Cavalier Corner

December 2021

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32 CAVALIER CORNER SUPPORT OUR FUTURE UVA STUDENT-ATHLETES Bequests and Beneficiary Designations If you would like to support the Virginia Athletics Foundation (VAF) but are not comfortable giving away assets that you might need now or in retirement, consider naming the VAF as a beneficiary of your will, living trust, retirement account, or life insurance policy. Because bequests and beneficiary designa- tions are not binding, you will be able to modify your gift if your circumstances change. Amounts you leave to the VAF will pass free of estate tax and, in the case of retirement assets, income tax as well. Bequests and beneficiary designations provide a wonderful way for alumni and friends of all ages and circumstances to provide support to future Virginia student-athletes—often at a level much greater than imagined. BEQUEST FROM YOUR WILL OR LIVING TRUST You can include a provision in your will or living trust by which you give UVA a specific amount or asset, or a percentage of your residuary estate. BENEFICIARY DESIGNATIONS RETIREMENT ASSETS: Retirement plan assets often are the most highly-taxed assets in an individual's estate because any plan that was funded with pre-tax dollars will be subject to income tax in the hands of any individual beneficiary who inherits the account. As part of a very large es- tate, a plan may also be subject to estate tax. You can eliminate income and estate taxes on any retirement plan assets you give to charity. The VAF will receive the assets free of tax, allowing the full value of your gift to be used for the charitable purposes you choose. LIFE INSURANCE: A life insurance policy provides a relatively inexpensive way to provide con- tinued financial support for loved ones, but when a policy is no longer needed in whole or in part to accomplish its original purpose, the policy can provide a wonderful asset to fund a charitable gift, often in an amount much greater than the total premiums paid. BANK AND BROKERAGE ACCOUNTS: You can designate the University as a beneficiary of your bank or brokerage account by using a pay-on-death (POD) or transfer-on-death (TOD) designation. HOW TO MAKE A BEQUEST OR BENEFICIARY DESIGNATION To make a bequest, your attorney can insert a simple provision in your will or trust. The Virginia Athletics Foundation can provide sample language. To make a beneficiary designation, you can complete a simple beneficiary designation form provided by your retirement plan administrator, life insurance company, or financial institution. Need help with your future planning? Get organized with the help of the Office of Gift Planning's will planning guide. Contact us at 434.982.5555 to request a copy. FOOTBALL OPERATIONS CENTER T H E H O M E O F V I R G I N I A F O O T B A L L VIRGINIA ATHLETICS Strength and Conditioning Room Locker Room Team Meeting Room Locker Room Meeting Rooms Coaches Offices Weight Room Training and Recovery Rooms Player Lounge Hydration and Fueling Stations For more information on supporting the Master Plan and the Football Operations Center, contact the Virginia Athletics Foundation at 434.982.5555 or visit COMPLIANCE CORNER Since August 2021, the NCAA and the NCAA appointed Constitution Committee have been working toward addressing transformational, organizational change with the NCAA through the redrafting of the principles, governance structure and membership commitments found in the current NCAA constitution to meet the needs of today's student-athletes, while looking to better the future needs of tomorrow's student-athletes. The committee will also propose a new system of governance and rules enforcement that fur- ther examines the role of national oversight and places appropriate responsibility at the school and conference levels. The change would provide a shift away from the granular regulation of col- lege sports at the NCAA level to establishing over- arching principles for the NCAA's three divisions. The committee will focus on all three divisions; however, this update will focus on Division I. After membership feedback in September 2021, the committee proposed and reviewed the six principles believed to be necessary for NCAA change during a special, virtual Convention on November 15, 2021. The current draft provides significant authority to the divisions, giving each the ability to reorganize and restructure itself. This could possibly mean that Division I may divide into additional levels beyond the current three lev- els (Football Bowl Subdivision); Football Cham- pionship Subdivision and I-AAA (no football). It also ensures student-athlete positions and voting power on the Division I Board of Directors. The principles outlined in the draft constitu- tion include the importance of the academic experience, the collegiate student-athlete model, integrity and sportsmanship, student-athlete well-being, institutional control, compliance, di- versity and inclusion, gender equity and recruiting standards. The plans are for the committee to seek additional feedback from the membership through the end of November 2021 and then provide final recommendations to the NCAA Board of Governors by December 15, 2021, and for the new constitution to be voted on in January 2022 during the annual NCAA Convention. After the new constitution's adoption, each division will continue preparing for the second and more transformational phase of this process, which will require all three divisions to review their rules to ensure that changes are consistent with the principles agreed upon in a new constitution. The work of rewriting rules for each division must be completed by August, in time for the start of the 2022-23 academic year. As a result, there is a lot of change coming to the NCAA and the current Division I, Football Bowl Subdivision, of which UVA is a member. Stay tuned for updates throughout the next nine to ten months! NEW NCAA CONSTITUTION

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