Charitable Gift Annuities Benefit You and Your Passion

Charlie Teaters, M.D., came to the MCV Campus from Southwest Virginia in the 1970s because he knew it was where he could learn the most.

Among other examples, he tells the story of a medical school rotation he spent working on the obstetrics unit. He and his colleagues helped deliver 36 babies in one shift.

“I talked to people at other schools, and if they delivered one or two, they were impressed,” Charlie told us recently. “What you experienced equipped you later in life. When you were in practice, you’d already seen almost everything. That impressed me about MCV. The quality of the education I got was second to none.”

Now, 40 years later, Charlie has found a unique way to give back to the MCV Campus that not only helps future doctors studying at his alma mater, but reignites the campus’s contributions to Charlie.

The instrument for giving is a charitable gift annuity, which enables donors to contribute cash or appreciated securities in support of their passion on the MCV Campus, and in return receive lifetime fixed payments for themselves and/or another beneficiary. The payment rates associated with these popular gifts of $25,000 or more are based on a donor’s age and cap at 9.5%.

Charlie made his gift in 2018, and since then he has received quarterly payments.

“With the CGA, I liked the fact that I got something back in the process,” he said. “Plus, I got the satisfaction of helping an institution that I valued, and that deserved my giving. When I left MCV and started looking back, I realized what a quality education I got. That’s another reason I wanted to give back, to continue supporting doctors.”

The remainder of Charlie’s gift will benefit the VCU School of Medicine. He said he left it up to the dean of the school to decide the best use for his gift, but others have specified uses for their contributions by establishing research funds, professorships and student scholarships.

As far as the payouts are concerned, some donors use them for extra cash, some use them to supplement their retirement income, and some even reinvest the payments to grow the funds they’ve established on the MCV Campus.

Charitable gift annuities are not just in place for graduates of the four schools and one college on the MCV Campus, they’re also available to grateful patients, families and friends who have been touched by the lifesaving patient care, research and education happening right here in Central Virginia.

If you’re interested in learning more about charitable gift annuities and how you can begin exploring this unique investment that benefits you, the MCV Campus, future healthcare providers and patients, please contact Jenny Ramey, director of gift planning at the MCV Foundation, at 804-828-4599 or jennifer.ramey@vcuhealth.org.

If you’d like to learn about all the creative tools available for giving to the MCV Campus, please visit our giving page.

Charlie Teaters with quote saying, "Weith the CGA, I got something back in the process ... plus I got the satisfaction of helping an institution that I valued, and that deserved my giving."