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Charitable Donation Accounts Balance Giving, Investing

 

Balance Giving, Investing

By Michelle A. Samaad June 08, 2014

Charitable giving by credit unions is nothing new, but the investment aspect of such accounts had caused regulators to wonder if the funds were being used for their intended purposes.

The NCUA board approved a new rule in December 2013 that offers protections against those concerns by allowing federal credit unions to fund hybrid charitable and investment vehicles designated as charitable donation accounts under certain conditions.

The final rule clarified that a federal credit union may hold investments within a CDA that are not allowed otherwise, so long as the account is primarily charitable in nature and structured to preserve the safety and soundness of the federal credit union, according to the NCUA.

Among the requirements is a minimum of 51% of the total return from the CDA must be distributed to one or more 501(c)(3) charities. Continue Reading > Charitable Donation Accounts Balance Giving, Investing

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