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 The Kansas Securities Act provides an exemption from registration of charitable gift annuities. The nonprofit securities exemption under Section 17-1261(h) of the Kansas Securities Act can be claimed for obligations under agreements for charitable gift annuities (securities).
The exemption is administered by the Office of the Kansas Securities Commissioner. No filing is "required" to obtain the exemption, but a "No Objection" letter can be requested from the Office of the Kansas Securities Commissioner (the KSC), if desired.
No specific Disclosure Wording is required in gift annuity agreement, but full disclosure of the plan is required in promotional materials and certain descriptive words should be avoided. The terms "guaranteed", “low risk” or similar terms should not be used in disclosure or promotional materials because it is possible the organization may not be able to meet its obligations for annuity payments in the future.
For a “No Objection* Letter, see Part 4 (items "a" through "e") of the order at: www.securities.state.ks.us/opinion/nonprofit_so2004X001.pdf which specifies the documents required for a “No Objection” letter. The filing fee is $100. Send check and required documents to:
Office of the Kansas Securities Commissioner
618 S. Kansas Avenue
Topeka, KS 66603-3804
For questions, please call Steve Wassom or Lynn Hammes at 785-296-3307.
Email addresses:
steve.wassom@securities.state.ks.us
lynn.hammes@securities.state.ks.us
This State's info last updated November 24, 2004.
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