NYCT AR2009_final.pdf - The New York Community Trust

guidelines for attorneys
24
Establishing a fund in The New York Community
Trust for your client is a relatively straightforward
process. Our 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
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
The New York Community Trust, a
co-trustee is not permitted.
and staff, and file a single tax return
with the Internal Revenue Service.
THREE IMPORTANT FACTS
• All our funds enjoy an important
advantage: If a change of
circumstances makes literal
compliance with the terms of
•
•
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 gift instrument “unnecessary,
undesirable, impractical, or
impossible,” our governing body
is able to vary them. Donors are
assured that their gifts will never
become obsolete; they will remain
useful to the community in
perpetuity.