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Infolawyer, Attorney
Category: Estate Law
Satisfied Customers: 57405
Experience:  Licensed attorney helping individuals and businesses.
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Can a Pooled Income Fund distribute to the beneficiary 3% of

Customer Question

Can a Pooled Income Fund distribute to the beneficiary 3% of the total value of the account annually instead of 5%?
I want to create a Pooled Income Fund in our 501c3 corporation and allow parents and friends to donate by electronic transfer money each month into a child's account in a Pooled Income Fund with the child receiving a quarterly distribution of 3% of the annual profits the rest of his or her life. 3% would have it work better than 5%. I thought I saw where this is possible but now seem to only find that 5% is mandatory. is that true? Can I co 3% annually?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Infolawyer replied 1 year ago.

Reviewed your question. There is no authority for 3%. Need to adhere to the 5%.