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Bequests
(Sample language)
- Unrestricted Bequests
An unrestricted bequest gives Wharton the most flexibility in meeting its most urgent needs as determined by the Dean. The following language may be used to make an unrestricted gift:
I hereby give, devise and bequeath to the Trustees of the University of Pennsylvania, a nonprofit corporation organized and operating under the laws of the Commonwealth of Pennsylvania, the sum of _________________ (or _____% of the rest, residue and remainder of my estate) for the benefit of the Wharton School to be used for its general purposes. - Restricted Bequests
A restricted bequest directs Wharton to use your gift for a specific purpose. In the past, donors have made bequests in support of financial aid for Wharton students (both undergraduate and graduate students), faculty research, and maintenance of the School's physical plant. In general, we recommend that bequest donors make such restrictions as open as possible to allow the School to make the best use of such gifts. If you have a particular area at Wharton you would like to support, please give us a call and we can work with you on the bequest language you should use.
I hereby give, devise and bequeath to the Trustees of the University of Pennsylvania, a nonprofit corporation organized and operating under the laws of the Commonwealth of Pennsylvania, the sum of _________________ (or _____% of the rest, residue and remainder of my estate) for the benefit of the Wharton School to be used for (state the purpose of the bequest). If, in the opinion of the Dean of the Wharton School, the need for funds for the charitable purpose stated above no longer exists at the time of this gift, this gift may be used at the discretion of the Dean for a use that best meets the needs of the School. - Bequests That Create Endowed Funds
Donors may also create permanent, endowed funds at Wharton. Endowed funds exist at the School in perpetuity. In accordance with the policies of the University of Pennsylvania, Wharton may use a portion of the investment return from an endowed fund for the purpose specified by the donor; the remainder is reinvested as principal in the endowed fund to preserve its value over time. Endowed funds may be created to provide unrestricted support to Wharton, or to support a specific purpose. The following language may be used to create an unrestricted endowed fund:
I hereby give, devise and bequeath to the Trustees of the University of Pennsylvania, a nonprofit corporation organized and operating under the laws of the Commonwealth of Pennsylvania, the sum of _________________ (or _____% of the rest, residue and remainder of my estate) to create the (state the name of the donor) Endowed Fund for the benefit of the Wharton School. The University may pool and manage these funds with its other endowed funds in accordance with regular University investment and management policies. The spendable income from the (state the name of the donor) Fund shall be used for the benefit of the Wharton School for its general purposes.
To create an endowed fund to support a specific purpose:
I hereby give, devise and bequeath to the Trustees of the University of Pennsylvania, a nonprofit corporation organized and operating under the laws of the Commonwealth of Pennsylvania, the sum of _________________ (or _____% of the rest, residue and remainder of my estate) to create the (state the name of the donor) Endowed Fund for the benefit of the Wharton School. The University may pool and manage these funds with its other endowed funds in accordance with regular University investment and management policies. The spendable income from the Fund shall be used for (state purpose). If, in the opinion of the Dean of the Wharton School, the need for funds for the charitable purpose stated above no longer exists at the time of this gift, the spendable income from the Fund may be used at the discretion of the Dean for a purpose that best meets the needs of the School. - Residuary Bequest
Leaves any remainder after all other bequests have been paid:
All the rest, residue, and remainder of my estate, both real and personal, I give to The Trustees of the University of Pennsylvania, a nonprofit corporation organized and operating under the laws of the Commonwealth of Pennsylvania for the benefit of the Wharton School to be used for its general purposes. - Contingent Bequest
Takes effect only if a primary intention can't be met:
If (name of beneficiary) does not survive me, or shall die during the administration of my estate, or as a result of a common disaster, then I give to The Trustees of the University of Pennsylvania, a nonprofit corporation organized and operating under the laws of the Commonwealth of Pennsylvania, the sum of _________________ (or _____% of the rest, residue and remainder of my estate) for the benefit of the Wharton School to be used for its general purposes. - Safety Language
Language added whenever a gift is restricted:
In the event the purposes of the restriction, in the opinion of the Dean of the Wharton School, can no longer be served, the Dean may devote any remaining assets exclusively for charitable purposes that: (a) are within the scope of the charitable purposes of the Wharton School, and (b) most nearly approximate the original purpose of the gift.
* Rather than leaving a sum certain, you can include language that refers to a percentage of your estate or a description of the property you wish to give.
For more information
Email us, complete the personal illustration form, or call us at 215.898.1638 so that we can assist you through every step of the process.