New York Consolidated Laws, Estates, Powers and Trusts Law - EPT § 8-1.7 Authority of trustee to accumulate income

(a) Where property has been transferred in trust for any religious, charitable, educational or benevolent purpose, or acquired by the trustee of a trust for such purpose, the trustee is authorized in his discretion, notwithstanding the absence of any direction therefor in the disposition creating the trust, to accumulate the income therefrom to the extent necessary to carry out the purposes of the trust.  The authority herein granted is subject:

(b) This section shall not restrict in any manner the appropriation for expenditure or accumulation of endowment funds as set forth in section 553 of the not-for-profit corporation law.