A hastily-called national conference for nonprofit organizations on gift annuities was held in Manhattan on April 29, 1927. An actuary named George Augustus Huggins introduced best practices that have become fundamental in charitable gift planning: statistical measurement of average beneficiary longevity; calculating payment rates by targeting a charitable residuum; and valuing charitable and beneficiary interests using financial projections grounded in investment experience.
Negotiating with donors over open-ended annuity payment rates, and wishful thinking about financial consequences, was replaced by a national consensus over actuarially-determined, responsible payment schedules.
This actuarial revolution in gift planning requires nonprofits to hire and train specialists to explain, promote, and manage complex programs. There is a strong argument that the profession of charitable gift planning began at the 1927 conference, when the Committee on Gift Annuities (now known as the American Council on Gift Annuities, ACGA) was founded to provide a voluntary national process to analyze economic and demographic experience, calculate responsible annuity rates, develop and promote best practices, train nonprofit gift-planning professionals, track federal and state legislation, and conduct research.
About 1,800 gift planners participated in 13 national conferences held by the Committee on Gift Annuities (ACGA) between 1927-1968. This is the oldest continuing series of training events for the staff of American nonprofit organizations. Pioneering leaders of gift planning with ACGA included Huggins, Charles Baas, Gilbert Darlington, Roland Matthies, Charles Burrall, and Michael Mudry. Conrad Teitell (pictured) presented at every ACGA conference between 1968 and 2016.