These documents are to be reviewed by the GAC prior to the President’s signature. The President and/or his/her designee are authorized by the Board of Regents to sign deferred gift agreements on behalf of the University.
Bequest pledges will be recorded at face value when the donor has signed an Institutional Advancement Legacy form formally documenting it with the Office of Institutional Advancement. The documentation must have a specified amount or percentage of the estate stated in the will and a credible estimate of the current value of the estate or gift at the time the commitment is made. If a donor does not provide a value, the bequest pledge will be recorded as an unspecified bequest.
The use of unrestricted funds from a realized bequest will be determined by the GAC.
The handling of estate distributions will be coordinated between the Vice President for Institutional Advancement (or designee) and the Vice President for Finance and Administration (or designee).
The Vice President for Institutional Advancement (or designee) will also serve as primary liaison with individual executors or administrators.
Generally, life income gifts provide an income to the donor for his/her lifetime (and potentially an additional beneficiary) or some other period of time while providing the donor with possible tax deductions. Upon maturity, the University receives the remainder of the gift's value. Advancement fundraising staff can negotiate life income gifts with a donor.
The offices of Finance and Administration and Institutional Advancement will coordinate the solicitation of life income gifts, prepare all life income gift calculations, communicate regularly with current life income recipients, and distribute and file all administrative documentation and copies of life income gifts with the Offices of Institutional Advancement and Finance and Administrations.
The Vice President for Finance and Administration and Vice President for Institutional Advancement shall be responsible for the determination of investment strategies for retained life income funds, and in accordance with the appropriate guidelines of the domicile state.