21专访｜昆仑信托黄志斌：慈善信托有效拓宽财富流向慈善的渠道

Core Viewpoint - The article discusses the innovative structure and practical challenges of charitable trusts, emphasizing the need for customized terms to meet diverse public welfare demands while balancing fund security and charitable effectiveness [1][4]. Group 1: Charitable Trust Structure Design - Charitable trusts can be designed with "customized terms" to address various public welfare needs, such as education, healthcare, and rural revitalization [4]. - The design allows clients to set the trust's name, purpose, decision-making model, beneficiary scope, fund usage, and duration, with regular disclosures to ensure public oversight [4]. Group 2: Investment Strategy - The primary focus of charitable trusts is on fund security, followed by liquidity and returns, with investments primarily in deposits, money market funds, cash management products, and high-rated bonds [4][8]. - The "leave the principal and use the interest" model is suggested for sustainable operations, ensuring that only investment returns are used for charitable expenditures [8]. Group 3: Challenges in Non-Monetary Charitable Trusts - The lack of a dedicated registration system for non-monetary assets like equity and real estate poses significant challenges for establishing charitable trusts [5]. - Current regulations require tax payments on non-monetary asset transfers, complicating the establishment of charitable trusts with such assets [5]. Group 4: Collaboration with Charitable Organizations - Charitable trusts and organizations complement each other, with trusts benefiting from the operational experience of established charitable organizations in project selection and management [6]. - Trust companies are encouraged to collaborate with reputable charitable organizations to enhance project execution efficiency [6]. Group 5: Fund Management and Supervision - Charitable trusts utilize unique advantages of the trust system, such as asset independence and flexible management, to ensure funds are used according to the trust agreement [7]. - Trust companies implement strict fund disbursement protocols, requiring project execution entities to provide complete documentation for fund usage [7]. Group 6: Regulatory Challenges - New regulations from the Ministry of Civil Affairs and the Financial Regulatory Bureau require charitable trusts to spend a minimum of 3%-6% of their net asset value annually, which may challenge the "leave the principal and use the interest" model [9]. - Trust companies must find financial products that meet return requirements while managing risks to ensure compliance with spending regulations [9]. Group 7: Innovative Practices by Kunlun Trust - Kunlun Trust has developed a wide range of charitable trust products addressing various social issues, including rural revitalization and community governance [10]. - The trust has established the first equity charitable trust registration case in the country and has launched several innovative charitable trust models [12].