trustees may, in their uncontrolled discretion, award fellowships or scholarships to promising scholars who are undertaking basic research in any field of human knowledge, the results of which hold promise for the advancement of the general welfare of humanity.
   
   
4. The trustees shall have the uncontrolled discretion to determine how many scholarships and fellowships shall be awarded. The trustees may in their uncontrolled discretion withhold the award of any scholarships of fellowships for such a period of time during which, in their judgment, no suitable candidates make application, or the candidates who do apply are being underwritten or could be underwritten by state or federal funds, or for the reasons of sound financial management of the Foundation.
   
   
5. The "charitable organizations" to which payments of income and/or principal may be made under this trust are confined to corporations, trusts, funds or foundations which are created or organized in the United States or in any possession thereof, or under the laws of the United States or possession of the United States; which are organized and operated exclusively for religious, charitable, scientific, literary or educational purposes, with respect to which no part of the earnings inures to the benefit of any private shareholder or individual; and with respect to which no substantial part of the activities is carrying on propaganda or otherwise attempting to influence legislation; particularly the charitable organizations to which payments of income and/or principal may be made so long as they conform to the foregoing description are Harvard University, the University of Cincinnati, and Dartmouth College.
   
   
6. From and after the date of death of Alice M. Ryan, the trustees may amend this trust in any way that from time to time may be necessary to cause the income to be exempt from federal and state income taxation. Such amendment shall be by an instrument in writing signed by the Trustees, which shall be kept attached to the executed original of this trust held by the Trustees. Despite such amendment, if made, the trust shall be irrevocable from the date of death of Settler.
   
   
7. Once each year from and after the date of the Settler's death, the Trustees shall render an accounting of all capital assets, of all receipts, and of all disbursements in writing to the treasurer or chief fiscal officer of Harvard University, of the University of Cincinnati, and of Dartmouth College.