PG Calc Planned Giving Blog

Charitable Gift Annuities: Annual State Filing Deadlines

Posted by Dyke Tilt

Jan 16, 2013 5:17:00 PM


Many GiftWrap clients have gift annuity agreements with donors in states that require annual report filing and many of those clients follow a January-December annual financial calendar. Now is a good time for those clients, as well as others, to review their agreements to ensure they are prepared to meet the annual filing requirements.

Below is a summary of the annual filing deadlines for the twelve states that require charities to maintain segregated reserves, submit annual reports, and/or file a detailed application in order to issue gift annuities to residents of that state.

Due Dates for the Filing

All deadlines quoted in the table below are for filing an annual report unless indicated otherwise.

Alabama

Within 60 days after the end of its fiscal year, file an audited financial statement of the organization for the year just ended. A segregated annuity reserve fund must be maintained, but there are no statutory investment restrictions imposed on the fund.

Arkansas

An annual report must be filed within 180 days after the end of a charity’s fiscal year.

California

120 days after the end of the charity’s fiscal year, although a charity may request approval for the report to cover the calendar year. 

Florida

There is no report required, as such, simply a sworn statement made by the charity’s president and secretary. The statement is due 60 days after the end of the charity’s fiscal year.

Hawaii

March 15. Filed with the Department of the Attorney General.

Maryland

90 days after the end of the charity’s fiscal year. The basic requirement is that a certified public accountant verify the charity has adequate reserves among its assets. This  verification can be included as part of the charity’s annual audited financial statement, which, if it is not available until more than 90 days after the end of the charity’s fiscal year, can be submitted when it becomes available, provided the charity lets the Maryland Insurance Administration know ahead of time that this will be the case.

New Jersey

120 days after the end of the calendar year, although a charity may request the permission of the Department of Banking and Insurance to file on a fiscal year basis.

New York

March 1st of the year after the calendar year in question.

North Dakota

Given that an annual report is merely something the Insurance Commissioner “may require,” no specific due date appears in the statute, although presumably it would be set forth in whatever written instructions would accompany the Commissioner’s request that a report be filed. Nevertheless, a charity must submit its audited financial statement to the Insurance Commissioner within 15 days of its completion. Filing is to be done via e-mail, by attaching an electronic version of the financial statement.

Tennessee

Fiscal year end plus 90 days (or later with the permission of the Commissioner of Commerce and Insurance).

Washington

Sixty days after the end of the charity’s fiscal year. If the sixtieth day falls on a weekend or a holiday, the due date is the first business day thereafter. If a submission is made by means of a delivery service, the submission must be received by the due date (if mailed, a postmark on the due date will suffice). E-mail filing is also a possibility if completed by the due date. A filing that is late, or one that is still missing any required item by the due date, will generally result in a fine of at least $500, with the amount increasing the later the submission.

Wisconsin

March 1st of the year after the calendar year in question.

For additional information contact Client Services at 888-474-2252.

Topics: charitable gift annuities, state requirements for gift annuities, annual filing deadlines

    

Subscribe to Blog

Blog Authors

Gary Pforzheimer    Jeff Lydenberg    Bill Zook 
Alison O'Carroll    Dyke Tilt    Bill Laskin 
Ann McPherson    Andrew Palmer    Edie Matulka   
Winston Jones    Jen Wickham    Tina Yelle   

Find Us Online

Posts by category

see all