University of Virginia Library

E. General Policies Pertaining to Deferred and Other Estate-Related Gifts

The terms and conditions of gifts to create charitable remainder unitrusts, charitable remainder annuity trusts, charitable income ("lead") trusts, or charitable gift annuities, and the terms and conditions of gifts which are acceptable for a pooled income fund trust shall be submitted by the Vice President for Development to the Vice President for Business and Finance before the acceptance of such gifts by the University.

A pooled income fund gift or a charitable gift annuity provides the means whereby a donor, who does not wish to make a separately invested trust, can support the University and receive the benefits offered by a life income gift. The Board of Visitors has authorized the establishment of the University of Virginia Pooled Income Fund. A gift to this Fund will be commingled with the gifts of others as in a mutual fund, and will be managed by a Trustee. The gift may be unrestricted or may be designated for a purpose specified by the donor.

The income from a gift to the Pooled Income Fund will be paid quarterly to the first beneficiary, and may also be paid either concurrently or successively to a second beneficiary, for his or her lifetime. The University may be named as a concurrent beneficiary, if the donor so designates. At the termination of the life income contract the share of the trust fund attributable to the donor's contribution is transferred to the University. If the donor so designates in writing at the time of the gift, either a concurrent income interest or the remainder interest may be transferred, in turn, to a tax-exempt University-related foundation.