Gift Planning

Gift Planning

SIU Foundation

618-453-4900
siuf@foundation.siu.edu

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Southern Illinois University Foundation's Bequest Language

The provisions in your Will or Trust for making a gift to the Southern Illinois University Foundation will depend upon the type of gift and your unique circumstances. The following sample bequest provisions may be helpful for your attorney in drafting will provisions:

"I give, devise, and bequeath to the Southern Illinois University Foundation, a not-for-profit corporation (Tax ID 37-6024575) duly existing under the laws of the State of Illinois, and located in the City of Carbondale, State of Illinois, (e.g., dollar amount, percentage, specific asset, or residue) to be used for ___________ (however you wish for your gift to be used) at Southern Illinois University."

If you would like to create a named endowment fund ($25,000 minimum to establish a permanent endowment) with a portion of the annual income designated for a particular purpose, you can express your wishes this way:

"I give, devise, and bequeath to the Southern Illinois University Foundation, a not-for-profit corporation (Tax ID 37-6024575) duly existing under the laws of the State of Illinois, and located in the City of Carbondale, State of Illinois, (e.g., dollar amount, percentage, specific asset, or residue) to constitute the ___________ Fund (whatever name you wish to call it). This fund shall be invested by the directors of the Southern Illinois University Foundation and a portion of the annual income thereof utilized for ____________ (whatever you would like the earnings to be used for) at Southern Illinois University."

It also is a good idea to include a "saving clause" in your will, in case something happens making it impossible for the Southern Illinois University Foundation to carry out your wishes exactly as stated in your bequest. A "Saving Clause" might read as follows:

"If in the event any provision of this bequest shall become void, illegal, impractical, unnecessary or impossible of performance because of laws or social or economic conditions, which determination shall be made by the Foundation's Board of Directors, and as a result thereof, the board of directors shall then determine the best use of the bequest in keeping with the original intent of the donor."

Where the Donor wishes to clearly delineate the uses to which the charitable bequest should be put, a separate Memorandum of Agreement outlining the Donor's wishes can be executed and signed by an officer of the Foundation. This Agreement could be referenced as follows:

"I give, devise, and bequeath to the Southern Illinois University Foundation, a not-for-profit corporation (Tax ID 37-6024575) duly existing under the laws of the State of Illinois, and located in the City of Carbondale, State of Illinois, (e.g., dollar amount, percentage, specific asset, or residue) to constitute the ___________ Fund (whatever name you wish to call it). This fund shall be invested by the directors of the Southern Illinois University Foundation and a portion of the annual income thereof utilized for the purposes as set forth in the ___________ Fund Memorandum of Agreement as executed by me and the Southern Illinois University Foundation on ___________ (date Memorandum of Agreement is executed) and which is incorporated herein by reference."

Please note:

If you have already prepared a will or document which names SOUTHERN ILLINOIS UNIVERSITY (instead of the above wording for the SOUTHERN ILLINOIS UNIVERSITY FOUNDATION) you may wish to update your document.

It is always a good idea to share your plans with the gift planning office at the Southern Illinois University Foundation in order that we may be certain that the language used will accurately carry out your desires.

For more information, contact us:

Office of Gift Planning
Southern Illinois University Foundation
Colyer Hall — Mail Code 6805
Carbondale, IL 62901
(618) 453-4906
giftplanning@siuf.org
www.siuf.org

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