Registration: State regulation of a charity's authority to issue charitable gift annuities varies greatly by state. About 12 states require charities to register, which means the charity must submit an application and be granted a permit or license before it is allowed to issue gift annuities in that state. The registration process can be a long, arduous and confusing process that includes providing a substantial amount of documents and detailed financial data. Some charities are issuing gift annuities in states without permission, while others are so frustrated with state compliance requirements that they have stopped issuing gift annuities altogether. You may wonder how charities manage to navigate the regulation process on their own. Some charities do attempt to complete these applications, but most have help with this confusing process.
Questions
If you have any questions or would like to participate, please contact us at:
800-858-9154
Crescendo offers a time-efficient state registration service at a reasonable cost. Crescendo's staff attorneys will collect the appropriate information from your organization using a state-specific checklist, will make certain all state requirements are met and put it together in filing form. Materials are reviewed for accuracy and completion and then provided to you for final signatures. Crescendo will also submit the application to the state for approval and track your registration status until the permit or license is granted. Crescendo's expert legal team is highly experienced with each state's requirements and has developed positive relationships with many of the state regulatory departments which ultimately review the applications for approval. State applications are completed sequentially according to your priorities. Pricing varies with the length of the application and the time required for completion. Crescendo's attorneys are available for ongoing support in the process.
Notification:State regulation of a charity's authority to issue charitable gift annuities varies greatly by state. About 15 states require your organization to provide written notification to the appropriate state agency in order to issue charitable gift annuities rather than apply for a permit or license. Typically, the notification must include certain certified statements by the charity's officers and must be submitted within a certain number of days. Some of them also require additional documents to be included with the notification letter.
Crescendo offers a notification service at a reasonable cost. Crescendo will prepare each of the 15 customized notification letters for your use. Our letters have been approved by each corresponding state. For one flat $150 fee, you can comply with all 15 notification states and begin issuing annuities once you have properly submitted the letters provided.
(N) = notification state (rather than a registration state)
* These states may require one or more verified opinions of the reserves from a qualified actuary and additional fees apply for this service. Please contact Crescendo for information.
** California also requires quarterly reports; fees are $60 for each new gift annuity issued during the quarter.
Crescendo charges one flat fee of $150 to provide 15 state-approved and customized notification letters for the following states:
