History

Deseret Trust Company was created in 1972 to assume the asset management and fiduciary accountability functions with respect to gifts in trust that had previously been performed by the Development Office at Brigham Young University. Deseret Trust Company was formed because the number of gifts had grown substantially; the laws of charitable giving had changed; there was a need for a more Church-wide service of this kind; and state laws governing institutional trustees required an entity with a special license from the Utah Department of Financial Institutions. The gift solicitation functions of the predecessor, BYU Development Office, were not assigned to Deseret Trust Company, but were assumed by LDS Philanthropies (formerly LDS Foundation), which coordinates with Deseret Trust Company.

Deseret Trust Company was originally created as a taxable Utah business corporation whose stock was wholly owned by the Corporation of the President of The Church of Jesus Christ of Latter-day Saints. In 1990 the company was converted to a Utah nonprofit corporation, its stock was canceled, and it became a tax-exempt charitable organization under Internal Revenue Code §501(c)(3). It is tax exempt for both federal and state purposes. It is governed by a board of trustees who are appointed by the First Presidency of The Church of Jesus Christ of Latter-day Saints.

Deseret Trust Company uses the services of the Church's Investment Securities Department for the company's investment advisory function. This includes the investment into all four of Deseret Trust Company's Common Trust Funds, where the assets of most trusts are invested. However, under appropriate circumstances, the company may also engage third-party investment advisors or use commercially available mutual funds.

Deseret Trust Company works directly with LDS Philanthropies, outside legal advisors, the Church's Gift Officer in the office of Treasury Services, and the Church's Gift Review Committee to facilitate the establishment of charitable trusts, with Deseret Trust Company being named as trustee.

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