A charitable bequest is the most popular and enduring type of planned gift. A bequest is favored by donors because it is a gift planning strategy that gives one the opportunity to leave a lasting legacy while retaining full use of one’s assets during life. With a bequest, there is no disruption of one’s lifestyle and no immediate out-of-pocket expense.
Because the precise language of a bequest provision is very important, a bequest to benefit SPRI should be worded along the following lines:
Example of unrestricted bequest language:
“I give (insert dollar amount, property to be given, percentage of the estate, or "the remainder of my estate") to the Steadman Philippon Research Institute, a 501(c)(3) nonprofit corporation, tax identification number 88-0245022, headquartered at 181 West Meadow Drive, Suite 1000, Vail, Colorado, 81657-5059 for its general use and purposes.”
Example of restricted bequest language:
“I give (insert dollar amount, property to be given, percentage of the estate, or "the remainder of my estate") to the Steadman Philippon Research Institute, a 501(c)(3) nonprofit corporation, tax identification number 88-0245022, headquartered at 181 West Meadow Drive, Suite 1000, Vail, Colorado, 81657-5059 to support (insert designation, campus or purpose) at the Steadman Philippon Research Institute.”
A donor may wish to direct a bequest to an endowed fund which will exist in perpetuity. If the bequest is $50,000 or more, the donor may establish his/her own endowed fund which can bear the donor’s name or the name of a loved one. If the bequest is less than $50,000, the donor can supplement an existing endowed fund. In endowed funds, the principal is held in perpetuity, with a fixed amount of the annual earnings (currently 4%) allocated to provide ongoing support for programs designated by the donor.
For more information or assistance with bequest language, please contact the SPRI Development Office. In all cases, you should be sure to consult your financial and tax advisors when considering a bequest or any other type of planned gift.