Making a Bequest to Idaho State University
Writing your will or trust is also an important part of writing your own life story. The instructions stated in these documents not only pass property to your family and the important people in your life, they reveal much about the values you have adopted during your life. For many, those values include supporting education and the idea that with knowledge and learning, everyone has the power to achieve great things.
It is in this spirit that so many kind individuals have endowed scholarships, academic programs and even buildings and facilities through gifts from their estates. Gifts large and small have memorialized beneficiaries and left their mark on the institution which was part of their lives, or in whose mission they believed strongly. Whether you wish to make an ultimate gift to a cause which you have supported throughout your life, or wish to make a first time significant gift to help change lives through higher education, your will or trust offers the most simple vehicle for a legacy gift.
Bequests are the most common type of deferred gift and are accomplished through simple instructions to leave a gift to the ISU Foundation in your will or trust. You may choose to leave a specific asset or piece of property, a dollar amount or a percentage of your total estate. It is also very important to indicate exactly how you would like your gift to be used. Consider questions such as the following:
- Will your gift benefit a particular department, and will it be restricted for a specific use such as scholarships, equipment, travel, facilities enhancements or other special purposes?
- If you wish to have your bequest support scholarships, what are the special criteria you would like to require? Shall the ISU Foundation award students studying a specific major, or from a certain state? There are many options, all at your discretion.
- How would you like your gift to be recognized? Will your name, or the name of someone you love, name the capital project, site, scholarship or program your gift supports? The Foundation enjoys the opportunity to recognize deferred gift donors during their lifetime, but only does so at the pleasure of the donor. Some supporters prefer to keep their gifts private. The Foundation will always honor these wishes, and the primary goal in asking donors to reveal their intentions is so that the institution will be prepared to achieve the precise purpose of your gift.
- Would you like your gift to be expended immediately at the time it is received, or would you like it to create a named endowment? Endowments are invested and an amount equal to 4% of the principal balance is spent or awarded each year. An endowment will bear your family name, or the name of your choosing, forever.
Below are some simple instructions to guide you through the process of including a bequest in your will.
First, your bequest to the Idaho State University Foundation must simply include a precise statement of your gift which describes the specific amount, percentage, asset or otherwise allocated sum of your estate. Such a description may include the following language:
“I hereby give, devise and bequeath the sum of $__________ to the Idaho State University Foundation, Inc., located at 921 S. 8th Avenue, PO Box 8050, Pocatello, ID 83209. These funds shall . . .”
“I hereby give, devise and bequeath all the rest, residue and remainder of my estate to the Idaho State University Foundation, Inc., located at 921 S. 8th Avenue, PO Box 8050, Pocatello, ID 83209. These funds shall . . .”
“I hereby give, devise and bequeath a 25% divided interest of my estate to the Idaho State University Foundation, Inc., located at 921 S. 8th Avenue, PO Box 8050, Pocatello, ID 83209. These funds shall . . .”
“I hereby give, devise and bequeath the real property described as (insert legal description) to the Idaho State University Foundation, Inc., located at 921 S. 8th Avenue, PO Box 8050, Pocatello, ID 83209. These funds shall . . .”
Second, your will should state your intention for how funds are to be used. Explain in detail how you expect the ISU Foundation to administer your gift. It is also beneficial to work with a planned giving officer to draft a short fund agreement, a document you compose and sign during your lifetime which provides all details as to how you want your gift allocated and used at Idaho State University. In either case, your will should go on to state some description of how funds are to be used. For example:
“These funds shall be deposited to the ENDOWMENT / FUND NAME, a fund agreement for which is on file with the Idaho State University Foundation.”
“These funds shall be used to establish the ENDOWMENT / FUND NAME, which shall support scholarships for seniors majoring in nursing at Idaho State University.”
“These funds shall be used to support the department of biological sciences at Idaho State University, and may used at the discretion of the Dean of the College of Arts and Sciences.”
The possibilities for the structure, amount and use of a bequest are unlimited. Please do not hesitate to contact the Idaho State University Foundation Office of Planned Giving for confidential assistance, with no obligation. It is our goal to ensure that, with careful planning, your wishes are properly understood and carried forward exactly as you intend at the time of the eventual gift.
For more information please contact Kyle McGowan VP of Advancement, at (208) 282-3470 or by email at email@example.com.