 Alabama State Law takes the position that charities wishing to issue charitable gift annuity (CGA) agreements to its residents are issuing securities and must file for an exemption from regulation by filing a written notice with the Alabama Securities Commission specifying the terms of its offer pursuant to the Code of Alabama, 1975, Section 8-6-10(8).
Disclosure is required in CGA agreement. [See item "(11) E." in "Requirements List", next item below].
"Requirements List" [provided by Alabama Securities Dept] to file for an "exemption" to issue charitable gift annuities. Click here for the "Requirements List".
Charity must submit appropriate forms listed in “Requirements List” above. Forms U-2, U-2(A), Consent to Service of Process and a Corporate Resolution, as well as Form E-4, can all be accessed via the NASAA web site link: www.nasaa.org/industry___regulatory_resources/Uniform_Forms/
The contact person in the Alabama Securities Commission is: Lisa M. Tolar, Securities Registration Manager, Licensing and Registration, Alabama Securities Commission, 770 Washington Avenue, Ste. 570, Montgomery, AL 36130-4700, Phone: (334) 242-2984, Toll Free: (800) 222-1253, Fax: (334) 242-0240, E-mail: lisa.tolar@asc.alabama.gov
Alabama Securities Commission will respond within 15 days of a charity’s filing IF it chooses to disallow the charity’s exemption.
This page last updated February 8, 2005.
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