Supervision of Trustees and Fundraisers for Charitable Purposes Act: donor-advised funds.

The Supervision of Trustees and Fundraisers for Charitable Purposes Act governs charitable corporations, unincorporated associations, trustees, commercial fundraisers, fundraising counsel, commercial coventurers, and other legal entities holding or soliciting property for charitable purposes over which the state or the Attorney General has enforcement and supervisory powers. Under the act, specified charitable entities are required to file with the Attorney General periodic written reports, under oath, that set forth information as to the nature of the assets held for charitable purposes and the administration of these assets by the corporation or the trustee, as specified. Existing law authorizes the Attorney General to classify certain entities and establish rules for those classes as to the time and nature of the reports. This bill would require the Attorney General to establish a classification for sponsoring organizations that maintain one or more donor-advised funds, as defined.