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The financial investigation of charitable funds

Published online by Cambridge University Press:  18 August 2016

S. F. Isaac  and
R. W. A. Fowler
S. F. Isaac
Affiliation:
Atlas Assurance Company Ltd.
R. W. A. Fowler
Affiliation:
Clerical, Medical and General Life Assurance Society
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Extract

There are in existence numerous charitable funds which provide financial assistance to members or their dependants in the form of either grants or annuities and of which the principal characteristics are usually:

(1) that the benefits are neither legally claimable nor clearly defined,

(2) that membership is voluntary,

(3) that the members' contributions are usually inadequate to support the benefits, and

(4) that donations, voluntary subscriptions and legacies frequently form a large part of the income.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 72 , Issue 3 , 1946 , pp. 415 - 444
Copyright
Copyright © Institute and Faculty of Actuaries 1946

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References

page 434 note * A note on the liability of charities to income tax appears on p. 444.—Eds. J.I.A.