Illinois Charitable Gift Annuity Registration

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Filling out a form on donation property

Charities are required to meet prerequisites and follow regulations before using charitable annuities for fundraising. This guide contains information about charitable gift annuities in Illinois.

Illinois Charitable Gift Annuity Registration

Not required



No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Illinois exempts charities from insurance regulation related to charitable gift annuities if they meet the following conditions: "The insurance laws of this State, including this Code, do not apply to any charitable gift annuity, as defined in Section 501(m)(5) of the Internal Revenue Code, issued by an organization that is described in Section 170(c) of the Internal Revenue Code, if either (i) an insurer authorized to transact business in this State is directly obligated to the annuitant or (ii) the organization has been in active operation for not less than 20 years before the date the annuity is issued and has an unrestricted fund balance of not less than $2,000,000 on the date the annuity is issued. For purposes of this Section, "Internal Revenue Code" refers to the Internal Revenue Code of 1986, as amended, and corresponding provisions of subsequent federal tax laws.".

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