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A charitable trust is an irrevocable trust established for charitable purposes and, in some jurisdictions, a more specific term than "charitable organization". A charitable trust enjoys a varying degree of tax benefits in most countries. It also generates good will. Some important terminology in charitable trusts is the term "corpus", which refers to the assets with which the trust is funded, and the term "donor", which is the person donating assets to a charity.
Trustee is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any person who holds property, authority, or a position of trust or responsibility to transfer the title of ownership to the person named as the new owner, in a trust instrument, called a beneficiary. A trustee can also refer to a person who is allowed to do certain tasks but not able to gain income, although that is untrue. Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government.
A foundation is a category of nonprofit organization or charitable trust that typically provides funding and support for other charitable organizations through grants, but may also engage directly in charitable activities. Foundations include public charitable foundations, such as community foundations, and private foundation, which are typically endowed by an individual or family. However, the term "foundation" may also be used by organizations that are not involved in public grantmaking.
The Bridge House Estates is a charitable trust, established by Royal charter in 1282 by the City of London Corporation in London, England. It was originally established to maintain London Bridge and, subsequently, other bridges. Funded by bridge tolls and charitable donations, the trust acquired an extensive property portfolio which made it more than self-sufficient. As well as maintaining the bridges, the estates also makes other charitable grants through the City Bridge Trust, their grant-making arm. It is one of three funds managed by the City of London, the other two being the City Fund and the City's Cash.
A charitable organization or charity is an organization whose primary objectives are philanthropy and social well-being.
A parochial church council (PCC) is the executive committee of a Church of England parish and consists of clergy and churchwardens of the parish, together with representatives of the laity. It has its origins in the vestry committee, which looked after both religious and secular matters in a parish. It is a corporate charitable body.
A financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial, real estate, or other investments for a specific purpose according to the will of its founders and donors. Endowments are often structured so that the principal value is kept intact, while the investment income or a small part of the principal is available for use each year.
A vestry was a committee for the local secular and ecclesiastical government for a parish in England and Wales, which originally met in the vestry or sacristy of the parish church, and consequently became known colloquially as the "vestry".
The Church Commissioners is a body which administers the property assets of the Church of England. It was established in 1948 and combined the assets of Queen Anne's Bounty, a fund dating from 1704 for the relief of poor clergy, and of the Ecclesiastical Commissioners formed in 1836. The Church Commissioners are a registered charity regulated by the Charity Commission for England and Wales, and are liable for the payment of pensions to retired clergy whose pensions were accrued before 1998.
The Carnegie Trust for the Universities of Scotland is a charitable trust established by Andrew Carnegie in 1901 for the benefit of the universities of Scotland, their students and their staff.
Perpetual curate was a class of resident parish priest or incumbent curate within the United Church of England and Ireland. The term is found in common use mainly during the first half of the 19th century. The legal status of perpetual curate originated as an administrative anomaly in the 16th century. Unlike ancient rectories and vicarages, perpetual curacies were supported by a cash stipend, usually maintained by an endowment fund, and had no ancient right to income from tithe or glebe.
The Peter Culverhouse Memorial Trust (PCMT) is a charitable trust in the United Kingdom. It was established to raise money for research into brain tumours, and to help finance care for terminally ill cancer patients.
A foundation in the United States is a type of charitable organization. However, the Internal Revenue Code distinguishes between private foundations and public charities. Private foundations have more restrictions and fewer tax benefits than public charities like community foundations.
Until 1969, the term private foundation was not defined in the United States Internal Revenue Code. Since then, every U.S. charity that qualifies under Section 501(c)(3) of the Internal Revenue Service Code as tax-exempt is a "private foundation" unless it demonstrates to the IRS that it falls into another category such as public charity. Unlike nonprofit corporations classified as a public charity, private foundations in the United States are generally subject to a 1% or 2% excise tax or endowment tax on any net investment income.
Allchurches Trust is a large national charity in the United Kingdom, established in 1972. It is headquartered in Gloucester. It is an independent registered charity. Its objects are to promote the Christian faith and to contribute to the funds of any charitable institutions and to carry out any charitable purpose. Initially, most of its grants were for the repair and maintenance of church buildings. Now it also supports projects that more widely benefit local communities and reflect changes in society.
An exempt charity is an institution established in England and Wales for charitable purposes which is exempt from registration with, and oversight by, the Charity Commission for England and Wales.
Charitable trusts in English law are a form of express trust dedicated to charitable goals. There are a variety of advantages to charitable trust status, including exception from most forms of tax and freedom for the trustees not found in other types of English trust. To be a valid charitable trust, the organisation must demonstrate both a charitable purpose and a public benefit. Applicable charitable purposes are normally divided into categories for public benefit including the relief of poverty, the promotion of education, the advancement of health and saving of lives, promotion of religion and all other types of trust recognised by the law. There is also a requirement that the trust's purposes benefit the public, and not simply a group of private individuals.
The parish with its local parish church is the basic unit of the Church of England. The parish within the Church of England structure has its roots in the Roman Catholic Church and survived the English Reformation largely untouched. Church of England parishes are currently each within one of 44 dioceses divided between the provinces of Canterbury, with thirty dioceses and York with fourteen. There are around 12,500 Church of England parishes in all.
In philanthropy, donor intent is the purpose, sometimes publicly expressed, for which a philanthropist intends a charitable gift or bequest. Donor intent is most often expressed in gift restrictions, terms, or agreements between a donor and donee, but it may also be expressed separately in the words, actions, beliefs, and giving practices of a philanthropist. Donor intent is protected in American law regarding charitable trusts, and trustees' primary fiduciary obligation is to carry out a donor's wishes.
The Richmond Charities is an almshouse charity based in the London Borough of Richmond upon Thames with its origins dating back to 1600. The charity provides affordable housing for people in housing need. It also administers two relief-in-need welfare charities, a relief-in-sickness charity and a very small charity that awards small quarterly grants to four deserving spinsters.
References
- City Parochial Foundation Report on Current Policy relating to Grants and Loans 1982–86, July 1982