‘No Comment’ from NAFA about its Form 990s
August 5, 2015 by Kerry Pechter
The leading not-for-profit champion of fixed indexed annuities should explain the “diversion” of assets that was described in its IRS filing.
The folks at the National Association for Fixed Annuities offered no comment yesterday when I called to ask about a cryptic paragraph that appeared on the next-to-last page of the organization’s draft 2014 Form 990, the tax return for organizations exempt from income tax.
The paragraph said, “in 2012, $125,000 was transferred from a NAFA bank account and into the personal bank account of an officer of the organization.