Established when a donor makes an outright, irrevocable gift to a trust established for such purpose. Payments are made by the trust to the donor and/or other income beneficiaries in accordance with the trust’s terms and conditions. When the trust terminates, the remaining assets in the trust are directed to charitable uses. The Rector and Visitors of the University may serve as trustee of charitable remainder trusts; however, for trusts funded with real estate, the University of Virginia Foundation may serve as trustee until the real estate is liquidated. Charitable remainder trusts may also be created outside the auspices of the University with an independent trustee. Remainder assets from external trusts may be designated to benefit the University (including schools, departments, or units) or University-Associated Organizations. UVA trusteed charitable remainder trusts may be invested in the UVA Endowment under certain circumstances.