william jones

William H. Jones III decided to make an estate gift to VCU Health Massey Cancer Center through a charitable gift annuity. Photo: Tyler Trumbo, MCV Foundation

Massey’s Cancer Care Inspires Charitable Gift Annuity

William H. Jones III remembers vividly how awful he felt when his only niece Emily was diagnosed with leukemia as a teenager.

“She was the first young person I knew to be diagnosed at such a very young age,” Jones said. “It was heart-wrenching.”

Fortunately, the clinical team at VCU Massey Cancer Center was able to treat Emily’s leukemia through a bone marrow transplant and she’s been in remission ever since.

“They saved Emily,” Jones said. “That was my catalyst for wanting to support Massey.”

Retired from a career in investment banking, Jones decided a few years ago he wanted to donate his estate to five charities, and he chose Massey as one of them. As he learned about charitable gift annuities, Jones realized a CGA would offer a creative way to front-load some of his legacy giving now and receive a guaranteed income for life in exchange for his gift.

“To me, it seemed like a no-brainer,” Jones said. “I wanted to give to Massey, and with a charitable gift annuity I can make my estate gift now and receive income from the annuity. The neat thing is that I’m getting a return on my gift, but I am still ultimately benefitting Massey.”

The process, he said, was easy to navigate.

“Everyone was very pleasant to work with,” Jones said. “And I was pleased when Massey shared how interest rates were expected to increase only a few months after I initially contacted them in case I wanted to wait to establish the annuity.” 

Jones’s CGA gift will ultimately provide more support for Massey, and he considers it one way of showing his gratitude for their care of Emily and so many other children.

“It’s especially hard to see children suffer, and I feel sorry for those kids and their families,” Jones said. “I just hope that it will help children who are sick or suffering.”

Gift Planning Spotlight

How Charitable Gift Annuities Work


grl sidebarA charitable gift annuity is a simple contract between you and the MCV foundation. In exchange for a gift of cash or securities, the MCV Foundation will agree to pay one or two income recipients a fixed sum each year for life. When the gift annuity ends, the remaining balance is used to support the school or program on the MCV Campus that you care about. CGAs are a popular way to make a gift that benefits the MCV Campus in future, and you today.

Gift annuity rates recently increased and are offering higher payouts than they did just a few months ago. Stock market volatility and low CD rates make CGAs an even more attractive way to support the MCV Campus.

There are a several CGA options to choose from:

Immediate gift annuity

If you would like extra income now, an immediate gift annuity will allow you to take a charitable deduction, and begin receiving annuity payments right away. This option is available for income beneficiaries who are age 60 or older.

Deferred gift annuity

If retirement is a few years off but you could use a tax deduction now, a deferred gift annuity enables you to take an immediate deduction, and defer payments until a date in the future. This is a great option to for people who are still working and who would like to diversify their income stream in retirement. 

Flexible gift annuity

If you don’t need the income now, but are not sure when you would like for it to begin, a flexible gift annuity gives you the option to delay the start date of payments within a specified term of years. The longer you wait to receive payments, the higher the payout rate and the larger income payments will be.


To see CGAs would look like for you, please contact Ann Deppman, assistant vice president for planned giving at VCU, by calling 804-828-7370 or emailing deppmana@vcu.edu for a personalized illustration.