Trust Administration December 10,

Trust Information December is the peak giving month of the year Donors are increasing looking for ways to support UVA, while taking advantage of legal & tax structures that help reduce or eliminate capital gains taxes help reduce or eliminate gift and estate taxes provide immediate tax savings Common structures that provide tax benefit to donors: Planned Gift Bequests Life Income Gifts Charitable Gift Annuity >Trusts Reference: content/uploads/sites/10/2013/09/giftPlanningWhitepaperLoRes_0810.pdf 2

Two Categories of Trusts 3

Trust History at UVA Trust responsibility has been decentralized and fragmented within the University Multiple departments have various roles and “touch-points” on Trusts No formal policy or procedures for Trust administration exists Trust records were held in multiple departments Accounting – records distributions & receives some statements Gift Planning – some original trust instruments & some statements Development – some original trust instruments & some statements Treasury – some statements Schools – donor communications and receives some income payments 4

Externally-Held Trust Management Process Improvement Plan 1.) Form Work Group May 15, Treasury- UVIMCO - UVIMCO- Gift Accounting - Gift Planning- Financial Reporting 2.) Redefine Process (see Appendix A)June 30, ) Inventory All Trusts (see Appendix B)July 30, ) Advisor review of select high-profile trusts;Sept. 30, ) Implement New Roles/Process 1 st Qtr FY ) Implement Periodic Review Meetings1 st Qtr FY

Implementing New Roles / Process If a Donor indicates they would like to give using a Planned Giving Structure or Trust: 1)Contact Your Development Officer 2)Contact UVA Office of Gift Planning (Jason Chestnutt) Gift Planning will work with Department to ensure gift meets donors financial and philanthropic goals gift is recorded properly on UVA’s books trust instrument is received and properly archived at UVA receipt of trust statements and required filings are met 6

Do Discussions with Donor Sometimes Feel Like This?

Questions & Contacts Jason Chestnutt Director of Planned Giving PO Box Julie Richardson Director, Treasury Management PO Box

Appendices 9