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

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Can the interest on an...
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: 3 years ago.Category: Legal
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Answered in 1 day by:
6/28/2015
Lawyer: N Cal Atty, Lawyer replied 3 years ago
N Cal Atty
N Cal Atty, Lawyer
Category: Legal
Satisfied Customers: 9,906
Experience: attorney at self
Verified
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?
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Customer reply replied 3 years 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 reply replied 3 years 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?
Lawyer: N Cal Atty, Lawyer replied 3 years ago
I am going to opt out and see if a Michigan Expert can answer this.
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