Legal Question in Wills and Trusts in New Jersey
I have been asked by my schools PTA to chair a dance where funds will be raised to start a scholarship in the name of a 10 year old child who died last year. They want to just put the proceeds from the fund raiser in a savings account and then give it to a boy and girl in 2017; what would have been the girls graduating class.
There are T-shirts to buy and sell, etc. and I want to know if money comes in, can some of it be spent to raise more funds? Can this just be set up as a savings account? Are we not required to be accountable to someone for the money raised?
1 Answer from Attorneys
You would indeed be accountable under the charities law. It would be best to check with the school on how to set-up such an endeavor rather than spend the time and expense in hiring an attorney -unless they are working pro bono- for a relatively small and limited venture.
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