At a meeting of the Board of Visitors of the
University of Virginia held on Friday, November 8, 1996,
a roll call vote was taken immediately following an
executive session. Members voting "yes" certify that to
the best of the Member's knowledge (1) only public business
matters lawfully exempted were discussed in closed session;
and (2) only public business matters identified in the
public motion by which the executive or closed meeting were
discussed. In accordance with the law, any member of the
public body who believes that there was a departure from
the foregoing shall so state prior to the vote indicating
"the substance of the departure". Any such statements are
recorded below under "comments".
| NAME |
VOTE yes or no |
COMMENTS |
| Hovey S. Dabney |
yes |
| John P. Ackerly, III |
yes |
| Franklin K. Birckhead |
yes |
| Mortimer M. Caplin |
yes |
| Charles M. Caravati, Jr. |
yes |
| Champ Clark |
yes |
| Warner N. Dalhouse |
yes |
| William H. Goodwin, Jr. |
yes |
| T. Keister Greer |
yes |
| Mrs. Elsie Goodwyn Holland |
yes |
| Evans B. Jessee |
yes |
| Arnold H. Leon |
yes |
| C. Wilson McNeely, III |
yes |
| Albert H. Small |
yes |
| Elizabeth A. Twohy |
yes |
| Henry L. Valentine, II |
yes |
| Sean N. Bryant |
yes |
ATTACHMENT A
GIFT ANNUITY POLICY
FOR ANNUITANTS RESIDING IN THE COMMONWEALTH OF VIRGINIA
| Acceptable Forms: |
Current, deferred, and commuted ("tuition") payment charitable gift annuities |
| Funding Minimum: |
$5,000 |
| Minimum Age at First Payment: |
60 years; for commuted payment annuities, a maximum of 26 years to expected final payout to the University |
| Income Beneficiaries: |
Up to two income beneficiaries |
| Charitable Remainder Beneficiaries: |
The Rector and Visitors of the University of Virginia and University of Virginia related foundations only |
| Payout Rates: |
Consistent with, or lower than, the rates published by the American Council on Gift Annuities (ACGA) that are in effect at the time of the gift. Commuted payment ("tuition") gift annuity rates will be based on the ACGA assumptions and adjusted for the deferral. |
| Timing of Annuity Payments: |
On the last day of each calendar quarter, March, June, September and December |
| Distribution to Beneficiaries: |
Distribute the remainder value of the annuity account at the end of the obligation. |
| Contractor: |
University of Virginia Real Estate Foundation |
| Investment Management: |
The University of Virginia Real Estate Foundation will appoint the Rector and Visitors as its agent for purposes of investment management. |
|
The primary investment objective is to comply with the state regulations governing gift annuity contracts. The secondary objective is to provide for the growth in assets held in the annuity account. |
|
Unrestricted assets will generally be invested in the University's Growth & Income Fund. Restricted assets will be invested in the University's Bond Fund. Other investment vehicles are available as outlined in the University's guidelines for Trust Funds. |
| Compliance: |
The University of Virginia Real Estate Foundation will insure that it is in compliance with the regulations governing charitable gift annuities in each state. |
| Administration: |
The University of Virginia Real Estate Foundation will administer or contract for the administration of the gift annuity program. |
| Fees: |
All reasonable investment management and administrative fees will be assessed to the gift annuity pool. |
ATTACHMENT B
GIFT ANNUITY POLICY
FOR ANNUITANTS IN UNRESTRICTED STATES OTHER THAN VIRGINIA
| Approval of States: |
The University of Virginia Real Estate Foundation is responsible for the approval of states in which it will offer charitable gift annuities. New states should not be entered without the expectation that the program in that state will reach and maintain a $100,000 minimum level. |
| Acceptable Forms: |
Current, deferred, and commuted ("tuition") payment charitable gift annuities |
| Funding Minimum: |
Age (Years) |
Minimum |
|
60-69 |
$20,000 |
|
70-79 |
$15,000 |
|
> 80 |
$10,000 |
| Minimum Age at First Payment: |
60 years; for commuted payment annuities, a maximum of 26 years to expected final payout to the University |
| Income Beneficiaries: |
Up to two income beneficiaries |
| Charitable Remainder Beneficiaries: |
The Rector and Visitors of the University of Virginia and University of Virginia related foundations only |
| Payout Rates: |
Consistent with, or lower than, the rates published by the American Council on Gift Annuities (ACGA) that are in effect at the time of the gift. Commuted payment ("tuition") gift annuity rates will be based on the ACGA assumptions and adjusted for the deferral. |
| Timing of Annuity Payments: |
On the last day of each calendar quarter, March, June, September and December |
| Distribution to Beneficiaries: |
Distribute the remainder value of the annuity account at the end of the obligation. |
| Contractor: |
University of Virginia Real Estate Foundation |
| Investment Management: |
The University of Virginia Real Estate Foundation will appoint the Rector and Visitors as its agent for purposes of investment management. |
|
The primary investment objective is to comply with the state regulations governing gift annuity contracts. The secondary objective is to provide for the growth in assets held in the annuity account. |
|
Unrestricted assets will generally be invested in the University's Growth & Income Fund. Restricted assets will be invested in the University's Bond Fund. Other investment vehicles are available as outlined in the University's guidelines for Trust Funds. |
| Compliance: |
The University of Virginia Real Estate Foundation will insure that it is in compliance with the regulations governing charitable gift annuities in each state. |
| Administration: |
The University of Virginia Real Estate Foundation will administer or contract for the administration of the gift annuity program. |
| Fees: |
All reasonable investment management and administrative fees will be assessed to the gift annuity pool. |
ATTACHMENT C
Gift Annuity Policy
For Annuitants in Restricted States
| Approval of States: |
The University of Virginia Real Estate Foundation is responsible for the approval of states in which it will offer charitable gift annuities. New states should not be entered without the expectation that the program in that state will reach and maintain a $300,000 minimum level. |
| Acceptable Forms: |
Current, deferred, and commuted ("tuition") payment charitable gift annuities |
| Funding Minimum: |
Age (Years) |
Minimum |
|
60-69 |
$65,000 |
|
70-79 |
$35,000 |
|
> 80 |
$15,000 |
| Minimum Age at First Payment: |
60 years; for commuted payment annuities, a maximum of 26 years to expected final payout to the University. |
| Income Beneficiaries: |
Up to two income beneficiaries |
| Charitable Remainder Beneficiaries: |
The Rector and Visitors of the University of Virginia and University of Virginia related foundations only |
| Payout Rates: |
Consistent with, or lower than, the rates published by the American Council on Gift Annuities (ACGA) that are in effect at the time of the gift. Deferred gift annuity and commuted payment ("tuition") gift annuity rates will be based on the ACGA assumptions, adjusted for the deferral. |
| Timing of Annuity Payments: |
On the last day of each calendar quarter, March, June, September and December |
| Distribution to Beneficiaries: |
Distribute the remainder value of the annuity account at the end of the obligation. |
| Contractor: |
University of Virginia Real Estate Foundation |
| Investment Management: |
The University of Virginia Real Estate Foundation will appoint the Rector and Visitors as its agent for purposes of investment management. |
|
The primary investment objective is to comply with the state regulations governing gift annuity contracts. The secondary objective is to provide for the growth in assets held in the annuity account. |
|
Unrestricted assets will generally be invested in the University's Growth & Income Fund. Restricted assets will be invested in the University's Bond Fund. Other investment vehicles are available as outlined in the University's guidelines for Trust Funds. |
| Compliance: |
The University of Virginia Real Estate Foundation will insure that it is in compliance with the regulations governing charitable gift annuities in each state. |
| Administration: |
The University of Virginia Real Estate Foundation will administer or contract for the administration of the gift annuity program. |
| Fees: |
All reasonable investment management and administrative fees will be assessed to the gift annuity pool. |
ATTACHMENT D
TRUST FUNDS
| FUND OUTLINE |
|
TRUST FUNDS |
| Investment Objective |
The primary objective is to comply with the terms of the Trust Agreement with regard to specific income requirements. The secondary objective is to preserve and enhance the real (inflation-adjusted) purchasing power of the principal and to provide for growth in income. |
| Investment Philosophy |
Investments will be made from a stable, long-term perspective with moderate turnover. Although investments for individual Trusts need not be fully diversified by asset class, diversification should be sufficient to meet fiduciary standards. Extreme positions or very opportunistic styles should be avoided. |
|
Where the trust document allows, charitable remainder unitrust and annuity trust assets will be invested according to the long-term endowment asset allocation target of 75 percent stocks and 25 percent bonds. Net income trust assets will be allocated between equities and bonds according to trust income requirements. |
| Investment Vehicles |
The following pooled funds may be used: Vanguard Group, Fidelity Investments, T. Rowe Price, Fiduciary Trust Company International, and University of Virginia Pooled Funds. |
|
Portfolios of individual common stocks may be created on rare occasions to meet specific requirements of the Agreement with the approval of the Executive Vice President and, at his discretion, the Investment Subcommittee of the Board of Visitors. |
