The most common endowment gift is a bequest, which is a contribution made through a will or trust in which the transfer of funds does not occur until after the benefactor dies. The donor enjoys the asset during his or her lifetime, and at death the bequest is used to create a named endowment fund according to the instructions of the donor in the will or trust document. The estate receives a federal estate tax deduction for the gift.
Sample Language For Bequests
Unconditional Bequest (Unrestricted Endowment)
"I give, devise, and bequeath to the Foundation of the Jewish Federation of New Hampshire the sum of $_______ (or any appropriately described property) for its general purposes."
"If any of the above named beneficiaries should predecease me, then I give, devise and bequeath the property, real or personal, which said beneficiary or beneficiaries would receive if they had survived me, to the Foundation of the Jewish Federation of New Hampshire."
Bequest of Residue
"I give and bequeath to the Foundation of the Jewish Federation of New Hampshire the rest, residue and remainder of my property, real and personal, for its general charitable purposes."
Bequest for a Specific Purpose
"I give and bequeath to the Foundation of the Jewish Federation of New Hampshire the sum of __________ to establish the __________________ Fund, which is to be used for ____________. If at some future date, this Fund is no longer needed for the above purpose, then the Trustees of the Foundation are authorized to use said income and principal for general charitable needs."
Perpetual Annual Campaign Endowment Fund
"I give, devise, and bequeath to the Foundation of the Jewish Federation of New Hampshire the sum of $_________ to be used to endow my Jewish Federation of New Hampshire Annual Campaign gift."
Unrestricted Endowment Funds
Unrestricted endowment funds provide the monies for grants to institutions for new programs and services. They also serve as a reserve fund for emergency needs of the community. Unrestricted funds can be established to create a living testimonial in a person's name or memory. The minimum gift to create an unrestricted endowment fund is $5,000.
Restricted Endowment Funds
Restricted endowment funds are established by donors who want to support a specific need, program or agency in the New Hampshire Jewish community or abroad. The Jewish Foundation will administer these funds in perpetuity making sure that they are used as donors intend. The minimum gift to establish a named, restricted fund is $5,000.