Degree of Regulation
Issuance of charitable gift annuities is regulated under Oregon Revised Statutes 731.038.
In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:
- have been in continuous operation for at least five years (or be the successor or affiliate of an organization in operation for that period of time)
- have a minimum of $300,000 in net assets as shown by an annual audited financial statement by an independent certified public accountant (CPA);
- maintain gift annuity reserves invested in accordance with the prudent investor standard
A charity that held a certificate of authority from the Oregon Insurance Department under the state’s prior gift annuity law (which was in effect through December 31, 2005) may continue to issue annuity agreements, even if it does NOT have $300,000 in net assets or has been in continuous operation for five years.