SNU's Bequest Language
Southern Nazarene University Foundation exists to receive and hold endowments and other gifts that are made to benefit Southern Nazarene University. The SNU Foundation is a not-for-profit corporation that is wholly-controlled by the individuals who are the serving trustees of the University. Contributions that are entrusted to the care of the SNU Foundation are managed, invested, and expended for the benefit of the University — the sole reason for the SNU Foundation's existence is to serve the University. The University encourages all endowment and other gifts that are to be held to be given to the SNU Foundation rather than directly to the University.
An excellent way for you to support Southern Nazarene University's mission is to leave SNU a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.
There are a number of ways you can make a bequest to Southern Nazarene University.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Southern Nazarene University in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Outright Bequest
If you are considering making an outright bequest to Southern Nazarene University, we recommend the following language:
If you are considering a bequest but would like to ensure that your bequest will be used only for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give that will ensure your charitable objectives can be met. We will also work with you and your attorney to craft language to accomplish your objectives.
In cases where donors are making a restricted bequest, we recommend that your attorney include the following provision to give Southern Nazarene University flexibility should it no longer be possible for our organization to use your gift as you originally intended:
Please contact us if you have any questions about how to make a bequest to Southern Nazarene University or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
An excellent way for you to support Southern Nazarene University's mission is to leave SNU a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.
Types of Bequests
There are a number of ways you can make a bequest to Southern Nazarene University.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to Southern Nazarene University Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Southern Nazarene University Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Southern Nazarene University Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Southern Nazarene University Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Southern Nazarene University Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Southern Nazarene University Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Southern Nazarene University Foundation.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Southern Nazarene University in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Outright Bequest
If you are considering making an outright bequest to Southern Nazarene University, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Southern Nazarene University Foundation, a non-profit corporation under the laws of the State of Oklahoma, located at 6729 NW 39th Expressway, Bethany, OK, 73008, Federal Tax ID #73-0587210, for Southern Nazarene University's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Southern Nazarene University Foundation, a non-profit corporation organized under the laws of the State of Oklahoma, located at 6729 NW 39th Expressway, Bethany, OK, 73008, Federal Tax ID #73-0587210, for Southern Nazarene University's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Southern Nazarene University Foundation, a non-profit corporation organized under the laws of the State of Oklahoma, located at 6729 NW 39th Expressway, Bethany, OK, 73008, Federal Tax ID #73-0587210, for Southern Nazarene University's general use and purpose.
Bequest of Percentage of an Estate
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Southern Nazarene University Foundation, a non-profit corporation under the laws of the State of Oklahoma, located at 6729 NW 39th Expressway, Bethany, OK, 73008, Federal Tax ID #73-0587210, for Southern Nazarene University's general use and purpose.
2. Restricted BequestI hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Southern Nazarene University Foundation, a non-profit corporation under the laws of the State of Oklahoma, located at 6729 NW 39th Expressway, Bethany, OK, 73008, Federal Tax ID #73-0587210, for Southern Nazarene University's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Southern Nazarene University Foundation, a non-profit corporation organized under the laws of the State of Oklahoma, located at 6729 NW 39th Expressway, Bethany, OK, 73008, Federal Tax ID #73-0587210, for Southern Nazarene University's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Southern Nazarene University Foundation, a non-profit corporation organized under the laws of the State of Oklahoma, located at 6729 NW 39th Expressway, Bethany, OK, 73008, Federal Tax ID #73-0587210, for Southern Nazarene University's general use and purpose.
Bequest of Percentage of an Estate
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Southern Nazarene University Foundation, a non-profit corporation under the laws of the State of Oklahoma, located at 6729 NW 39th Expressway, Bethany, OK, 73008, Federal Tax ID #73-0587210, for Southern Nazarene University's general use and purpose.
If you are considering a bequest but would like to ensure that your bequest will be used only for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give that will ensure your charitable objectives can be met. We will also work with you and your attorney to craft language to accomplish your objectives.
In cases where donors are making a restricted bequest, we recommend that your attorney include the following provision to give Southern Nazarene University flexibility should it no longer be possible for our organization to use your gift as you originally intended:
If, in the judgment of the Southern Nazarene University Foundation Board, it shall become impossible for Southern Nazarene University to use this bequest to accomplish the specific purposes of this bequest, Southern Nazarene University may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please contact us if you have any questions about how to make a bequest to Southern Nazarene University or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
Please let us know if you have already included Southern Nazarene University as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.
