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GiftLaw Pro Home   >  Chapter 3 - Deferred Gifts  >  3.8 Pooled Income Fund  >  3.8.4 Pooled Income Fund (PIF) Management Options  >  Basic Quiz

Basic Quiz - 3.8.4 Pooled Income Fund (PIF) Management Options

1. With limited exceptions, a pooled income fund must be maintained by the public charity that will be the remainder recipient.
           
2. A national charity which serves multiple, regional or local affiliates may establish a national pooled income fund to benefit these local entities.
           
3. Similar to a private foundation, a community foundation may not operate pooled income funds.
           
4. A contribution to a pooled income fund administered by a community foundation must designate the remainder recipient on the date of contribution.
           
5. It is permissible for a bank or other trust company to administer a pooled income fund on behalf of a public charity.
           
6. Many charities choose a bank or trust company to administer their pooled income fund because they find they receive more charitable gifts.
           
7. It is possible for a director or trustee of a charity to donate to that charity's pooled income fund.
           
8. Financial planners and other professionals who advise their clients to contribute to a pooled income fund may receive a commission from the fund for their services.
           
9. A disclosure to a donor regarding the operation of the pooled income fund should describe the material terms of the operation.
           
10. Similar to charitable remainder trusts, a donor or an income beneficiary who is not a director or otherwise an employee of the charity may serve as the trustee of the pooled income fund.