At its meeting on May 5, 2004 in Orlando, immediately prior to the ACGA conference, the ACGA board approved the recommendation of the Gift Annuity Rates Committee to continue the current gift annuity rates for another year. Unless unforeseen circumstances should necessitate an interim adjustment, the rates that became effective on July 1, 2003 will remain in effect at least through June 30, 2005.

Although the rates will not change this year, there was a change in the methodology for calculating the assumed return on gift annuity reserves. The new methodology did not result in a change in the return assumption this year, but it could in subsequent years.

A paper providing a detailed explanation of the rates, as well as the reasons for the board action, was provided to conference participants. ACGA Sponsors can receive this report electronically by sending a request to Gloria Kermeen at the following e-mail address: acga@acga-web.org

Source: American Council on Gift Annuities (www.acga-web.org)