A bequest or estate provision to benefit The University of Vermont is a way of perpetuating your support for UVM. It may make possible a larger gift or legacy than what is possible in your lifetime.
An estate provision may take the form of a specific dollar amount or a percentage of the residual estate after provisions are met for family members and other beneficiaries. You may stipulate whether the bequest is for the general support of The University of Vermont or for a specific purpose (examples include, among others, a named scholarship, faculty support or campus program). A bequest may also be made in honor of, or in memory of an individual.
In addition to cash and securities, provisions for The University of Vermont may include real estate or tangible property. All outright bequests to The University of Vermont are exempt from federal estate taxes, and there is no limitation on the size of the gift.
When making or revising your will, the assistance of an attorney is advised. Members of The University of Vermont's Gift Planning Office will be pleased to work with you and your attorney to help designate your gift. We encourage you to communicate your intensions with the UVM Foundation to ensure the Foundation and University are able to accept and administer your gift according to your wishes.
Charitable estate gifts from retirement plans are tax wise in that they direct taxable assets to charity, leaving non-tax assets for family and friends.
"I give, devise and bequeath to the University of Vermont Foundation, a not-for-profit corporation existing under the laws of the State of Vermont, and located at Burlington, Vermont, _______ (percent of your estate, dollars, property, securities, etc.) to be used for _______ (however you wish your gift to be used) at University of Vermont."
If you would like to create a named endowment fund (certain minimum thresholds apply - please contact the UVM Foundation for details) 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 University of Vermont Foundation, a not-for-profit corporation, existing under the laws of the State of Vermont, and located at Burlington, Vermont, _______ (percent of your estate, dollars, property, securities, etc.) to constitute the _______ Fund (whatever name you wish to call it). This fund shall be invested by the Board of Directors of the University of Vermont Foundation and a portion of the annual income thereof utilized for _______ (whatever you would like the earnings to be used for) at University of Vermont."
It also is a good idea to include a "saving clause" in your will, in case something happens making it impossible for the University of Vermont Foundation to carry out your wishes exactly as stated in your bequest. A "saving clause" might read as follows:
"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 Board of Directors of the University of Vermont Foundation, 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."
If the bequest is designated for the use of a school, college or department, add the following phrase: "...in cooperation with the dean of the College of _______."
The University of Vermont Foundation (federal tax ID 45-1556038) is a Vermont nonprofit corporation exempted from federal income taxation as a section 501(c)(3) publicly supported charity.
It is always a good idea to share your plans with the gift planning office at the UVM Foundation in order that we may be certain that the language used will accurately carry out your desires. For further information, please call Donna Burke at 802-656-3402.
Retirement Plan Provision
A retirement plan provision can be accomplished with a change of beneficiary form available from your plan custodian, and may provide a greater tax advantage than other types of estate gifts.
"I allocate $_______ or _______% of my retirement plan to The University of Vermont Foundation to be used for ___________ at The University of Vermont.
To ensure that we are able to apply your gift as envisioned, please contact:
Donna Burke, Associate Director of Gift Planning
The University of Vermont Foundation, Grasse Mount, 411 Main Street, Burlington, VT 05401
(802) 656-3402 or toll free (888) 458-8691 or firstname.lastname@example.org
Visit our gift planning website at uvmfoundation.org/giftplanning.