State Codes and Statutes
Statutes > North-carolina > Chapter_131F > GS_131F-31§131F‑31. Contributions solicited for, or accepted by or on behalf of, anamed individual.
(a) Trust AccountRequired. Contributions solicited for, or accepted by or on behalf of, anamed individual shall be deposited in a trust account opened by a trusteenamed in a properly established trust document.
(b) Use of Trust Funds. Contributions deposited in the trust fund may be used only for the purposefor which the contributions were solicited; if the contributions are no longerneeded for the purpose for which they were solicited, they may be used foranother similar charitable purpose. The trustee may disburse funds from thetrust account only after making a written record verifying the purpose forwhich the funds will be used accompanied by documentation of the identity ofthe payee and the justification for the payment. The Trustee shall retain theserecords for each disbursement from the trust account for a period of threeyears after the disbursement. (1993 (Reg. Sess., 1994), c.759, s. 2.)
