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Planned Giving

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Bequest Language

Forms of Bequests

The following draft bequest language is for review by counsel. The wording is not intended to be used as a substitute for legal or other professional services. You should consult your attorney about the applicability of any bequest language pertaining to your particular circumstances.

East Carolina University has three separate foundations that raise, manage, and distribute gift resources for specific areas of the university. Each is an independent, non-profit, tax-exempt, public charity incorporated in North Carolina and operate under section 501(c)(3) of the Internal Revenue Code.

The legal name for each foundation is as follows:

(A) East Carolina University Foundation Inc.
(B) East Carolina University Medical & Health Sciences Foundation Inc.
(C) East Carolina University Educational Foundation Inc. (Pirate Club)

To utilize the following forms, replace all occurrences of (A, B or C) with the foundation name (i.e., East Carolina University Foundation Inc., East Carolina University Medical & Health Sciences Foundation Inc., or East Carolina University Educational Foundation Inc.) that applies to your particular area of interest.

UNRESTRICTED

An unrestricted bequest can be used to support a wide range of activities at East Carolina University. Such a bequest might read:
"I give, devise, and bequeath to (A, B or C), a non-profit corporation located in Greenville, North Carolina, (the sum of $____________) (___________ percent of my estate) (the following property) (the rest, residue, and remainder of my estate). The property comprising this gift may be used to further the charitable purposes of the (A, B or C)."
RESTRICTED

Donors may restrict the use of their bequests to specific departments, programs or purposes. A restricted bequest might read:
"I give, devise, and bequeath to the (A, B or C), a non-profit corporation located in Greenville, North Carolina, (the sum of $____________) (____________ percent of my estate) (the following property)(the rest, residue, and remainder of my estate). The property comprising this gift shall be used for (state purpose). If, at some future time, the purpose designated for these funds no longer exists, then the funds shall be used to further the charitable purposes of (A, B or C), giving due consideration to the purpose stated above."
ENDOWMENT WITH UNRESTRICTED USE OF INCOME

An unrestricted bequest may be used to establish an endowed fund. (Endowed funds are established with a minimum gift of $25,000) Such a bequest might read:
"I give, devise, and bequeath to the (A, B or C), a non-profit corporation located in Greenville, North Carolina, (the sum of $________) (________ percent of my estate) (the following property) (the rest, residue, and remainder of my estate). The property comprising this gift may, for investment purposes, be merged with the general investment assets of (A, B or C). The gift shall be entered into the Foundation's books and records as The__________ Fund ("Fund")."
Note: You may wish to proceed with the following language or the donor may wish to establish a separate fund agreement with the institution. If the donor prefers a separate fund agreement, you could instead say… "The gift shall be entered into the Foundation's books and records as the _____ Fund. A fund agreement concerning the implementation and administration of this fund was established on (provide a specific date)."

Until the gift value of the Fund reaches the minimum amount necessary as of the time of initial funding to establish a named, unrestricted endowment for (A, B or C), the spendable income of the Fund will be retained in the endowment account. If the gift amount of the Fund does not total the minimum amount within five years following the date of initial funding, the Fund will closed and the assets on hand transferred to an existing general, unrestricted endowment fund administered for the benefit of (A, B or C).

When the gift value of the Fund principal reaches such minimum, the spendable income of the Fund, but not the principal, shall be expended for the charitable purpose of (A, B or C) at the discretion of the Board of Directors of the Foundation. Any portion of the spendable income not expended in any given year may be (1) accumulated and temporarily invested and used in subsequent years for the purpose set forth above, or (2) added to the principal of the Fund.

The Fund shall be administered in accordance with the policies and procedures of (A, B or C) then in effect.

ENDOWMENT WITH RESTRICTED USE OF INCOME

A restricted bequest may be used to establish an endowed fund. Such a bequest might read:

"I give, devise, and bequeath to the (A, B or C), a non-profit corporation located in Greenville, North Carolina, (the sum of $_________) (_________ percent of my estate) (the following property) (the rest, residue, and remainder of my estate). The property comprising this gift may, for investment purposes, be merged with the general investment assets of (A, B or C). The gift shall be entered into the foundation's books and records as The _________ Fund ("Fund")."

Note: You may wish to proceed with the following language or the donor may wish to establish a separate fund agreement with the institution. If the donor prefers a separate fund agreement, you could instead say… " The gift shall be entered into the Foundation's books and records as the _____ Fund. A fund agreement concerning the implementation and administration of this fund was established on (provide a specific date).

Until the gift value of the Fund reaches the minimum amount necessary as of the time of initial funding to establish an endowment for the purposes set forth below, the spendable income of the Fund will be retained in the endowment account. If the gift amount of the Fund does not total the minimum amount within five years following the date of initial funding, the Fund will closed and the assets on hand transferred to an existing endowment fund giving due consideration to the donor(s) intent.

When the gift value of the Fund principal reaches such minimum, the spendable income of the Fund, but not the principal, shall be expended for (state purpose), at the discretion of the Board of Directors of Foundation. Any portion of the spendable income not expended in any given year may be (1) accumulated and temporarily invested and used in subsequent years for the purpose set forth above, or (2) added to the principal of the Fund.

If, at some future time, the purpose designated for the spendable income from this fund no longer exists, then at the direction of the Board of Directors of (A, B or C), the spendable income shall be used to further the charitable purpose of East Carolina University, giving due consideration to my original intent.

The Fund shall be administered in accordance with the policies and procedures of (A, B or C) then in effect.

NAMING EAST CAROLINA UNIVERSITY AS A CONTINGENT BENEFICIARY

A contingent bequest generally takes effect when a donor's intended beneficiary dies before the donor. Such a bequest might read:
"If any property of my estate, or if the principal of any trust herein created, is not effectively disposed of by the foregoing provisions of this will, I give, devise and bequeath such property or principal to the (A, B or C), a non-profit corporation located in Greenville, North Carolina, to be used to further its charitable purposes."
If you have any questions or need any additional information, please contact:

Greg Abeyounis, Associate Vice Chancellor, University Development
2200 South Charles Boulevard
Greenville, N.C. 27858
Phone: 252-328-9573
Fax: 252-328-4904
E-Mail: abeyounisg@ecu.edu
Assistant: 252-328-9593



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