For purposes of this title:
"Charitable gift annuity" means an agreement by a charitable organization to make periodic payments in fixed dollar amounts payable over one or two lives, under which the actuarial value of the annuity, as determined for federal tax purposes, is less than the value of the cash or other property transferred by the donor in return therefor and the difference in value constitutes a charitable contribution for federal tax purposes.
"Charitable organization" means an entity described in:
1. § 501(c) (3) of the Internal Revenue Code of 1986 (26 U.S.C. § 501(c) (3)); or
2. § 170 (c) of the Internal Revenue Code of 1986 (26 U.S.C. § 170 (c)).
"Qualified charitable gift annuity" means a charitable gift annuity that conforms to the requirements of § 501 (m) (5) of the Internal Revenue Code of 1986 (26 U.S.C. § 501 (m) (5)) and § 514 (c) (5) of the Internal Revenue Code of 1986 (26 U.S.C. § 514 (c) (5)) and that is issued by a charitable organization that on the date of the annuity agreement:
1. Has a minimum of $100,000 in unrestricted cash, cash equivalents, or publicly traded securities, exclusive of the assets contributed by the donor in return for the annuity agreement; and
2. Has been in continuous operation as a charitable organization for at least three years or is a successor or affiliate of a charitable organization that has been in continuous operation as such for at least three years.
1996, c. 425.
Structure Code of Virginia
Chapter 1 - General Provisions
§ 38.2-100.1. Certified mail; subsequent mail or notices may be sent by regular mail
§ 38.2-101. Classification of insurance
§ 38.2-105.1. Modified guaranteed life insurance
§ 38.2-106.1. Charitable gift annuities
§ 38.2-107.1. Modified guaranteed annuity
§ 38.2-107.2. Private family leave insurance
§ 38.2-108. Credit accident and sickness
§ 38.2-109. Accident and sickness
§ 38.2-111. Miscellaneous property and casualty
§ 38.2-113. Burglary and theft
§ 38.2-115. Boiler and machinery
§ 38.2-117. Personal injury liability
§ 38.2-118. Property damage liability
§ 38.2-119. Workers' compensation and employers' liability
§ 38.2-122.1. Credit involuntary unemployment insurance
§ 38.2-122.2. Credit property insurance
§ 38.2-127. Legal services insurance
§ 38.2-128. Mortgage guaranty insurance
§ 38.2-129. Home protection insurance
§ 38.2-130. Homeowners insurance
§ 38.2-131. Farmowners insurance
§ 38.2-132. Commercial multi-peril insurance
§ 38.2-133. Contingent and consequential losses
§ 38.2-134. Definitions to include other insurance of same general kind
§ 38.2-135. Classes of insurance companies may be licensed to write