Created when a donor makes a gift of cash or marketable securities to the University of Virginia Foundation (UVA Foundation). 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). The payments are backed by the full assets of the UVA Foundation. When the contract terminates, the remaining market value of the contract is distributed for one or more University-related purposes. The Office of Gift Planning, through the UVA Foundation, administers the University’s gift annuity program. All gift annuity assets are invested during the annuity contract term.