Canadian Charitable Annuity Association
Canadian Charitable Annuity Association Semi-annual meeting was held. The Board recommends that rates continue on the 4.5% investment assumption, with a 10% cap.
The Standards Review Committee reported that only 12 reports were received from the members. A letter explaining that the Association is petitioning the Canadian Council of Insurance Regulators to give Charitable Gift Annuities official status within their industry. Our submission to the CCIR spells out the standards to which CCAA members are held. The standards spell out the requirement for an annual review of materials and a tri-annual actuarial audit. Failure to ensure that all members submit these materials for review undermines our collective position and will significantly weaken our submission to the regulators, while exposing all members to the risk that a member organization may inadvertently place themselves and all other members at risk. By ensuring that all member charities comply with this review process we provide a measure of protection to all member charities.
The Legal Issues Committee reported that the CCAA has received no responses from the Canadian Council of Insurance Regulators (CCIR) from our August 2007 submission.
The Gift Annuity Administration and Valuation System (GAAVS) is being used by four participants. This program is owned by the CCAA. For information on GAAVS contact Loraine Loach at lloach@biblesociety.ca.
The Membership is reminded that nominations for the Gordon Nelson Award must be received by the Chairman by August 1, 2008 for presentation at the Fall annual meeting. For more information, minutes from the meeting are available from Harry Houtman, Secretary, info@linkcharity.ca
Canadian Charitable Annuity Association Board Meeting was held to discuss Alan Brereton’s presentation to the Board on March 25, 2008. The Board will ask Alan to address the Membership at the Annual Meeting on May 12, 2008. For more information, minutes from the meeting are available from Harry Houtman, Secretary, info@linkcharity.ca
Canadian Charitable Annuity Association Board Meeting was held to discuss annuity rates. Treasurer (Don Smith) discussed several trends that he has charted. After some discussion it was decided to hold the current rates at 4.5% with a cap of 10%. For more information, minutes from the meeting are available from Harry Houtman, Secretary, info@linkcharity.ca
Canadian Charitable Annuity Association Annual Business Meeting invited Guest speaker Dr Warren Jestin, Senior Vice-President and Chief Economist of Scotia Bank. Dr. Jestin gave an interesting global overview of how the field of economic analysis has evolved over the past 35 years and what it means for Canada. He distributed copies of “Economic Directions” for those members in attendance.
The CCAA received a letter from the Canadian Council of Insurance Regulators (CCIR) and have responded back to them.
All current Board Members are willing to stand for re-election.
The Membership thanked Ralph Smith for his many years of commitment in the CCAA as he retires from his business and his position as the CAGP rep for re-insured gift annuities.
Minutes from the October 15, 2007 meeting and a summary of Dr. Jestin’s presentation are available from Harry Houtman, Secretary, info@linkcharity.ca
Canadian Charitable Annuity Association Board addresses letter from the Canadian Council of Insurance Regulators (CCIR) of November 7, 2006.
Minutes from the July 26, 2007 meeting are available from Harry Houtman, Secretary, info@linkcharity.ca
Canadian Charitable Annuity Association Board advises member charities that it is permissible to move to the 5.0% investment assumption, with a 10% rate cap, as early as July 1, 2007. Of course, all rates offered must still provide a receipt for at least 20% of the gift in accordance with CRA regulations.
Minutes from the June 19, 2007 meeting are available from Harry Houtman, Secretary, info@linkcharity.ca
Canadian Charitable Annuity Association Board thanked Joan Hart for her years of service as Chairperson for the CCAA Board. Joan will remain on the committee as the representative of the United Church.
Alan Brereton has made representation to the CIA (Canadian Institute of Actuaries), setting out unique features of the self-insured charitable gift annuity, and setting out recommendations for a standard set of assumptions, formulae, and tables of various kinds to use in an actuarial valuation. This means that those actuaries who have done valuations in the past may now require more information or modified information when they do such tri-annual assessments. The CCAA Board wants to simply alert the membership to this possibility.
Members Annual Standards Report was due July 20, 2007. If you have not yet sent in your report please do so as soon as possible to: CCAA Standards Committee c/o Faye Ransom, Room 105 Old Medical Building, 50B Arch Street, Queens University, Kingston, ON K7L 3N6. For further information, please contact Faye at faye.ransom@queensu.ca
Minutes from the May 8, 2007 meeting are available from Harry Houtman, Secretary, info@linkcharity.ca
Canadian Charitable Annuity Association Board recommends that rates remain unchanged at an investment assumption of 4.5% with a 10% cap.
Minutes from the February 5, 2007 meeting are available from Harry Houtman, Secretary, info@linkcharity.ca