Wednesday, May 8, 2024
Deferred Gifts

3.5.9 Basic Quiz -- Disclosure LT - SEC Exemption
The Philanthropy Protection Act was designed to address security issues regarding investments held by charities.
     True      False
The Philanthropy Protection Act requires disclosure to donors of commingled investments by the charity.
     True      False
The Philanthropy Protection Act does not require the charity to disclose lead trust investments even if it is serving as trustee.
     True      False
The Philanthropy Protection Act applies to bank and trust companies.
     True      False
The Philanthropy Protection Act always applies to charities when they serve as trustee of charitable lead trusts regardless of whether the investments are commingled.
     True      False
The Philanthropy Protection Act requires disclosure of material facts and the Act states which material facts need to be disclosed.
     True      False
The disclosure by the charity does not need to be extensive, it just needs to be a full and fair disclosure.
     True      False
The information given to donors must assist them in understanding the nature, quality and risk of the various investments.
     True      False
The Philanthropy Protection Act requires a specific form upon which to provide the disclosure information.
     True      False
The charity should have its disclosure statement reviewed by its own legal counsel.
     True      False



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