Virginia Code Title 38.2. Insurance § 38.2-106.1. Charitable gift annuities

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.