Iowa Code 508F.5 – Failure to comply with requirements
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Terms Used In Iowa Code 508F.5
- 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.
- 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.
508F.5 Failure to comply with requirements.
1. The failure of a charitable organization to comply with the requirements of sections
508F.3 and 508F.4 does not prevent a charitable gift annuity that otherwise meets the requirements of this chapter from constituting a qualified charitable gift annuity.
2. The commissioner shall enforce performance of the requirements of sections 508F.3 and 508F.4. The commissioner may do any of the following:
a. Send a letter by restricted certified mail to the charitable organization demanding that the charitable organization comply with this chapter.
b. Establish and impose civil penalties on the charitable organization in an amount not to exceed one thousand dollars for each qualified charitable gift annuity issued until the charitable organization complies with the requirements of this chapter.
2001 Acts, ch 28, §6
Referred to in §508F.4
1. The failure of a charitable organization to comply with the requirements of sections
508F.3 and 508F.4 does not prevent a charitable gift annuity that otherwise meets the requirements of this chapter from constituting a qualified charitable gift annuity.
2. The commissioner shall enforce performance of the requirements of sections 508F.3 and 508F.4. The commissioner may do any of the following:
a. Send a letter by restricted certified mail to the charitable organization demanding that the charitable organization comply with this chapter.
b. Establish and impose civil penalties on the charitable organization in an amount not to exceed one thousand dollars for each qualified charitable gift annuity issued until the charitable organization complies with the requirements of this chapter.
2001 Acts, ch 28, §6
Referred to in §508F.4