Guest guest Posted February 1, 2000 Report Share Posted February 1, 2000 Thankyou, Ananda Mayi Prabhu, for shattering my doubts about trusts. I would say they are most essential, for securing the future of our cows, but how do you go about setting one up for the Iskcon farms in your own country? I would really like to, if I could, what are the steps? Does it cost anything? You would have to be sure the trustees are honest people, and will not divert the funds elsewhere- is this possible to ensure? After all, one may claim he's needing money for medicine for the cows, and use it for something else, what are the safe-guards? ys, niscala ____ Get Your Private, Free Email at http://www.hotmail.com Quote Link to comment Share on other sites More sharing options...
Guest guest Posted February 2, 2000 Report Share Posted February 2, 2000 Noelene Hawkins wrote: > [Text 2976420 from COM] > > Thankyou, Ananda Mayi Prabhu, for shattering my doubts about trusts. I would > say they are most essential, for securing the future of our cows, but how do > you go about setting one up for the Iskcon farms in your own country? I > would really like to, if I could, what are the steps? Does it cost anything? My suggestion would be to go to a University and check out how they have set things up. Everything costs something. > > You would have to be sure the trustees are honest people, and will not > divert the funds elsewhere- is this possible to ensure? After all, one may > claim he's needing money for medicine for the cows, and use it for something > else, what are the safe-guards? > ys, niscala There are no perfect solutions in the material world. A cheater will cheat any system, what can you do? Two signature accounts, as advised by Srila Prabhupada, and regular financial reports. Use of a professional trustee would be advisable for larger trusts. Involve an accountant from the life member community to monitor and advise. Use older devotees or life members as trustees who have already made their material arrangements so they won't need income from a Trust, and who could thus be more objective and trustworthy. Laws on trusts may vary country to country. We need an admistrator to step forward and start figuring this stuff out. Quote Link to comment Share on other sites More sharing options...
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