The College offers a variety of opportunities for giving, and federal and most state tax laws provide certain tax advantages for donors to colleges and universities. Gifts of cash, securities, real estate or other valuable property, and life insurance can be given in ways to take maximum advantage of charitable-deduction tax provisions.

Gifts establishing endowed funds can be named to honor a professor, a family member, or the donor. Careful planning with College officials can maximize gift benefits for both the donor and Bates, especially when a specific purpose for the fund is intended, or when financial and estate planning is involved.

Bequests

Traditionally, bequests to the College have been a significant source of its voluntary financial support. The following are phrases that an attorney might use to make provision for Bates College in a will:

General Gift

I give and bequeath to the President and Trustees of Bates College, Lewiston, Maine, the sum of _______________ dollars to be used for the general purposes of the College at the discretion of its Board of Trustees.

General Endowment Gift—Income Only To Be Used

. . . the sum of _______________ dollars to be held in trust and the spendable income only to be used for the general purposes of the College at the discretion of its Board of Trustees. The fund shall be known as the _______________ Fund.

For Particular Purposes—Principal and Income To Be Used

. . . the sum of _______________ dollars and direct that the principal and the income therefrom shall be used for the purposes following: (here specify in detail the purposes).

For Particular Endowment Purposes—Income Only To Be Used

. . . the sum of _______________ dollars to be held in trust and the net income only to be used for the following: (here specify in detail the purposes). The fund shall be known as the _______________ Fund.

Memorial Fund

When a gift is intended to establish an endowed memorial fund, a sentence may be added to the form: "This gift is made in memory of _______________ and shall be known as the _______________ Fund."

Safeguard

A phrase similar to the following may be a safeguard against loss of usefulness of a restricted gift: "If it is found by the Trustees of the College that all or part of this gift cannot be used to the best advantage for the above purpose, then all or any balance of this gift not so expended may be used for any purpose approved by said Trustees which is within the corporate powers of the College."

Additional Information

The legal name of the corporation is "President and Trustees of Bates College." Bates College welcomes an opportunity to offer detailed information on the different methods of making a deferred gift by agreement or by Will. It extends a cordial invitation to anyone to join in the strong commitment to its academic purpose. Inquiries regarding gifts or bequests should be addressed to Elizabeth L. Ferguson, Development Office, Bates College, Lewiston, Maine 04240 (207-786-6249).

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All Rights Reserved.
Last Modified: 8/21/02 by tins