The client called to ask an unusual question: did the “market value” for a recently terminated charitable gift annuity (CGA) appear to be correct? They had received the necessary legal authorization for the voluntary termination of a CGA, and the ending market value – a.k.a. the charitable remainder or residuum – was significantly higher than the original funding amount. They were familiar with the standard belief that gift annuities typically lose value over time, but they asserted that the terminating gift annuities in their program routinely delivered remainder amounts that were well above the original funding amounts. They asked if we would help them to review other gift annuity terminations to see if there was a problem that extended beyond the case at hand.