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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28951
Experience:  Taxes, Immigration, Labor Relations
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My Church established an endowment to receive funds from a

Customer Question

My Church established an endowment to receive funds from a deceased member's trust that required an endowment to be established. It has it's own separate tax id number.
The stated purpose of the endowment fund it provide operating income to the church at 4.5% a year on a 3 year average balance. The endowment received $530,000, trust department at local bank is handling that. Question is there any federal or state tax or information forms to file as this is a separate entity than the church although 100% of the distributions go to the church's general operation expenses.
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

When we are discussing possible tax obligations - we need to know the type of that separate entity.

Either that is a part of an existing trust OR that is a separated trust.

When the application for EIN was filed - the type of the entity was specified - we would need that information.

Also that separate entity was likely registered with state authorities - can you verify its classification?

Customer: replied 1 year ago.
Can I provide this information tomorrow?
Expert:  Lev replied 1 year ago.

Absolutely.

Take your time.

While I might be not immediately available - surely I will reply.

Expert:  Lev replied 1 year ago.

Let me know if you were able to resolve your issue?
I will review any additional information you have.