How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask canonlaw Your Own Question

canonlaw
canonlaw, Canon Law expert
Category: General
Satisfied Customers: 164
Experience:  Doctoral degree in Rome, Judge, Postulator for canonizations
67793277
Type Your Canon Law Catholic Church Question Here...
canonlaw is online now
A new question is answered every 9 seconds

Can the interest on an endowment fund be taxed by the local

Customer Question

Can the interest on an endowment fund be taxed by the local bishop/
(these funds "endowment fund" were to be used only for the parish, as proscribed by the donor)?
Submitted: 1 year ago.
Category: Canon Law Catholic Church
Expert:  N Cal Attorney replied 1 year ago.
Thank you for your question.
In which State was the endowment fund set up?
Is the fund in the form of a trust, a nonprofit corporation, or something else.
Was the endowment created under the Will of the donor?
Do you have a copy of the terms of the endowment?
Customer: replied 1 year ago.
Michigan
nonprofit corp
not under the will of the donor , but for the sole used of the parish not the diocese.
It is part of the endowment that the diocese set up. An umbrella policy under which all endowment funds are handled.
Customer: replied 1 year ago.
Under the terms of the endowment we can take out 5.4% on an annual basis for the use of the parish.
These are the only terms under which the parish is restricted. The question is then, can the diocese tax the 5.4%
that the parish receives on an annual basis?
Expert:  N Cal Attorney replied 1 year ago.
I am going to opt out and see if a Michigan Expert can answer this.

Related Canon Law Catholic Church Questions