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New (temporarily numbered “LD-160”) Bill was filed with Montana Legislature on (12-20-04): The Bill, IF it becomes law, will require charities to notify the state annually and BEFORE it accepts a charitable gift annuity (CGA), NOT, as at present, within 90 days of such acceptance: The Bill will amend Section 33-20-704, MCA, to read:
“Notice to commissioner. (1) A charitable organization that issues or intends to issue qualified charitable gift annuities shall notify the commissioner in writing prior to the date of entering into the organization's first qualified charitable gift annuity agreement and shall notify the commissioner on March 1 of each year in which the charitable organization issues or intends to issue qualified charitable gift annuities. The notice must:
(a) be signed by an officer or director of the organization; (b) identify the organization; (c) certify that (i) the organization is a charitable organization; and
(ii) the annuities issued by the organization are qualified charitable gift annuities.”
These regulations WILL BE effective WHEN (and if) it is signed into law.
Recommendation: Notify Montana NOW (and annually) that you plan to issue CGAs, even if you do NOT presently have a prospective CGA donor in that state.
This page last updated December 21, 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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