CFA題目分享Transferring the Wealth

第一道題：

Learning Module 7 Transferring the Wealth

Describe the requirement that the Sousa’s attach to their gift of farming equipment whereby local residents must be trained to operate, maintain, and repair the equipment.

解析：

The Sousa’s requirement is an example of cross-cultural competencies, which can be described as an intentional set of principles and ethics to guide work effectively across different cultures. A lack of cross-cultural competencies can cause gifts to go wrong, such as in the case of potentially providing modern farming equipment that the local beneficiaries are unable to properly use, maintain, or repair.

第二道題：

Justify whether a donor advised fund (DAF), a private foundation (PF), or a limited liability company (LLC) would be most appropriate for meeting the Sousa’s requirements and philanthropic objectives. Support your answer by giving two reasons why each of the other choices is less suitable.

解析：

The most appropriate structure for meeting the Sousa’s requirements and philanthropic objectives is an LLC. It would give them full control of decision making over the investments and the distribution of assets to charities with maximum flexibility on timing. It would also offer significant privacy benefits compared to a private foundation.

A. A PF would be less appropriate because

i. it would typically be required to pay out a minimum percentage of assets annually (i.e., 5% for US PFs), thereby constraining flexibility on timing.

ii. it offers less privacy than an LLC.

B. A DAF would be less appropriate because

i. although the Sousas would have advisory privileges on fund investments and distributions, they would have little control.

ii. ultimate legal control over the assets and their distribution would lie with the sponsoring organization.