Florida Regulations 69W-500.012: Exemption/Charitable Contributions to Pooled Income Funds
Current as of: 2024 | Check for updates
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(1) Transactions involving the offer and sale of certificates of interest or participation in pooled income funds operated, maintained and controlled by, and for the ultimate benefit of, charitable corporations as described in Florida Statutes § 517.051(9), are hereby exempted from the registration provisions of Florida Statutes § 517.07, provided such certificates or participation interests and the issuers, promoters or sponsors of such fund meet and comply with the following criteria:
(a) That the fund qualifies as a recipient of tax deductible contributions under Section 642(c)(5) of the Internal Revenue Code of 1954 (26 U.S.C. § 642.(c)(5)), which is incorporated by reference in Fl. Admin. Code R. 69W-200.002;
(b) That each prospective donor is furnished disclosures which fully and fairly describe the operation of the fund in compliance with the requirements of Florida Statutes § 517.051(9), and chapter 69W-400, F.A.C.; and,
(c) That each person soliciting gifts by means of the fund is either a volunteer or a person who is employed in the charitable corporation‘s overall fund-raising efforts who receives no commissions or other compensation based on the amount of the gift transferred to the pooled income fund.
(2) Persons, as described above, may disseminate promotional literature and provide other information and documentation concerning the fund and its charitable purposes, however, any such persons who actually accept gifts or consummate donations on behalf of the fund must be registered as provided in Florida Statutes § 517.12, and chapter 69W-600, F.A.C.
Rulemaking Authority Florida Statutes § 517.03(1). Law Implemented 517.061(19) FS. History-New 2-28-83, Formerly 3E-500.12, 3E-500.012, Amended 9-22-14.
Terms Used In Florida Regulations 69W-500.012
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(b) That each prospective donor is furnished disclosures which fully and fairly describe the operation of the fund in compliance with the requirements of Florida Statutes § 517.051(9), and chapter 69W-400, F.A.C.; and,
(c) That each person soliciting gifts by means of the fund is either a volunteer or a person who is employed in the charitable corporation‘s overall fund-raising efforts who receives no commissions or other compensation based on the amount of the gift transferred to the pooled income fund.
(2) Persons, as described above, may disseminate promotional literature and provide other information and documentation concerning the fund and its charitable purposes, however, any such persons who actually accept gifts or consummate donations on behalf of the fund must be registered as provided in Florida Statutes § 517.12, and chapter 69W-600, F.A.C.
Rulemaking Authority Florida Statutes § 517.03(1). Law Implemented 517.061(19) FS. History-New 2-28-83, Formerly 3E-500.12, 3E-500.012, Amended 9-22-14.