ADVISORS – Gift Vehicles

If an individual would like to create a charitable fund within the Foundation, yet believes that such generosity must be tempered by current financial responsibilities to loved ones, he or she may wish to consider a charitable bequest. The fund will be established upon receipt of the donor’s bequest and in accordance with the donor’s direction. Bequests also may be made for placement in existing Foundation funds. The following suggested language may be used in the wording of a bequest to the Foundation.

Unrestricted Bequest

Unrestricted Bequest (Endowment)

In those cases where the donor prefers that the principal of the gift remain intact, the following language may be substituted for the last sentence in the previous example. “The net income only of this gift shall be devoted to the general purpose of the Foundation and the principal shall remain intact.”

Restricted Bequest

“I give, devise and bequeath (describe assets which are the subject of the bequest such as a stated sum, specific property, a percentage of the estate, or the residue of the estate) to the Community Foundation of Will County, an Illinois Not For Profit Corporation of Joliet, Illinois. The net income and, in the Foundation’s discretion, the principal of this gift shall be devoted to the support of (a designated agency, institution, field of interest, charitable purpose such as scholarships, or a combination thereof). This gift shall be added to an existing Community Foundation fund (or specify the name of the fund) which serves (the stated purpose or purposes).”

Restricted Bequest (Endowment)

In those cases where the donor prefers that the principal of the gift remain intact, the following language may be substituted for the last two sentences in the previous example. “The net income only of this gift shall be devoted to the support of (a designated agency, institution, field of interest, charitable purpose such as scholarships, or a combination thereof) and the principal shall remain intact. This gift shall be added to an existing Community Foundation endowment fund (or specify the name of the endowment fund) which serves (the stated purpose or purposes).”

Bequest for New Named Fund

If a gift is substantial and contemplates a separate named fund for the donor or some other person, the following language may be used. “I give, devise and bequeath (describe assets which are the subject of the bequest such as a stated sum, specific property, a percentage of the estate, or the residue of the estate) to the Community Foundation of Will County, an Illinois Not For Profit Corporation of Joliet, Illinois. This gift shall be known as the ‘__________ Fund’. The net income and, in the Foundation’s discretion, the principal of this fund shall be devoted to the support of (the general purposes of the Community Foundation of Will County, a designated agency, institution, field of interest, charitable purpose such as scholarships, or a combination thereof).”

Bequest for New Named Fund (Endowment)

In those cases where the donor prefers that the principal of the gift remain intact, the following language may be substituted for the last two sentences in the previous example. “This gift shall be known as the ‘__________ Endowment Fund’. The net income only of this fund shall be devoted to the support of (the general purposes of the Community Foundation of Will County, a designated agency, institution, field of interest, charitable purpose such as scholarships, or a combination thereof) and the principal shall remain intact.”

ADVISORS

Have Questions?

If you have questions about how we can help you reach your charitable goals contact us at 815.201.3700.