Charity's calendar year fund activity report due by March 1 each year after obtaining Permit. Strict investment limitations. Reserve is required. New York Investment Rules for Reserve Account apply to reserves of entire Fund if charity has New York Permit. Charity must be in continuous operation for 10 years before it can issue a gift annuity agreement.
Law prohibits acceptance of real estate for a gift annuity.
Disclosure wording is required in agreement. All Gift Annuity Agreements issued to New York residents or by New York charities must include . . . . A distinct alphanumeric form number in the lower-left corner of each annuity agreement. Every agreement form must prominently show the issuing charity's official name and address. A provision for corrective action if a misstatement of age has been made.