Iowa Code 508F.4 – Notice filed with the commissioner
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1. A charitable organization that issues qualified charitable gift annuities in this state on and after July 1, 2001, shall file a notice with the commissioner in writing not later than the date on which it executes the organization’s first qualified charitable annuity agreement. All of the following shall apply:
a. The notice must be signed by an officer or director of the charitable organization.
b. The notice must identify the name and address of the charitable organization.
c. The notice must include a copy of the determination letter issued by the internal revenue service.
d. The notice must certify that the charitable organization is a bona fide charitable organization and that the annuities issued by the charitable organization are qualified charitable gift annuities.
Terms Used In Iowa Code 508F.4
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Charitable organization: means an entity described by any of the following:a. See Iowa Code 508F.1
- Commissioner: means the commissioner of insurance. See Iowa Code 508F.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. The charitable organization is not required to submit additional information, unless the information is to be used to determine appropriate penalties that may be applicable under section 508F.5.