pooled income fund
A pooled income fund (PIF) is an irrevocable charitable trust that provides a variable rate of income to the donor. It operates similarly to a mutual fund. The fund "pools" donations from many donors, assigning shares based on the amounts donated. A donation can be made in an amount of $1,000 or more. Periodic valuations of the fund determine the share price at the time of a donation. Per share income to the fund is disbursed, based upon the number of shares assigned to a donor. Income is dependant on the fund's investments. Tax-exempt investments and thus income are prohibited. A gift to a PIF can be made by cash or appreciated property.