Change in New York Gift Annuity Agreements

If your organization uses the annuity agreements contained within Planned Giving Manager (PGM) and has two representatives of your organization sign each completed agreement, a recent change by New York may affect you.

The agreements within PGM currently use the word “Attest” above the second signatory line. However, the NY Department of Financial Services has indicated a desire to have the word removed, and to have just the two signatory lines, with the name and title of the second signatory appearing below the line, as it currently does for the first.

For organizations that have already submitted and received approval on agreements that contain “Attest,” there is no need to make a change. In fact, if your organization wanted to remove the word, it would need to submit new agreement forms to the Department for approval.

On the other hand, organizations with two signatories that will be newly submitting agreements to New York for approval will need to do so without “Attest.” In the short term, you can remove “Attest” and add the name and title of the second signatory by editing the PGM agreements in Word. In the longer term, we plan to release an update of PGM this spring that will accommodate New York agreements that use either form of the second signatory line.