Nevada Revised Statutes 688A.285 – Qualified charitable-gift annuity: Effect of noncompliance; penalties
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1. Failure of a charitable organization to comply with the requirements of NRS 688A.283 or 688A.284 for disclosure or notice, or both, does not disqualify an annuity that otherwise constitutes a qualified charitable-gift annuity.
Terms Used In Nevada Revised Statutes 688A.285
- 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.
2. The Commissioner may demand, by certified mail with return receipt requested, that the organization comply with those requirements, and may impose a fine of not more than $1,000 for each charitable-gift annuity issued before compliance is complete.