Planned Gifts
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Bequest Language
The FEIN for the Georgia State University Foundation, Inc. is 58-6033185.
Thank you for considering Georgia State University Foundation in your estate planning. We encourage you to share the following suggested bequest language with your attorney as you prepare or revise your will. If you wish to fund or create and endowment for a specific program, please contact the Office of Gift Planning.
Unrestricted Bequest
"I give and bequeath to Georgia State University Foundation, Inc., in Atlanta, Georgia, the sum of xxx dollars. This gift shall be used to further the educational mission of Georgia State University in such a manner as the Board of Trustees of the Foundation may direct."
You might choose to replace "the sum of xxx dollars" with one of the following:
• "xx percent of my adjusted gross estate"
• "all the rest, residue and remainder of my estate"
• "xx percent of my residuary estate"
Bequest Designated for Endowment
"I give and bequeath to Georgia State University Foundation, Inc., in Atlanta, Georgia, the sum of xxx dollars to create an endowed fund to be named xxx, which shall be invested as the Board of Trustees of the Foundation may deem best. Distributions from the endowed fund shall be made each year in accordance with the spending policies of the Foundation and shall be used for scholarships (or faculty compensation, or the study of the sciences, or another broad priority) at Georgia State University. The fund, for purposes of investment, may be commingled with other funds of Georgia State University Foundation, but the reporting on the activity of the fund shall remain separate."
If you are interested in endowing a chair, scholarship (minimum: $25,000), or other named fund, please contact Christine Eckoff (see below) for criteria including gift minimums.
Again, you might choose to replace "the sum of xxx dollars" with one of the following:
• "xx percent of my adjusted gross estate"
• "all the rest, residue and remainder of my estate"
• "xx percent of my residuary estate"
Codicil to Last Will and Testament
If your estate planning documents are up to date, you can simply draft a short codicil or amendment to the existing documents, using this or similar language:
"I, Sharon Smith, hereby amend my Last Will and Testament, executed on the 10th day of November in the year 2002. I direct that all provisions of that Will remain in effect but in addition direct that Georgia State University Foundation, Inc., in Atlanta, Georgia, shall receive the sum of xxx dollars to be used to further the educational mission of the Foundation in such a manner as the Board of Trustees of the Foundation may direct."
Savings Clause
We recommend that restriction on gifts be stated in broad and flexible terms, since the Foundation’s specific needs may change over time. If your bequest is restricted for a particular purpose, we ask that you incorporate a "savings clause," which might read as follows:
"If at the time this bequest is received by Georgia State University Foundation, Inc., or any time thereafter, the Board of Trustees of the Foundation determine that all or any part of the bequest can no longer be utilized to best advantage for the institutional purpose designated herein, then all or any part of the bequest may be used for such other institutional purpose which, in the sole discretion of the Board of Trustees, shall most closely carry out my intention."
The Director of Gift Planning at Georgia State University can consult with you and your advisors about particular language for wills or trusts.
For more information and ideas, contact:
Laura M. Sillins, J.D.
Senior Director of Gift Planning and Major Gifts
Georgia State University
P. O. Box 3984
Atlanta GA 30302-3984
404-413-3425
404-413-3417 fax
lsillins@gsu.edu
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The information in this Web site is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income tax include federal taxes only. Individual state taxes and/or state law may impact your results.
