The trustee of a trust held exclusively for charitable purposes may elect to be governed by AS 13.38.440 – 13.38.490 unless the governing instrument expressly provides that the election provided by AS 13.38.440 – 13.38.490 is not available.
To make an election under AS 13.38.440 – 13.38.490, the trustee shall adopt and follow an investment policy seeking a total return for the investments held by the trust, whether the return is to be derived from appreciation of capital or earnings and distributions with respect to capital or both. The policy constituting the election […]
(a) After a trustee has elected under AS 13.38.440 for the trust to be governed by AS 13.38.440 – 13.38.490, the trustee shall, in a writing maintained as part of the permanent records of the trust, select the percentage of the value of the trust that will be considered income and determine that it is […]
The trustee may revoke an election to be governed by AS 13.38.440 – 13.38.490 if the revocation is made as part of an alternative investment policy seeking the long-term preservation of the real value of the principal of the trust. The revocation and alternative investment policy must be in writing and maintained as part of […]
For the purposes of applying AS 13.38.440 – 13.38.490, the value of the trust is the fair market value of the cash and other assets held by the trustee with respect to the trust, whether these assets would be considered income or principal under the other provisions of this chapter, determined at least annually. In […]
In AS 13.38.440 – 13.38.490, except as otherwise expressly stated in AS 13.38.440 – 13.38.490, (1) “income” means the percentage of the value of the trust computed under AS 13.38.440 – 13.38.490; (2) “principal” means all assets other than those identified as income in (1) of this section that are held by the trustee with […]
