State Reserve Percentage
The State Reserve Percentage function allows you to review or add to GiftWrap's table of state maximum interest rates for calculating gift annuity reserves. You may modify or delete information that you or others have added to the table, but not information supplied by PG Calc.
GiftWrap uses the interest rates in this table to compute reserves when you choose Compliance > Gift Annuity Reserves > State Method. The state reserve percentages GiftWrap uses depend on the states that you indicate must be satisfied by the reserve report.
To report the current information stored on state reserve percentages
1. Click Setup > State Reserve Percentage in the Menu Bar.
2. Click 
Do the following, as needed:
3. Click 
to close the report.
To view or modify the state reserve percentage information stored for a specific state and range of years (only rows added to the table supplied by PG Calc can be modified)
1. Click Setup > State Reserve Percentage in the Menu Bar.
to cycle through the records in sort order.2. Double-click the row of information in the grid that you want to review or modify.
Enter or edit information in the State Reserve Percentage page as desired. There is help available on each field.
3. Click 
to save your changes.
4. Click to close the State Reserve Percentage page.
To delete the state reserve percentage information stored for a specific state and range of years (allowed only for rows added to the table supplied by PG Calc)
1. Click Setup > State Reserve Percentage in the Menu Bar.
to cycle through the records in sort order.2. Double-click the row in the grid for the state reserve percentage you want to delete.
3. Click 
.
4. Click Yes to confirm deletion of the state reserve percentage.
To add state reserve percentage information for a specific state and range of years
1. Click Setup > State Reserve Percentage in the Menu Bar.
2. Click 
.
3. Enter the information about the state reserve percentage. There is help available on each field.
4. Click when done.
5. Click to close the State Reserve Percentage page.
Notes:
· You are allowed to modify or delete only interest rates entered by you or others at your organization. If you see a message refusing your request to modify or delete, you chose a row entered by PG Calc. Choose a different row to modify or delete, if you wish.
· Certain states, such as New York and California, publish maximum allowable interest rates that charities can use when computing the minimum gift annuity reserves required to satisfy state regulators. While New York publishes new interest rates annually and may assign different maximum interest rates to gift annuities with different deferral periods, California publishes a single maximum rate that is applicable to all recent gift annuities. Other regulating states tend to follow one of these two patterns.
· New York and New Jersey typically announce their maximum interest rates for computing reserves in August or September. The other regulating states review their maximum allowable interest rates on a less predictable cycle.
· Maryland accepts reserves calculated using New York maximum interest rates. As a result, GiftWrap assigns the same maximum interest rates to Maryland as to New York.
· PG Calc adds new state reserve percentage information for each regulating state as we learn it. For the states that review their maximum interest rates for computing reserves, new rates for the current year typically are announced in the fall.