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Giving through a Community Foundation

Bequest Language for Giving to or through a Community Foundation

There are a range of options for you to give to a community foundation or support your favorite charities by giving through a foundation.

Establish a fund during your lifetime and fund it upon your death

You can establish a testamentary fund agreement with VCF during your lifetime and fund it upon your death. The benefit to this approach is that you will have met with the foundation staff to make sure they can fulfill your charitable wishes, and will now be able to specifically name the fund in your will or estate plan. This option permits you to change your philanthropic goals with out needing to change your will.

Establishing or giving to a fund through your will or estate plan

Each type of fund requires specific language in order to make sure the foundation can fulfill your philanthropic desires.  Here is Sample language for your will or trust if you choose to give through the Valley Community Foundation

“I give (or bequeath) to the Valley Community Foundation, a nonprofit charitable corporation, for the public, charitable and education uses and purposes, the following assets: _____________.”

Then additional language:

For an existing fund:

“This gift will be an addition to the ___________ Fund (Fund Name) in accordance with the Certificate of Incorporation and the By-Laws of the Valley Community Foundation. The purpose of this gift will follow the governing agreement of the fund.”

If there are multiple funds you would like to contribute to:

“This gift is to divided and added to the following funds as follows: The ____________Fund, ____%; the _________________ Fund ____%, This gift is made in accordance with the Certificate of Incorporation and the By-Laws of the Valley Community Foundation. The purpose of this gift will follow the governing agreement for each of the funds.”

To establish an Unrestricted Fund the additional following language would be appropriate:

“This gift will create an endowed Unrestricted Fund for charitable purposes in accordance with the Certificate of Incorporation and the By-Laws of the Valley Community Foundation. It is my desire that this fund be known as The [insert name] Fund. Annual distributions from the Fund, as determined in accordance with the spending rule policies of the Valley Community Foundation to be used for general charitable purposes.”

To establish a Designated Fund the additional following language would be appropriate:

“This gift will create an endowed Designated Fund for charitable purposes in accordance with the Certificate of Incorporation and the By-Laws of Valley Community Foundation. It is my desire that this fund be known as The [insert name] Fund. Annual distributions from the fund, as determined in accordance with the spending rule policies of Valley Community Foundation, shall be awarded to (name of the particular charitable organization.)”

If more than one organization is to be designated, the language could read as follows:

“Annual distributions from the fund, as determined in accordance with the spending rule policies of the Valley Community Foundation, shall be allocated as follows:
X% to (name of the particular charitable organization);
X% to (name of the particular charitable organization);
X% to (name of the particular charitable organization);”

You may also add the following:

“Should the prior named organization(s) cease to exist, annual distributions will be (select the appropriate phrase below)

Made to organizations which serve as nearly as possible the same purposes as the prior-named organizations, or,

Made at the discretion of the Board of Directors of The Valley Community Foundation”

To establish a Preference Fund the additional following language would be appropriate:

“This gift will create an endowed Preference Fund for charitable purposes in accordance with the Certificate of Incorporation and the By-Laws of the Valley Community Foundation It is my desire that this fund be known as The [insert name] Fund. Annual distributions from the Fund, as determined in accordance with the spending rule policies of the Valley Community Foundation, shall be used to make grants for the following charitable purposes: (insert general purposes, e.g., youth development programs, elderly services programs, environmental causes, etc.)”

To establish a Scholarship Fund (Designated) the additional following language would be appropriate:

“This gift will create an endowed Scholarship Fund for charitable purposes in accordance with the Certificate of Incorporation and the By-Laws of the Valley Community Foundation It is my desire that this fund be known as The [insert name] Fund. Annual distributions from the Fund, as determined in accordance with the spending rule policies of the Valley Community Foundation, shall be awarded to [name of the particular charitable/educational organization(s)]. Should the prior named organization(s) cease to exist, distribution will be made to [insert preference language].”

The material presented on this Planned Giving website is not offered as legal or tax advice.
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The material presented on this Planned Giving website is not offered as legal or tax advice.
Read full disclaimer|Sitemap|Planned Giving Content © 2018 VirtualGiving.com