Bequests and Life Income Agreements (Template) (Intended as a general guide for use by attorneys)
Bequests to and for the use of California State Polytechnic University, Pomona, should be given through the “Entity” (CPP Foundation or University Educational Trust). The foundation’s legal and corporate name is Cal Poly Pomona Foundation, Inc. OR Cal Poly Pomona University Educational Trust, Inc., Pomona, California. A. Unrestricted Bequest “I give to the “Entity”, a non profit corporation, located at Pomona, California, for the general purpose of the California State Polytechnic University, Pomona in support of its educational mission. (Cash Bequest) the sum of _____________ dollars ($____________).” (Stock Gift) ______ shares of common stock of __________________ Corporation. (Percentage of Estate) ____ percent (___ %) of the residue of my estate.” (Other) _______________________________
B.
Bequest for Specific Purpose “I give to the “Entity”, a non profit corporation, located at Pomona, California, the sum of ___________ dollars ($ ________), (or property herein described) for the purpose of (insert desired clause – see samples below). If it is found that all or part of this bequest is no longer needed for the purpose stated, then such bequest may be used for such other purposes as the “Entity” Board of Directors shall deem advisable for the best interest of California State Polytechnic University, Pomona giving consideration to my special interest as evidenced by the purpose described above. Sample ”Purpose” Clauses 1. “…general support of the educational mission of (enter selected department/school) at California State Polytechnic University, Pomona.” 2. “…assisting worthy students of California State Polytechnic University, Pomona, in successfully completing requirements of their approved Senior Project.” 3. “…providing financial aid for students (in designated field) at California State Polytechnic University, Pomona.” 4. “…increasing the permanent endowment funds of the UET, the annual income to be used to support and enhance the educational mission of the California State Polytechnic University, Pomona.” 5. “...support and enhance the academic program offerings (in designated field) and/or related programs at the University.”
C.
Bequest for an Unrestricted Memorial “I give to “Entity”, a non profit corporation located at Pomona, California, the sum of ___________dollars ($ ) (or property herein described), the same to be known and designated at “The _________________ Memorial.” The income shall be used as the Board of Directors of the “Entity” determines best to promote the work of the University. The said Director shall have the right to expend the whole or any part of the principal of said sum in the erection of a building or in connection with some definite project or purpose, provided there is thereby established a suitable memorial in the name of ___________________.
D.
Bequest for a Named Endowment or Memorial Endowment Fund “I give to the UET, a non profit corporation, located at Pomona, California, __________dollars ($ ), (or property herein described) to be known and designated as “The _______________ Fund.” The income, but not the principal, shall be used for (description of primary purpose, such as scholarships, endowed fellowship, professorship or chair, or support and/or maintenance of academic program or facility). If it is found that all or part of the income from such fund is no longer needed for the purpose sated, then such income may be used for such other purposes as the UET Board of Directors shall deem advisable for the best interest of California State Polytechnic University, Pomona, giving consideration to my special interest as evidenced by the purpose described above. If a contribution to California State Polytechnic University, Pomona, will be restricted, it is recommended that the intended provision be reviewed with UET officials at the time the bequest provision is drafted, to be certain that the wishes of the donor can be carried out. Please note the minimum amounts necessary to establish a meaningful named endowment fund are: Scholarship Fellowship Professorship Chair $ 10,000 50,000 1 Million 3 Million
E.
Gift of Residuary Estate “I give and devise the residue of the property owned by me at my death, real and personal and wherever situate, to the “Entity”, a non profit corporation at Pomona, California, for the general support of the educational mission of California State Polytechnic University, Pomona.”
F.
Contingent Gift of Residuary Estate “I give and devise the residue of the property owned by me at my death, real and personal and wherever situate, to my spouse, ______(name)__________ if (he/she) survives me. If my spouse does not survive me, I give and devise my residuary estate to the “Entity”, a non profit corporation at Pomona, California, for the general support of the educational mission of California State Polytechnic University, Pomona.”
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G.
Gift Dependent of Estate Size “I give the sum of ____________ dollars ($ ) or _____% o my adjusted gross estate as finally determined for Federal estate tax purposes, whichever is the larger, to the “Entity”, a non profit corporation at Pomona, California, for the general support of the educational mission of California State Polytechnic University, Pomona.
H.
Gift to be Free of Taxes “I direct that no estate or inheritance taxes be paid from the share of any property given or devised to the “Entity”, Pomona, California.”
I.
Provision for Pledge Payment “I direct my executor/executrix to pay, as a debt to my estate, to the “Entity”, a non profit corporation at Pomona, California, any balance which is due or will become due under the terms of any written pledge or pledges made by me during my lifetime.”
J.
Specific Legacy “I give my (indicate specific items of personal property) to the “Entity”, a non profit corporation at Pomona, California, for its exclusive and unrestricted use in support of California State Polytechnic University, Pomona.” Bequest of Life Income for a Survivor with the Principal Going to University on Survivor’s Death. A staff member of the university would be pleased to discuss with you and/or your personal advisors, the alternatives available.
If you wish to make the bequest more restricted, limited in use to a specific program or function, or to establish a named fund, we request you contact University Advancement to determine wording that will ensure its utilization according to your intentions. Real or personal property gifts (real estate, artwork, collections, and personal effects) are also accepted by the University in many instances. However, it is advisable to discuss such a gift with us first. Due to costs associated with managing our Campaign for Cal Poly Pomona and current state budget challenges, 5% of your gift will be used to support campus-wide advancement efforts and outreach costs. For further assistance contact: University Advancement California State Polytechnic University, Pomona 3801 West Temple Avenue Pomona, CA 91768 (909) 869-3419 or (909) 869-4997 1-800-722-5765
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