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Bequests and Life Income Agreements (Template)

(Intended as a general guide for use by attorneys)

The University is providing this sample gift/bequest language with the caveat that the sample language is just that - sample language.  It may not simply be "dropped" into your living trust or Will because it could conflict with your current estate plan.  Additionally, terms used in the sample language (e.g. "trust estate") may not dovetail with identical or similar terms used in your current estate plan.  Because the authors of this sample language aren’t reviewing your entire estate plan they simply don't know if the sample language will conflict with your current plan.  The University therefore advises you to consult with your own estate planning professional before adopting this language or incorporating it into your estate plan.

Bequests to and for the use of California State Polytechnic University, Pomona, should be given through the Cal Poly Pomona Foundation, Inc. The Foundation’s legal and corporate name is Cal Poly Pomona Foundation, Inc., Pomona, California.

A. Unrestricted Bequest

(Will) “I give to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California, outright, the following:

  • (Cash Bequest) _____________ dollars ($ ________).”
  • (Stock Gift) ________ shares of common stock of _____________ Corporation.”
  • (Percentage of Estate) ________ percent ( ___%) of the residue of my estate.”
  • (Other) _________________________________________________________.”

(Trust) The Trustee shall distribute the following outright to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California:

  • (Cash Bequest) _____________ dollars ($ ________).”
  • (Stock Gift) ________ shares of common stock of _____________ Corporation.”
  • (Percentage of Estate) _______ percent (___%) of the residue of the trust estate.”
  • (Other) _________________________________________________________.”    

B. Bequest for Specific Purpose

(Will) “I give to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California, _____________ dollars ($ ________) (or the property herein described) for the following purpose (or purposes) (insert desired clause – see samples below). In the event that any of the purposes for which the funds paid pursuant to this bequest become frustrated, unreasonably burdensome, or impractical (as determined by the governing board of the Cal Poly Pomona Foundation, Inc., in its discretion), such funds shall be used for such other purpose (or purposes), which shall be as close as practical to the purpose (or purposes) set forth herein, as determined by the governing board of the Cal Poly Pomona Foundation, Inc. in its discretion.”

(Trust) “The Trustee shall distribute_____________ dollars ($ ________) (or the property herein described) to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California, for the following purpose (or purposes) (insert desired clause – see samples below). In the event that any of the purposes for which these funds are distributed become frustrated, unreasonably burdensome, or impractical (as determined by the governing board of the Cal Poly Pomona Foundation, Inc., in its discretion), such funds shall be used for such other purpose (or purposes), which shall be as close as practical to the purpose (or purposes) set forth herein, as determined by the governing board of the Cal Poly Pomona Foundation, Inc. in its discretion.”

Sample “Purpose” Clauses

  1.  “…general support of the educational mission of (enter selected department/school) at California State Polytechnic University, Pomona.”
  2.  “…assisting worthy students attending California State Polytechnic University, Pomona, in successfully completing requirements of their approved Senior Project.”
  3. “…providing financial aid for students in (designated field) attending California State Polytechnic University, Pomona.”
  4. “…increasing the permanent endowment funds of the Cal Poly Pomona Foundation, Inc., the annual income to be used to support and enhance the educational mission of the California State Polytechnic University, Pomona.
  5. “…support and enhance the academic program offerings in (designated field) and/or related programs at California State Polytechnic University, Pomona.”

C. Bequest for an Unrestricted Memorial

(Will) “I give to Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California, _____________ dollars ($________) (or the property herein described), to be used to establish The_____________________Memorial. The funds shall be invested and managed by the Cal Poly Pomona Foundation, Inc. pursuant to its usual policies and the income generated by these funds shall be used as the governing board of the Cal Poly Pomona Foundation, Inc. determines so as to best promote the work of California State Polytechnic University, Pomona. The governing board of the Cal Poly Pomona Foundation, Inc. shall have the right to expend the whole, or any part, of the principal of said sum in the erection of a building or in connection with some specific project or purpose, provided that suitable memorial in the name of ____________________ is established.”

(Trust) The Trustee shall distribute _____________ dollars ($ ________) (or the property herein described) to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California, which shall be used to establish The_____________________Memorial. The funds shall be invested and managed by the Cal Poly Pomona Foundation, Inc. pursuant to its usual policies and the income generated by these funds shall be used as the governing board of the Cal Poly Pomona Foundation, Inc. determines so as to best promote the work of California State Polytechnic University, Pomona. The governing board of the Cal Poly Pomona Foundation, Inc. shall have the right to expend the whole, or any part, of the principal of said sum in the erection of a building or in connection with some specific project or purpose, provided that suitable memorial in the name of ____________________ is established.”

D. Bequest for a Named Endowment or Memorial Endowment Fund

(Will) “I give to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California, _____________ Dollars ($________) (or the property herein described) to be known and designated as The ____________________ Fund. The funds shall be made a part of the endowment established by Cal Poly Pomona Foundation, Inc. and shall be subject to the endowment’s investment and spending policy as may be determined from time to time. The income generated by these funds shall be used for (description of primary purpose, such as scholarships, endowed fellowship, professorship or chair, or support and/or maintenance of academic program or facility).

(Trust) The Trustee shall distribute _____________ dollars ($ ________) (or the property herein described) to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California, to be known and designated as The ____________________ Fund. The funds shall be made a part of the endowment established by Cal Poly Pomona Foundation, Inc. and shall be subject to the endowment’s investment and spending policy as may be determined from time to time. The income generated by these funds shall be used for (description of primary purpose, such as scholarships, endowed fellowship, professorship or chair, or support and/or maintenance of academic program or facility).

(Will and Trust) If the purpose for which the income is being used becomes frustrated, unreasonably burdensome, or impractical (as determined by the governing board of the Cal Poly Pomona Foundation, Inc., in its discretion), such funds shall be used for such other purpose (or purposes), which shall be as close as practical to the purpose set forth herein, as determined by the governing board of the Cal Poly Pomona Foundation, Inc. in its discretion.”

If a contribution to California State Polytechnic University, Pomona, will be restricted, it is recommended that the intended provision be reviewed with Cal Poly Pomona Foundation, Inc. officials at the time the bequest provision is drafted, to be certain the wishes of the donor can be carried out.

Please note the minimum amounts necessary to establish a meaningful named endowment fund are:

  • Scholarship: $ 50,000
  • Equipment: 50,000
  • Fellowship: 500,000
  • Professorship: 1.5 Million
  • Chair/Director: 2.5 Million

E. Gift of Residuary Estate

(Will) “I give the entire residue of my estate outright to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California.”

(Trust) “The Trustee shall distribute the entire residue of the trust estate outright to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California. “

F. Contingent Gift of Residuary Estate

(Will) “I give the entire residue of my estate to my spouse _____________name_____________ if (he/she) survives me. If my spouse does not survive me, I give the entire residue of my estate outright to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California.”

(Providing “boilerplate” language for a Trust for this type of gift isn’t practical)

G. Gift Dependent of Estate Size

(Will) “I give the greater of _____________ dollars ($________) or _______ percent (___%) of the residue of my estate outright to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California.”

(Trust) “The Trustee shall distribute the greater of _____________ dollars ($________) or _______ percent (___%) of the residue of the trust estate outright to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California.”

H. Gift to be Free of Taxes

“I direct that no estate or other transfer taxes reduce the amount or share of any gift to be made to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California.”

I. Provision for Pledge Payment

(Will) “If any portion of any pledge that I have made to, or for the benefit of, the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California, remains unsatisfied at my death, such unpaid portion shall be a claim against my estate by the Cal Poly Pomona Foundation, Inc. and shall be satisfied in full by my representatives.”

(Trust) “If any portion of any pledge that I have made to, or for the benefit of, the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California, remains unsatisfied at my death, such unpaid portion shall be a claim against the trust estate by the Cal Poly Pomona Foundation, Inc. and shall be satisfied in full by the Trustee.”

J. Specific Bequest

(Will) “I give the following property (indicate specific property) outright to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California.”

(Trust) The Trustee shall distribute the following property (indicate specific property) outright to the Cal Poly Pomona Foundation, Inc., a California nonprofit corporation, Pomona, California.”

K. Bequest of Life Income for a Survivor with the Principal Going to University on Survivor’s Death

A staff member of the university would be pleased to discuss with you and/or your personal advisors, the alternatives available.

If you wish to make a bequest more restricted, limited in use to a specific program or function, or establish a named fund, we request you contact University Advancement to determine wording that will ensure its utilization according to your intentions.

Real or personal property gifts (real estate, artwork, collections, and personal effects) are also accepted by the University in many instances. However, it is advisable to discuss such a gift with us first.

Due to costs associated with managing our Campaign for Cal Poly Pomona and current state budget challenges, 5% of your gift will be used to support campus-wide advancement efforts and outreach costs.

For further assistance contact:

Daniel E. Wood
Director of Planned Giving
University Advancement
California State Polytechnic University, Pomona
3801 West Temple Avenue
Pomona, CA 91768
(909) 869-4825 or (909) 869-4997
1-800-722-5765