Are charitable gift annuities secure?
The charitable gift annuity payments are a general obligation of the issuing charity (Orange County Community Foundation). In other words, the charitable gift annuity is backed by all of OCCF’s assets, not just by the property contributed. In order to further secure the promise to provide the fixed lifetime income, the Orange County Community Foundation will in most cases contract with a major insurance company to also financially back its charitable gift annuity promise thereby making OCCF’s charitable gift annuity program the only program in California with this double layer of financial protection. The Orange County Community Foundation is licensed and regulated by the California Department of Insurance to issue charitable gift annuities. Although regulated by the California Department of Insurance, charitable gift annuities are not insured or guaranteed by the California Insurance Guaranty Association.
