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Many significant gifts are made to Oklahoma State University through an individual’s will or revocable living trusts. Such gifts (collectively referred to as “estate gifts”) are completed only at the death of the donor and/or a surviving beneficiary. Because the OSU Board of Regents directs all private support for the university through the Oklahoma State University Foundation all documents conveying estate gifts, including wills, trust agreements, and beneficiary designations, should name the “ Oklahoma State University Foundation” as the recipient.
Estate gifts may provide for a specific dollar amount in cash, specific securities, specific articles of tangible personal property or a percentage of the residue of the estate. They may also be contingent, ensuring that in the event all intended beneficiaries predecease the donor(s), the property will pass to OSUF rather than unintended beneficiaries.
Restricted vs. Unrestricted Estate Gifts Estate gifts may be restricted or unrestricted. Unrestricted bequests support general purposes; for example, current needs of the university as determined by the OSUF Board of Trustees. In contrast, restricted bequests fund a certain purpose or program designated by the donor. A donor may designate a testamentary gift by stating that the money received go “to the Oklahoma State University Foundation for the benefit of….(name the particular OSU program/college).”
Establishing An Endowment to be Funded by an Estate Gift Upon a donor’s death, money received as an estate gift may be used to finance an endowment fund. Endowments may be established in the name of an individual or family and may be used to fund scholarships, chairs/lectureships and/or to support OSU buildings and programs. Such funds can be setup during the donor’s lifetime, funded upon the donor’s death and are designed to continue in perpetuity to support OSU.
Estate Gifts to Benefit Loved Ones As part of an estate gift, donors may also direct income to be paid to survivors before the assets come to OSUF. The bequest can be used to establish a charitable remainder trust. If such a gift is made by will, the principal will pass to OSUF only after the death of the life income beneficiary(ies).
Read about OSU donors who have created a lasting legacy for the university through an estate gift. click here
If you have any questions about any charitable giving information or you have already provided for OSUF in your estate plans, please contact the Office of Planned Giving for more information at (800) 622-4678 or plannedgiving@osugiving.com.
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