Foundation
Planned Giving
Creating a Bequest
A bequest is a gift, or legacy, left by will, typically with personal property or assets. It’s appropriate for persons who wish to retain full control of their property during life. A bequest permits a charitable estate tax deduction for the value of property which is transferred through a will.
Additionally, donors have the satisfaction of knowing that they now have a living legacy, and their thoughtfulness will benefit students for many, many years into the future!
Wording for unrestricted gifts:
"I do hereby give to the Jackson Community College Foundation, Jackson, Michigan, a Michigan nonprofit corporation (the sum of $____________) or (all my right, title and interest into the following described property:__________________________________) or (__________% of the rest, residue and remainder of my estate), such bequest to be used in the manner as determined appropriate by the Board of said Jackson Community College Foundation Board of Directors, in its sole discretion."
Wording for gifts such as scholarships and endowed funds:
(begin with wording from unrestricted gifts listed above)
"The property comprising this Fund shall be administered as part of the assets of the Foundation, but shall be separately accounted for as the __________Fund, and (the principal and income) or (the income only and not the principal) thereof shall be used for the following specific purposes: _____________________________________________."
