How can I make a gift to the U in my will?
You may want to benefit one or more campuses, departments or programs at the U, or you may want your gift to be unrestricted - to be used wherever the need is the greatest. Your will should state your intention clearly enough so that the Foundation can ensure that your objectives are fulfilled. The following is suggested language that your attorney can use in your will.
Unrestricted gift:
"I give [the sum, percentage, or description of property] to the University of Minnesota Foundation, Minneapolis, Minnesota, to be used for its general tax exempt purposes but without other restrictions as to use."
Restricted gift:
"I give [the sum, percentage, or description of property] to the University of Minnesota Foundation, Minneapolis, Minnesota, to be used for the benefit of the [name of campus, college or program]. "
If your gift is $25,000 or more, you can set up an endowed fund with a memorandum of agreement to define the terms of your gift. This means your gift is invested and a portion of the income is spent each year to support the U program you have designated. Some endowments have minimum levels to be certain the endowment can fully support the program for which it is created:
| Minimum gift levels for endowments |
| Chair |
$2,000,000 |
| Professorship |
$1,000,000 |
| Faculty Fellowship |
$500,000 |
| Graduate Fellowship |
$25,000 |
| Scholarship |
$25,000 |
The information on this Web site is not
intended as legal or tax advice, but as accurate and authoritative
general information on planned giving. For legal advice, please
consult an attorney.
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