Board of Visitors minutes :: June 13, 1997 :: University of Virginia Library

Acceptable Forms:	Current, deferred, and commuted ("tuition") payment charitable gift annuities.
Funding Minimum:	$5,000
Minimum Age at First Payment	60 years or, 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 of 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.

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 which 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 or, 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, adjusted for the deferral.

Timing of Annuity Payments:

On the last day of each calendar quarter, March, June, September and December.

Distribution of 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.

GIFT ANNUITY POLICY FOR ANNUITANTS IN UNRESTRICTED STATES OTHER THAN VIRGINIA