A contractual relationship between a donor and the University of Virginia (UVA) Foundation that is created when a donor makes an outright, irrevocable gift to the UVA Foundation, and in exchange for the gift, the UVA Foundation makes fixed payments to one or two annuitants for life based on the initial value of the gift and the age(s) of the annuitant(s) at the time the gift is made. The payments are backed by the full assets of the UVA Foundation. Upon the death of the last annuitant, the remaining market value of the gift annuity is distributed for one or more University-related purposes or to a University-Associated Organization. The Office of Gift Planning, through the UVA Foundation, administers the University’s gift annuity program. Most gift annuity assets are invested in the UVA Endowment during the annuity contract term.