Deferred Gift Agreements

[bogenschutzj]

Hello All!

I am currently working with our general counsel on updating all of our gift agreement templates. In the process we have been discussing what type of agreement to use when working with a donor who has made us aware that our university is in their will/trust/IRA and they want to endow a scholarship with the funds when they are realized. Our office wants to ensure we have mutually agreed upon criteria prior to the donor passing to ensure we are able to award this scholarship year after year. 

In previous years we would use our standard endowed scholarship agreement that we use for cash gifts but we would change the Exhibit A (funding source) to reflect that it was a deferred gift. Our general counsel is wondering if all of this is necessary. I wanted to see what others are using to document agreed upon criteria when the funds won't be realized until the donors passing.

Thank you!!

[Mueller, Chris]

Hi – I’ve used the attached form or similar at several colleges. It seems to work well without getting into a lot of legal jargon. For an endowed scholarship, in the Purpose section, we will refer to a separate scholarship agreement which we develop with the donor and follows the same format as our other endowed agreements. In the endowed scholarship agreement we simply state that the funding source is an estate gift, much as you have been doing.

 

This document was just reviewed by our College Advancement Committee of the Board of Trustees without change. Our general counsel is an emeritus trustee and sits on the committee.

 

Hope this helps.

Chris

 

Chris Mueller Vice President for College Advancement 1200 Kenwood Avenue Duluth, MN 55811 Cmue...@css.edu | 218-723-6460 css.edu/campaign

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