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GiftLaw Pro Home   >  Chapter 3 - Deferred Gifts  >  3.1 Annuity Remainder Trust  >  3.1.11 Disclosure AT - SEC Exemption  >  Basic Quiz

Basic Quiz - 3.1.11 Disclosure AT - SEC Exemption

1. The Philanthropy Protection Act was designed to address security issues related to investments held by charities.
           
2. The Philanthropy Protection Act requires disclosure to donors of commingled investments by the charity.
           
3. The Philanthropy Protection Act applies to private trustees.
           
4. The Philanthropy Protection Act applies to bank and trust companies.
           
5. The Philanthropy Protection Act always applies to charities when they serve as trustee of charitable remainder trusts.
           
6. The Philanthropy Protection Act requires disclosure of material facts and the Act states which material facts need to be disclosed.
           
7. The disclosure required by the charity does not need to be extensively long; it just needs to be a full and fair disclosure.
           
8. The information given to the donors needs to assist them in understanding the nature, quality and risk of the various investments.
           
9. The Philanthropy Protection Act requires a specific form to provide the disclosure information.
           
10. The charity should have its disclosure statement reviewed by its legal counsel.