Policy 2 Gift Acceptance
Section 2.9 Planned or Deferred Gifts
Various types of planned or deferred gifts are encouraged and may be accepted.
- Bequest Expectancies: are encouraged but do not count as current gifts. Generally, the Foundation will not serve as a trustee or co-trustee of a trust or as executor of an estate, exceptions, where appropriate, may be made with prior approval of the Foundation CEO or COO, and approval by the UNGF Board.
- Gifts of Charitable Trusts: UNGF may serve as trustee if UNGF is 100% charitable remainder beneficiary of such trust. UNGF will not serve as trustee of a charitable lead trust.
- Gifts of Charitable Gift Annuities.
- UNGF may consider other forms of planned or deferred gifts, including gifts of insurance, retained interests in personal residences or farms or pooled income gifts. Appropriate due diligence and approval by the Executive Committee is required.
Neither the University nor UNGF provides legal or tax advice. All prospective donors shall be strongly urged to seek the assistance of personal legal and financial advisors in matters relating to their deferred gifts and other tax and estate planning.
General provisions for planned or deferred gifts:
- Such gifts will normally be funded with cash, marketable securities or marketable real property.
- The minimum amount required for funding a life income plan in which UNGF is to serve as a trustee is $100,000.
- Payouts from life income arrangements will be set in accordance with IRS rules and those recommended by the American Council of Gifts Annuities.
- The Foundation reserves the right to charge reasonable management fees to offset estimated costs to be incurred during the development and management of various planned gifts. Fees charged by the Foundation or third parties providing administration for deferred giving instruments will be absorbed by the individual instrument.
A companion Fund Agreement should be executed by the parties outlining the purposes of the donor’s gift, when realized by UNGF.