Regulatory Alerts2004-02-02
Nonprofit Corporation Acting as Fiduciary for Service Population
The Pennsylvania Department of Banking issued a determination regarding whether a 501(c)(3) nonprofit corporation may act as a fiduciary for its service population under testamentary documents. The Department concluded that such an entity may serve as a fiduciary under the Banking Code provided it submits evidence of its Pennsylvania charter and an IRS ruling confirming its federal tax-exempt status. The letter further advises that the organization must also comply with applicable Pennsylvania Orphan’s Court Rules and local court regulations governing fiduciary activities.
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