to imposition of tax on unrelated business income of charitable organizations). (b) Universal savings account For purposes of this section, the term Universal Savings Account means a trust created or organized in the United States by an individual for the exclusive benefit of such individual and which is designated (in such manner as the Secretary may prescribe) at the time of the establishment of the trust as a Universal Savings Account, but only if the written governing instrument creating the trust meets the following requirements: (1) Except in the case of a qualified rollover contribution described in subsection (d)— (A) no contribution will be accepted unless it is in cash, and (B) contributions will not be accepted for the taxable year in excess of the contribution limit specified in subsection (c)(2). (2) No distribution will be made unless it is— (A) cash, or (B) property that— (i) has a readily ascertainable fair market value, and (ii) is identified by the Secretary in regulations or other guidance as property to which this subparagraph applies. (3) The trustee is a bank (as defined in section 408(n)) or another person who demonstrates to the satisfaction of the Secretary that the manner in which that person will administer the trust will be consistent with the requirements of this section. (4) No part of the trust assets will be invested in life insurance contracts or collectibles (as defined in section 408(m)). (5) The interest of an individual in the balance of his account is nonforfeitable. (6) The assets of the trust shall not be commingled with other property except in a common trust fund or common investment fund. (c) Treatment of distributions and contributions (1) Distributions (A) In general Except as provided in subparagraph (B), any distribution from a Universal Savings Account shall not be includible in gross income. (B) Net income attributable to excess contributions Any distribution of net income described in section 4973(i)(2) shall be includible in the gross income of the account