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Charitable Remainder Unitrust
(University's Endowment)

Investment in the University of Virginia’s Endowment

The University of Virginia in 2007 obtained a “Private Letter Ruling” (PLR) from the Internal Revenue Service permitting the University to invest its charitable remainder trusts in units of the University’s endowment. The endowment is managed by the University of Virginia Investment Management Company (UVIMCO), a 501(c)(3) entity affiliated with the University and organized to manage its endowment. The University sought the PLR so that its trusts would benefit from the endowment’s full investment performance, which has historically been markedly higher than that achieved when charitable trust investments were restricted within the endowment.

However, in exchange for what we believe will be significantly better investment returns over time, the IRS ruled that the unitrust payments to you or your designated beneficiaries will carry out income differently than as prescribed in the Internal Revenue Code for charitable remainder trusts. What this means is that each unitrust payment may carry out more ordinary income (which is taxed at a higher rate than capital gains, for example) than it would if the trust were invested in traditional charitable trust investment pools.

 

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The materials provided in this website and the examples contained herein are for illustration purposes only and are not intended as legal or tax advice. We encourage you to consult your own legal and tax advisor.