File #: Int 0318-2022    Version: * Name: Establishment of a charitable gifts reserve fund.
Type: Introduction Status: Committee
Committee: Committee on Finance
On agenda: 5/5/2022
Enactment date: Law number:
Title: A Local Law to amend the New York city charter, in relation to the establishment of a charitable gifts reserve fund
Sponsors: Justin L. Brannan, Rita C. Joseph, Kalman Yeger
Council Member Sponsors: 3
Summary: This local law would establish a charitable gifts reserve fund in the joint custody of the Department of Finance and the Comptroller to receive unrestricted charitable contributions for use by the City for charitable purposes.
Indexes: Agency Rule-making Required
Attachments: 1. Summary of Int. No. 318, 2. Int. No. 318, 3. May 5, 2022 - Stated Meeting Agenda, 4. Hearing Transcript - Stated Meeting 5-5-22, 5. Minutes of the Stated Meeting - May 5, 2022

Int. No. 318

 

By Council Members Brannan, Joseph and Yeger

 

A Local Law to amend the New York city charter, in relation to the establishment of a charitable gifts reserve fund

 

Be it enacted by the Council as follows:

 

Section 1. The New York city charter is amended by adding a new section 1529 as follows:

§ 1529. Charitable Gifts Reserve Fund. 1. There is hereby established in the joint custody of the commissioner of finance and the comptroller a fund pursuant to section 6-t of the general municipal law to be known as the “charitable gifts reserve fund.”

2. Such fund may receive unrestricted charitable monetary contribution and the moneys in such fund shall be deposited and secured in the manner proved by section 10 of the general municipal law. The comptroller may invest the moneys in such fund in the manner provided by section 11 of the general municipal law. Any interest earned or capital gain realized on the money so deposited or invested shall accrue to and become part of such fund. The separate identity of such fund shall be maintained whether its assets consist of cash or investments or both.

3. Within 60 days of the close of the fiscal year, the funds contained within the charitable gifts reserve fund shall be transferred to the general fund so that the funds may be used for charitable purposes.

4. The department of finance shall promulgate rules establishing a procedure for contributions to the charitable gifts reserve fund, which shall include the provision of a written acknowledgement of the gift to the contributor.

§ 2. This local law takes effect 120 days after it becomes law.

 

 

Session 12

AV

LS 857

5/1/2022

 

Session 11

RKC

LS #5219

Int. 1213-2018