 8-25-2004: Changes to Arizona's gift annuity law became effective August 25, 2004. While notification is still NOT required to the state, the revised law adds the requirements that a charity: 1) have been in existence for at least three years, 2) have $300,000 in unrestricted cash, cash equivalents, or publicly traded securities, 3) have audited financial statements for the two years prior to entering into a gift annuity agreement, and 4) instead of simply including disclosure language in the annuity agreement, a detailed disclosure statement must now be given to a donor before the contribution for a gift annuity is made. That statement must include certain information about the organization, as well as specific disclosure relating to the non-involvement of the Department of Insurance and the state guaranty association with respect to gift annuities. For the text of the Arizona House Bill (HB2228), click here. 
State law provides for "Conditional Exemption" from regulation of charitable gift annuities.
Exempt only if state mandated wording is in the agreement. (See Arizona Statute Section 20-119.)
Disclosure required in agreement.
Detailed Disclosure to donor and other requirements must be met BEFORE CGA gift is accepted. IF all provisions of new AZ law are NOT met, donor has two years to rescind gift and obtain return of gift value, less any payments made.
Click here for text, in PDF, of NEW law and requirements to be met by charity before it accepts a CGA gift and issues a CGA agreement.
This page updated on 9-24-2004.
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Click here to see the Master Set of 6 Gift Annuity Agreements (offered by Planned Giving Resources, Inc.) that will work in all 50 states (with the addition of the "Extra Wording" state specific "disclosure language" that is now required by 30 states.)
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