Common Contracts
1 similar Income Fund Agreement contracts
IntroductionIncome Fund Agreement • March 28th, 2019
A pooled income fund (PIF) is a trust established and maintained by a public charity (such as a church, school, college, university, hospital, or medical research institution) which receives contributions from multiple donors and is defined in Internal Revenue Code (IRC) §642(c). The PIF is a split-interest gift plan which designates an irrevocable remainder interest for the use of the public charity which maintains the fund and provides an income interest for the life of one or more beneficiaries, each of whom must be living at the time of the asset transfer to the PIF. Contributions qualify for income, gift, and estate tax charitable deductions based on the present value of the charitable interest at the time the gift is completed. The fund is maintained by the organization to which the remainder interest is contributed. No donor or beneficiary of an income interest may be a trustee. A national charitable organization may maintain a fund for its affiliated local organizations with wh
