S.3073 - A bill to encourage the establishment of Johnny Micheal Spann Patriot Trusts.107th Congress (2001-2002)
Summary: S.3073 — 107th Congress (2001-2002)
Sets forth requirements a charitable corporation, fund, foundation, or trust must meet to designate itself as a Johnny Micheal Spann Patriot Trust (a charitable trust for the spouses, dependents, and relatives of military and Federal personnel who lose their lives in the battle against terrorism that is named after the first American to die in such service following the September 11th terrorist attacks). Requires at least 85 percent of each Trust corpus to be distributed to such survivors and prohibits more than 15 percent from being used for administrative purposes. Prohibits any such Trust from participating in any political campaign on behalf of a candidate for public office. Requires: (1) audits of each Trust that annually receives contributions of more than $1 million; and (2) Trust distributions to be made at least once a year.
Introduced in Senate (10/08/2002)
Provides for the notification of Trust beneficiaries.