| Terry L. Simmons Scholarship Fund |
Make a Donation
On June 27, 2008 Lindsay Lapole and Frank Minton presented to Terry Simmons a plaque commemorating the establishment of an endowed philanthropic fund in Terry’s honor. Also present for the occasion were Terry’s wife Karen, his son, Adam, and his daughter, Shannon. His oldest son, Jordan, was unable to attend because of work responsibilities. Income from the fund will be used for grants to enable young gift planners to further their professional development by attending an ACGA conference. The inscription on the plaque reads:
The fund was created through contributions by the ACGA and hundreds of Terry’s friends. At the time of the presentation, more than $54,000 had been contributed or pledged, and gifts were still being received.
Were it not for Terry, the ACGA would not exist today and planned giving programs throughout the United States might be greatly diminished. In 1995, a class action lawsuit had been filed against the ACGA, its directors, and all charities that had followed the maximum rates suggested by the ACGA or that had commingled funds in the investment of gift annuity reserves and charitable trust assets. Terry swung into action, creating Charitable Accord to rally support from charities, drafting legislation, and haunting the halls of Congress until it was enacted. The result of his efforts was three federal laws: The Charitable Antitrust Relief Act of 1995, the Charitable Donation Antitrust Immunity Act of 1997, and the Philanthropy Protection Act. The first two exempted gift annuities from antitrust law, enabling charities to follow common rates, and the third exempted the commingled funds from securities regulation. Since all of the laws were retroactive, the pending class-action lawsuit was dismissed. Terry also secured passage of a statute in Texas exempting gift annuities from the normal regulation applicable to insurance companies. That statute evolved into the model exemption act, which has now been adopted by numerous states, relieving charities of burdensome compliance requirements in those states.
If Terry had done nothing else, these legislative achievements would have been a tremendous legacy. However, he has done much more, including serving as conference chair and president of NCPG (now the National Association of Charitable Gift Planners), being a founder of Charitable Gift Planning News, serving on the ACGA board, writing numerous articles on gift planning, and being a very popular speaker. His annual updates on legislative, regulatory, and judicial developments at NCPG and ACGA conferences were eagerly awaited. At the peak of his career, having just been selected as one of the country’s top lawyers, Terry was struck by a car while crossing a street in Dallas. The injury severely impaired his physical mobility and left him in almost constant pain. He was mostly confined to his home and had to give up his law practice. Yet, he continued to keep abreast of professional and political developments and offer wise counsel as a participant in teleconference meetings. I was with great shock and sadness that the ACGA learned of Terry's untimely passing April 3, 2017. Additional accomplishments Terry achieved during his short life are included in his obituary below. We are grateful for Terry's life and what he accomplished for all charitable and non-profits in the United States. We are pleased to announce that the Terry L. Simmons Endowed Scholarship Fund has been fully funded at $150,000. If you or your organization is interested in supporting this endeavor, click here. We are grateful to those who have already made generous gifts. Past Scholarship Recipients2022At the ACGA’s 2022 Virtual Conference, The Terry Simmons Scholarship Fund made grants to 10 gift planners so that they were able to attend the conference. The 2022 Scholarship recipients are:
2020At the ACGA’s 2020 first-ever Digital Conference, The Terry Simmons Scholarship Fund made grants to 6 gift planners so that they were able to attend the conference. The 2020 Scholarship recipients are:
2018
2016
2014
2012At the ACGA’s 2012 Conference in San Francisco, The Terry Simmons Scholarship Fund made grants to 4 gift planners so that they were able to attend the conference. The 2012 Scholarship recipients are:
2010
|
The American Council on Gift Annuities (ACGA) has established an endowment fund to assist promising gift planners with their professional development. The Terry L. Simmons Philanthropic Endowment Fund will provide scholarships to worthy individuals who would otherwise be unable to attend the biennial ACGA conference.
At the ACGA’s 2018 Conference in Seattle, The Terry Simmons Scholarship Fund made grants to 5 gift planners so that they were able to attend the conference. The 2018 Scholarship recipients are:
At the ACGA’s 2016 Conference in St. Louis, The Terry Simmons Scholarship Fund made grants to 4 gift planners so that they were able to attend the conference. The 2016 Scholarship recipients are:
At the ACGA’s 2014 Conference in Baltimore, The Terry Simmons Scholarship Fund made grants to 3 gift planners so that they were able to attend the conference. The 2014 Scholarship recipients are:
At the ACGA’s 2010 Conference in New Orleans, The Terry Simmons Scholarship Fund made grants to 8 gift planners so that they were able to attend the conference. The 2010 Scholarship recipients are:Announcements
New Charitable Planning Opportunities with Retirement Plans
On December 29 President Biden signed the Consolidated Appropriations Act of 2023 (“Act”). Contained in the provisions of the Act is the new Secure Act 2.0, which addresses many issues related to retirement planning. For example, starting in 2023 the Act raises the age for required minimum distributions (RMDs) to age 73 for individuals born between 1951 and 1959 and age 75 for those born in 1960 or later. The Act also creates two new important charitable planning opportunities. Click here to read more.
JANUARY UPDATE: ACGA Report on Progress in Resolving Gift Annuity Rate Challenges in New York State
As of January 5th, the New York Department of Financial Services have posted their maximum allowed rates for Charitable Gift Annuities. NY is using a return assumption of 5%. As the new ACGA rates use an assumption of 4.25%, the newly released ACGA rates are lower than the maximum rates allowed by NY. This means charities in NY, and those registered in NY, can continue to use the suggested maximum ACGA rates for single and joint CGA gifts and remain in compliance with NY regulations. The ACGA continues to work directly with NY to update the statutes to avoid this conflict in the future.
The ACGA continues its work with regulators in New York State regarding maximum allowable charitable gift annuity payout rates. For more information on the background and the solution we are working on with the New York Department of Financial Services, please click here to read more.
Our Partners
