Charitable Trusts & Institutional Funds

Overview of Charitable Trusts and Institutional Funds

The Attorney General has authority over trusts for benevolent public purposes, including charitable trusts.  Notice must be given to the Attorney General for all court proceedings involving trusts for benevolent public purposes. This includes trust modifications, terminations, deviations, decanting, appointment of successor trustees, trust contests, and accountings filed with the court for approval.  Additionally, the Attorney General’s authority extends over institutional funds to the extent a release or modification is sought to the fund’s purpose, management, or investment.

Submissions of 990-PF or Combined 990-PF and NP-20 

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Be prepared with your EIN and the Fiscal Year covered.

Access portal to submit matters involving Charitable Trusts and Institutional Funds

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Please use this portal only for the submission of Charitable Trust and Institutional Fund matters needing the Attorney General’s review. You may need to register for an account if you do not already have one.We will accept materials relating to the following matters:

Disclaimer – The Attorney General will accept documents submitted in this manner for review, but please ensure compliance with the Indiana Trial Rules when completing service.

Helpful Trust Code citations:

Ind. Code chapter 30-4-5.5: The Attorney General has enforcement authority over trustees of benevolent trusts who commit a breach of trust.

Ind. Code section 30-4-3-24.5: The trustee must notify the qualified beneficiaries of the trustee’s unilateral termination of a trust with a value < $75,000. (Ind. Code section 30-4-1-2(14)(B): defines "qualified beneficiary" to mean the Attorney General, if the trust is a charitable trust having its principal place of administration in Indiana.)

Ind. Code section 30-4-3-33(d): When the terms of a charitable trust are silent, the Attorney General must approve the replacement trustee chosen by a charitable organization expressly receiving distributions under the trust.

Ind. Code section 30-4-6-3(e): The trustee must notify the qualified beneficiaries of a proposed transfer of a trust's principal place of administration not less than sixty (60) days before initiating the transfer. (Ind. Code section 30-4-1-2(14)(B): defines "qualified beneficiary" to mean the Attorney General, if the trust is a charitable trust having its principal place of administration in Indiana.)

Ind. Code section 30-4-6-6(a): Notice must be given to the Attorney General for all court proceedings involving trusts for benevolent public purposes.

Ind. Code chapter 30-4-5.5: Remedies available to the Attorney General include:

• injunctive relief
• appointment of temporary or permanent receivers
• permanent removal of trustees
• appointment of permanent replacement trustees
• costs of investigation and prosecution of action
• civil penalties

Ind. Code section 30-4-5-12(b): A trustee of a charitable trust having at least $500,000 assets must annually provide the Attorney General a written certification stating that a written statement of accounts for the trust has been prepared and is available for the Attorney General's and general public's review.

Ind. Code section 30-4-5-12(c): The Attorney General is authorized, for benevolent trusts, to ask a court to order the trustee to file a verified written statement of accounts.

• Ind. Code section 30-4-5-13 details the information that must be included in the statement of accounts referred to in Ind. Code sections 30-4-5-12(b) and 12(c), e.g., principal of trust, itemized receipts and disbursements and other dispositions, etc.

Ind. Code section 30-2-12-13 [UPMIFA]: The Attorney General has the right to receive notice (institution must provide notice) and opportunity to be heard on an institution's petition for modification of a restriction on the management, investment, or purpose of an institutional fund. The Attorney General also has the right to receive notice of an institution's intent to unilaterally modify a restriction on the management, investment, or purpose of a small, old institutional fund.