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Bequests

Leaving a gift to Oregon State University through your will or living trust (referred to as a “bequest”) is an easy and impactful way to benefit the university. When making a bequest, you can choose to support your favorite college, program, or a specific purpose such as scholarships, fellowships, or faculty enrichment. The OSU Foundation is the independent fundraising agent of the university and is the preferred designee for estate gifts.

The sample language provided below illustrates how a bequest can be accomplished, and is intended to be used for educational purposes rather than as legal advice. We encourage donors to share this information with their legal counsel. We also recommend that you review your bequest with the OSU Foundation’s Gift Planning Office to ensure that your plans are carried out as you wish.

To establish a designated/restricted fund or gift use:

“I give:___________% of my estate, OR the sum of $_____________, OR the real property described on the deed as____________, OR personal property described as_____________, OR all the rest, residue, and remainder of my estate, OR _______% of the rest, residue, and remainder of my estate to the Oregon State University Foundation to be used in accordance with the most recent Statement of Intent I have executed with Oregon State University Foundation. If no Statement of Intent exists at the time of my death, then I intend this gift to support [insert name of College/Program/Purpose]. If no such college/program is in existence then to Oregon State University Foundation to further the purposes and objectives of Oregon State University as may be recommended by the President of the University and approved by the Trustees of the Foundation.”
 

For general or undesignated support of OSU or Specific college/program/fund:

“I give: _______% of my estate, OR the sum of $______________, OR the real property described on the deed as_____________, OR personal property described as____________, OR all the rest, residue, and remainder of my estate, OR___________% of the rest, residue, and remainder of my estate to the Oregon State University Foundation to further the purposes and objectives of Oregon State University [or specify the College, or a School, Division or Department or Fund at OSU) as may be recommended by the President of the University and approved by the Trustees of the Foundation.”

Statement of Intent

The Statement of Intent is a short agreement between the donors and the Foundation/University, which includes background information provided by the donors and specifics on how the gift will be used. Donors may amend the Statement of Intent as often as they like without the necessity of amending their will or living trust.

Beneficiary Designation

When naming Oregon State University  as a beneficiary of your retirement plan, IRA, life insurance policy, charitable trust, or charitable gift annuity, please include the following on your beneficiary designation form:

Oregon State University Foundation
4238 SW Research Way, Corvallis, OR 97333
Tax ID Number: 93-6022772
 

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Remembering Oregon State University Foundation in your will is a wonderful way for you to make a lasting gift. Large or small, your bequest will make an important contribution to our long-term strength and our ability to carry on with our activities.

But what if you don't have a will or living trust? You are not alone. Most Americans don’t have a will.

Without a will, the laws of your state will decide how your estate is divided. Typically, the probate court will divide your estate among your closest surviving family members according to a formula, and none of your estate can go to Oregon State University Foundation or any other charity. If you wish to have a say in how your estate is distributed, you must have a will or living trust. We encourage you to work with an experienced attorney to create a will or living trust that accomplishes your goals for your estate.

Ways You Can Define a Charitable Gift in Your Estate Plan

There are several ways that you can define the amount of your charitable gift to Oregon State University Foundation. They are:

  • A gift of a particular amount of money. For example, you give $25,000.
  • A gift of a specific item or items. For example, you give 1,000 shares of ABC Corporation.
  • A gift that will be made only if one or more conditions are met. For example, you give $25,000 provided we still offer a particular program or service and your spouse does not survive you.
  • A gift that will be made from the remainder of your estate once all other bequests, debts, and taxes have been paid. For example, you give 25% of the remainder of your estate. Often called a "residuary bequest," this approach assures that your family will be taken care of before your estate makes a bequest to us.

Ways to Specify How We May Use Your Bequest

You have several options for telling Oregon State University Foundation how we may use your bequest once we receive it. They are:

  • An Unrestricted Bequest: This is a gift for our general purposes. This can be the most useful kind of gift because it allows us to put your gift to the best possible use at the time we receive it.
  • A Restricted Bequest: This is a gift for a specific use, such as a special project or program that is important to you. It is best for you to consult with us before placing restrictions on your bequest to be sure we can carry out your wishes.
  • An Endowed Bequest: This is a gift where our organization invests your donation along with the rest of our endowment. We distribute these funds in accordance with our endowment spending policy. This approach assures that your gift will continue to benefit us long after you're gone. An endowed bequest can be restricted or unrestricted.
  • An Honorary Bequest: This is a gift made in honor of someone else. Any form of bequest can also be an honorary bequest. We would be pleased to recognize the people you wish to honor with your gift.

Make Sure We Can Carry Out Your Wishes

It is very important that your bequest be accurately and clearly described in your estate plan so that we can carry out your wishes as you intended. We are pleased to consult with you regarding the terms of your bequest to make sure that we will be able to carry out your intentions. In order to avoid any possible question that your bequest is to our organization, be sure to include our full legal name and our federal tax identification number in your bequest.

Legal name: Oregon State University Foundation

Current address: 4238 SW Research Way, Corvallis, OR 97333

Tax identification number: 93-6022772

We are happy to provide you with sample bequest language to assist you and your attorney. You have complete flexibility to change your bequest at any time. If circumstances change in a way that makes you want to revise your gift to us, you can.

Tax Benefits

Because your bequest is revocable, you do not receive an income tax charitable deduction when you create it. Rather, your estate will receive an estate tax deduction for the full value of your bequest in the year it is made. Depending on a variety of factors, including the size of your estate and estate tax law at the time your estate is settled, this deduction may or may not save estate taxes.

Bequest Alternatives

In addition to adding bequest language to your will, here are a few other simple ways for you to make a bequest to us:

  • Make Oregon State University Foundation a designated beneficiary of a life insurance policy.
  • Make Oregon State University Foundation a designated beneficiary of an IRA or other retirement plan.
  • Make Oregon State University Foundation a designated beneficiary of savings bonds.
  • Instruct your bank to "pay on death" to Oregon State University Foundation some or all of a specific bank account.
  • Instruct your brokerage firm to "transfer on death" to Oregon State University Foundation some or all of a specific brokerage or other financial account.

Please let us know if you have included Oregon State University Foundation in your estate plans. We would welcome the opportunity to thank you for your thoughtful gift and to confirm that we can carry out your wishes.

Example

Sherrie Fowler, a widow, has been a supporter of Oregon State University Foundation for many years. Sherrie is in good health now, but does not want to be a financial burden to her children should she require expensive health care in the future.

Oregon State University Foundation is one of two charities to which she has been most dedicated. She would like to make a lasting gift to each of them in memory of her husband. After discussing her options with her estate planning advisor, she decides to create a residuary bequest in her will for each of her two favorite charities. Each charity will receive 50% of the remainder of her estate after all other obligations, such as taxes and bequests to her children and grandchildren, have been taken care of.

Benefits

  • Sherrie’s assets will remain available to her should she need them.
  • The revocable nature of her gift will minimize the possibility that she will ever need financial help from her children.
  • If her estate is worth what she expects when it is settled, she will be able to provide generous legacy gifts to the two charities that have meant the most to her and her late husband.