2. Estate Gifts
The largest gifts to the University have traditionally been
estate gifts, which may be used for restricted or unrestricted
purposes.
Gifts from the estates of deceased donors consisting of property
that is not acceptable shall be rejected only by action of the
Gift Acceptance Committee. The legal counsel of Arch shall
expeditiously communicate the decision of the Gift Acceptance
Committee to the legal representative of the estate. If
there is any indication that the representatives of the estate
or any family member of the deceased is dissatisfied with the
decision of the Gift Acceptance Committee, this fact shall be
communicated to the Gift Acceptance Committee or to the appropriate
member of the development staff as quickly as possible.
Attempts shall be made to discover bequest expectancies whenever
possible in order to reveal situations that might lead to unpleasant
donor relations in the future. When possible, intended
bequests of property other than cash or marketable securities
should be brought to the attention of the Gift Acceptance Committee
and every attempt be made to encourage the donor involved to
conform his or her plans to Arch policy.
Bequests
Gifts by will may be an attractive gift option to donors who
are unable to make a current gift but would like to contribute
to Arch in a meaningful way. These gifts may be restricted
or unrestricted for the use of funds. Specific, residual or contingent
bequests will be recorded by the OGP. A documented (copy
of Will, portion thereof, or Bequest Provision Form) specific
or residual bequest will be counted for Heritage Society membership.
Types of Bequests
Specific bequest - usually
a dollar amount. It may also
be a gift of real estate or tangible personal property (for example,
artwork, antiques, jewelry, or coin/stamp collections).
Residuary bequest - names Arch to receive all or a percentage
of the remainder of the estate after specific bequests have been
fulfilled.
Contingent bequest - takes
effect only if all primary beneficiaries named in the will
have predeceased the donor. Declaring
Arch a contingent beneficiary can prevent the property from going
to the state if there are no heirs.
Testamentary trust
- designates that part or all of the estate
is to be left in some form of trust with a bank or individual
trustee with income and/or principal to be paid to Arch.
1. Gifts with
Retained Life Income | 2. Estate
Gifts | 3. Insurance | 4. Revocable Trusts |
