NYCT 2004 AR Cover - The New York Community Trust

GUIDELINES FOR ATTORNEYS
20
Establishing a fund in The
New York Community Trust
for your client is a relatively
straightforward process.
Our comprehensive booklet,
Creating a Fund Here:
Suggested Words and
Procedures, provides all the
relevant information: The
Trust’s tax classification letter,
descriptive material on the
different types of funds, and
suggested language to help you draft
instruments to provide for gifts to our
organization. Call us to receive a copy or visit us
online, at http://nycommunitytrust.org.
Donors have the option of setting up
funds in The New York Community
Trust with a bank as trustee or in our
not-for-profit corporate affiliate,
Community Funds, Inc. The
organizations share a governing board
and file a single tax return with the IRS.
THREE IMPORTANT FACTS
We are unable to accept a fund unless
its terms have been reviewed by us and
found acceptable. It is particularly
helpful if we review the language before
the instrument is executed to ensure
that we can meet the donor’s purpose.
For funds held in trust as part of The
New York Community Trust, a cotrustee
is not permitted.
All our funds enjoy an important
advantage: If a change of circumstances
makes literal compliance with the terms
of the gift instrument “unnecessary,
undesirable, impractical, or
impossible,” our governing body
through its variance power, is able to
vary them. Donors are assured that
their gifts will never become obsolete;
they will remain useful to the
community in perpetuity.