1) PERMIT ISSUING States (10) ... AR, CA, HI, MD, NJ, NY, ND, OR, WA and WI
2) ADDITIONAL WORDING (to be added to Gift Annuity Agreements and signed by donor) now required by 30 states (with possible $1,000 fine for each non-complying agreement) in the states of ...
AK, AL, AZ, CA, CO, CT, FL, GA, IA, IN, MD, MO, MS, MT, NC, NH,
NM, NV, NY, ND, OK, OR, PA, SD, TN, TX, VA, VT and WA
Another view of this Additional Wording List (see item 2 above) is grouped by regulatory categories ...
(Note: State Specific Additional Wording IS REQUIRED to be added to all gift annuity agreements issued BY charities in these states AND/OR issued TO annuitants residing IN these states at the time of the gift)...
a) Permits Required (6) ... CA, MD, NY, ND, OR and WA.
b) File with State Securities Dept (1) ... AL
c) Notification States (15) ... AK, CT, FL, GA, IA, MO, MS, MT, NC, NH, NM, OK, TN, TX and VT.
d) No action with State (7) ... AZ, CO, IN, NV, PA, SD and VA.
Failure to place the state mandated *additional wording* in the gift annuity agreement and (in some cases) have the agreement [or the disclosure language statement signed by the donor(s)], may subject charity to various penalties (depending on the state), such as 1) A fine of up to $1,000 per non-complying agreement, 2) A single $10,000 fine, and/or 3) Loss of Permit or Certificate of Authority to issue gift annuity agreements in that state, without complying with all the regulations and penalties imposed on commercial insurance companies.
3) NOTIFICATION STATES... Notice must be filed with state listed if charity is writing, OR has written gift annuity agreements with residents of these states OR charity is based in any of these 19 states:
AK, AL, CT, FL, GA, IA, ID, MN, MO, MS, MT, NC, NH, NM, OK, NV, TN, TX and VT.
NOTE: HELP IS AVAILABLE - From Planned Giving Resources, Inc. See our Order Form
Such as...
1) Master Set of 6 Gift Annuity Agreements for all 50 states. .................... $250.00
2) Extra Wording to be added to Gift Annuity Agreements for 28 states ....... $200.00
3) State Notification Package (17 states) of laws, forms etc. (100+ pgs) ..... $150.00
4) Permit Filing Help (#1 above NOT needed if use Crescendo/PGCalc].... $400.00
5) Consulting Help in all areas of Planned Giving (more than 34 years experience)
Retainer Basis* - ($195/month for up to 2 hrs a month, $125/hour beyond 2 hrs).
Project Basis** - ($175/hour, minimum invoice = 1 hour. No work = no invoice.
* Note: Retainer: Must continue for at least 6 months at a time.
** Note: Project: Open ended: No work in any calendar month, = no invoice.
6) Required Reserve Calculations for those Permit Issuing states that require an annual report.
Request further information via the Order Form for prices, etc.
For the MOST current information, see: http://www.pgresources.com , click on State Regulations and then click on Summary Report. Print out the 7 page report on the regs of all 50 states. AND, to be advised on changes in State Regulations as soon as they occur, click on the Guestbook button and sign up for FREE updates by Email as changes are announced (every 45-90 days on average).
Planned Giving Resources, P.O. Box 665, Baker, Louisiana 70704-0665
Phone: (225) 774-6700, FAX: (225) 775-6910, Email: jimbpotter@aol.com
(c) 2003 James B. Potter
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