The Wall Street Journal continues to report on the collapse of the National Heritage Foundation and its effect on its gift annuity donors. The message is donors and their advisers should scrutinize the financial strength of issuing organizations just as they would any other investment.

"It sounds good on paper: You make a donation to a worthy cause and, in return, receive regular lifetime payments. But so-called charitable gift annuities don't always deliver what they promise -- a risk that could intensify if the recession persists.

For the past several years, Matthew Allen has counted on receiving nearly $12,000 a month through a charitable gift annuity he set up with the National Heritage Foundation. That arrangement was upended in January, when the Falls Church, Va., charity filed for bankruptcy protection".......

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