信托法规定的与任务相关的投资

2020年10月9日 法律新闻:家族办公室 出版物
作者: 杰森·科特(Jason J. Kohout) 艾玛琳·乔吉娜

正如在 上一篇文章,美国国税局(IRS)澄清说,与任务相关的投资(MRI)不会触发私人基金会“jeopardy investment”规则(也就是说,私人基金会不能进行会损害其开展慈善活动的能力的投资)。虽然定义“任务相关投资”有点模糊,它是指一种投资方法,其中投资的主要目标是产生收入,但是投资选择受到慈善或社会影响的影响(相比之下,与计划相关的投资’s primary purpose is to advance a charitable purpose as opposed to the production of income). Depending on the exact circumstances, an example of a mission-related investment might be an investment in a small biotechnology start-up that is developing new scientific methods to address a widespread condition or disease. This may be highly risky, but the foundation wants to invest, not only for possible financial gain, but also to support scientific development. In Notice 2015-62, the IRS stated that private foundations may make 任务相关投资 without triggering the 危险投资 rule as long as foundations exercise prudence and ordinary business care. 

While the IRS has provided guidance related to the 危险投资 rule, every private foundation is also subject to the law governing its existence as a legal entity. A private foundation is usually formed as a trust governed under the state trust statute or a non-stock corporation governed under the state non-stock corporation statute. If the foundation is a trust, the state law generally governs trustees’投资选择。在许多州,这是《统一审慎投资者法案》(UPIA)的某些版本。威斯康星州于2004年采用其UPIA版本的第881章。UPIA的编写旨在解决受托人投资使一个或多个个人受益人受益的信托基金的典型情况。根据UPIA,受托人必须考虑到信托的目的,条款,分配要求和其他情况,以谨慎的投资者的方式投资和管理资金。受托人在这样做时必须行使合理的谨慎,技巧和谨慎。

Where a charitable trust does not have a designated beneficiary (which is the case for most private foundations that allow the trustee discretion in making distributions for charitable purposes), 任务相关投资 are very likely acceptable as an investment alternative that accomplishes the private foundation’s charitable purpose (although every situation merits review). UPIA contains a provision allowing the trustees to take into account the relationship or value of an investment asset as it relates to the purposes of the trust. Mission-related investments usually fit into this concept: 任务相关投资 are investments that may not otherwise be held by the private foundation if not for the societal benefit, but may nonetheless be important because they fulfill part of the charitable mission of the organization.

In a perfect world, the donor or creator of the private foundation has contemplated mission-related investing, and specifically allowed for this approach in the trust document (we anticipate that donors will want to do so). In making 任务相关投资, some donors and trustees of private foundations are also making trust amendments or modifications to specifically address this issue. 

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