13 CRR-NY 92.4NY-CRR
13 CRR-NY 92.4
13 CRR-NY 92.4
92.4 Charitable lead trusts.
(a) Registration.
Charitable lead trusts as defined in section 90.3(b)(2) of this Chapter are required to register pursuant to EPTL section 8-1.4.
(1) What registration documents to submit. To register with the Attorney General, a charitable lead trust shall submit all of the following documents:
(i) CHAR001-LT (registration statement for charitable lead trusts) or a successor form issued by the Attorney General, which shall include:
(a) identifying information, including the identity of each charitable beneficiary; and
(b) contact information for each trustee and attorney for the trust; and
(ii) a copy of the trust instrument and any amendments.
(2) What registration fees to submit. Charitable lead trusts are not required to pay a registration fee pursuant to the EPTL. However, an EPTL filing fee is required when the charitable lead trust submits each periodic report and its final report pursuant to subdivisions (b) and (c) of this section.
(3) When to register. Charitable lead trusts shall register within six months after the trust is funded.
(4) Where to register. Charitable lead trusts shall submit their registration documents to the New York City office of the Attorney General's Charities Bureau or such other place as the Attorney General may designate.
(b) Periodic reports.
Charitable lead trusts are required to file annual reports with the Attorney General.
(1) What annual report documents to submit. The following documents constitute a complete annual filing for a charitable lead trust:
(i) CHAR004 (annual filing for charitable lead trust) or a successor form issued by the Attorney General, which shall include:
(a) identifying information, including the identity of each charitable beneficiary and the fiscal year end of the annual report;
(b) contact information for each trustee and attorney for the trust and each financial institution where trust assets are held; and
(c) principal, income and total financial information for the trust, including charges; administration expenses, distributions to beneficiaries and other credits; liabilities; and fund balances; and
(ii) a copy of the trust's IRS form 5227 (split-interest trust information return) or a successor form.
(2) What annual report fees to submit. Charitable lead trusts shall pay an annual EPTL filing fee according to the following schedule:
(i) $25, if the total amount distributed to charity by the trust during the fiscal year is less than $50,000;
(ii) $50, if the total amount distributed to charity by the trust during the fiscal year is $50,000 or more but less than $250,000;
(iii) $100, if the total amount distributed to charity by the trust during the fiscal year is $250,000 or more but less than $1 million;
(iv) $250, if the total amount distributed to charity by the trust during the fiscal year is $1 million or more but less than $10 million;
(v) $750, if the total amount distributed to charity by the trust during the fiscal year is $10 million or more but less than $50 million; or
(vi) $1,500, if the total amount distributed to charity by the trust during the fiscal year is $50 million or more.
(3) When to file annual reports. A charitable lead trust shall file an annual report within six months after the end of its fiscal year. The extension request provisions for charitable organizations contained in section 91.5(f)(3) of this Chapter apply to annual reports of charitable lead trusts.
(4) Where to file annual reports. A charitable lead trust shall submit its annual reports to the New York City office of the Attorney General's Charities Bureau or such other place as the Attorney General may designate.
(c) Final reports.
Charitable lead trusts are required to file a final report with the Attorney General.
(1) What final report documents to submit. The following documents shall constitute a complete final annual report for a charitable lead trust:
(i) CHAR004 (annual filing for charitable lead trust) or a successor form issued by the Attorney General, which shall include:
(a) identifying information, including the identity of each charitable beneficiary and the end date of the annual report;
(b) contact information for each trustee and attorney for the trust and each financial institution where trust assets are held; and
(c) principal, income and total financial information for the trust, including charges; administration expenses, distributions to beneficiaries and other credits; liabilities; and fund balances; and
(ii) a copy of the trust's IRS form 5227 (split-interest trust information return) or a successor form for the year during which the charitable lead interest terminates.
(2) What final report fees to submit. Charitable lead trusts shall pay a final EPTL annual filing fee of $25, if the total amount distributed to charity by the trust during the fiscal year is $25,000 or more.
(3) When to file final report. A charitable lead trust shall file its final report within six months after the end of its fiscal year during which the lead charitable interest terminated. The extension request provisions for charitable organizations contained in section 91.5(f)(3) of this Chapter apply to final reports of charitable lead trusts.
(4) Where to file final report. A charitable lead trust shall submit its final report to the New York City office of the Attorney General's Charities Bureau or such other place as the Attorney General may designate.
13 CRR-NY 92.4
Current through July 31, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.