42.4.2705    CREATING A PERMANENT IRREVOCABLE FUND

(1) A permanent, irrevocable fund can be created by a restriction in the applicable planned gift document indicating the donor's intention that the contribution shall be held in a permanent, irrevocable fund. For planned gifts other than paid-up life insurance policies, the applicable planned gift document is the trust document, gift annuity contract, life estate agreement or pooled income fund agreement.

(2) A permanent irrevocable fund can be created in a separate gift document accompanying an outright contribution.

(3) A permanent irrevocable fund may be created by either a qualified organization referenced in ARM 42.4.2703 under a separate governing document or when a donor creates an endowment through a gift document.

(4) By creating a permanent, irrevocable fund and receiving the credit, the donor waives the right under 72-30-207, MCA, to release the restriction in the gift document.

(5) All funds created by donors or qualified organizations must meet the requirements of a permanent irrevocable fund provided in these rules.

History: 15-30-2620, 15-31-501, MCA; IMP, 15-30-2327, 15-30-2328, 15-30-2329, 15-31-161, 15-31-162, MCA; NEW, 1998 MAR p. 1004, Eff. 4/17/98; AMD, 2000 MAR p. 2109, Eff. 8/11/00; TRANS, from ARM 42.15.515, 2004 MAR p. 1965, Eff. 8/20/04; AMD, 2010 MAR p. 1209, Eff. 5/14/10.