The article has been updated successfully.Due to the amendment of RCW 48.38.010(10), the Annual Report is now due within sixty days after the end of the Issuer’s fiscal year. This includes the Prescribed Statement of Actuarial Opinion (PSAO). One benefit of this change for the Issuer is that the state will now only require a statement of the actuarial reserve as of the charity’s fiscal year end, beginning with those charities with a fiscal year ending June 30, 2010. Another benefit of this change is that a request for exemption from the Report’s calendar year requirement is no longer necessary.
If your fiscal year end is December 31, nothing will change.
If your fiscal year ends other than on December 31, the following changes will apply, beginning with those Issuers with a fiscal year ending June 30, 2010:
• Within sixty days of the end of your fiscal year, the Annual Report is due.
• The Annual Report will require information regarding the certificate holder’s balance sheet and income statement as of the fiscal year end whether or not the certificate holder has audited financial statement information available at the time the report is due.
• The annual filing fee is still due on or before March 1, but is based on annuities written during the fiscal year ending on or before December 31 of the previous calendar year. For the first year of implementation, the filing fee due March 1, 2011 will include annuities written from January 1, 2010 to the Issuer’s fiscal year ending in 2010.
• For the first year of implementation, the state will require Reserve Fund Activity and Washington Contract reporting starting on January 1, 2010 and ending on the Issuer's fiscal year end. For Issuers with a fiscal year ending on or between June 30 and November 30, 2010, the reporting will be for a period of less than twelve months. For Issuers with a fiscal year ending on or between January 31 and May 31, 2011, the reporting will be for a period of more than twelve months.
