Public Fund
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Public Fund Definition
A public fund is a tax deductible fund with three main characteristics:
- It is the intention of the founders that the public will contribute to the fund;
- The public, or a significant part of it, does in fact contribute to the fund;
- The public participates in the administration of the fund. For non-government public funds, this means that the fund must be administered or controlled by persons considered to have a degree of responsibility to the community, either because of their tenure of a public office or because of their position in the community. Among those entitled to be Responsible Persons are church authorities, judges, ministers of religion, solicitors, doctors, mayors and councillors.
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