A bequest to York University is an effective way to make a truly meaningful contribution to the University. Since a bequest is a deferred gift, it has no impact on your current lifestyle. You might find that a bequest provides an opportunity to make a much larger gift than anything you might have been able to afford during your lifetime. Your bequest can be structured in a variety of ways and may provide a significant tax advantage for your estate. Once realized, your bequest can be put to use immediately, or it can be endowed in perpetuity to support an area of interest to you; for example, scholarships, bursaries, academic programs and libraries, to name a few possibilities. In some cases, you have the option to name your fund, ensuring that – like your gift – your name, or the name(s) of those you wish to honour, will live on in perpetuity.
While your bequest will be realized in the future, by letting us know of your intention to include York University in your estate plans, you will become a lifetime member of the White Rose Legacy Circle. Benefits include public recognition of your bequest each year (with your written permission) and invitations to special events created specially for Society members.
See more information about making a bequest to York University by clicking on the titles below:
- Kinds of Gifts
Expendable Gifts
Expendable gifts are spent during the fiscal year they are received. They can be restricted for a specific purpose or left unrestricted for the University's general purposes.
Endowed Gifts
The principal of an endowed gift is preserved in perpetuity, with a portion of the income applied each year for the stated purpose. Endowed gifts can be restricted or unrestricted (see below). If your gift is to be endowed for a specific project (scholarships, bursaries, programs, libraries, etc.) a minimum value is normally required, depending on the project. For example, an endowed bursary or scholarship requires a minimum of $25,000, an endowed academic chair, $4 million. Endowed gifts can also be directed to the General Endowment, and become available for the University to draw an annual income to assist with operations and/or areas of greatest need.
Restricted Gifts
When you give a restricted gift, you specify, or restrict, the terms. It is best to discuss your terms in consultation with University officials in the Division of Advancement. In this way, you ensure that the University will be able to fulfill your requirements when your gift is received. Specific terms can include financial assistance for students, research projects, libraries, academic programs, building funds, or other approved projects within the University. A restricted gift can be endowed or expendable.
Unrestricted Gifts
An unrestricted gift is one that can be used by the University for the area of greatest need. Unrestricted gifts are normally applied to the General Endowment, an essential core funding source for the University. Unrestricted gifts provide an ideal opportunity for you to assist the University where funds may be urgently required at the time they are received.
- Naming Your Gift
The Value of Naming
When the value of a bequest is sufficient to establish a named fund, we encourage you to name it. Naming provides you, or the person you wish to honour, with perpetual recognition. It also reinforces upon students, the value those who have preceded them place on their education at York; an example which they themselves may follow later in their lives. If you do not wish to put your own name on a fund, memorializing a family member, professor or friend who has had considerable influence on your life, is an option welcomed by the University and one you might wish to consider.
The Terms for Naming
The University has established minimum amounts for naming funds. The amount varies from project to project. For example, a currently-named bursary or scholarship can be funded for a minimum of $25,000, while the naming of an academic Chair requires a minimum of $4 million. Other opportunities exist above and below those amounts. The reason a minimum value is required is that the annual income from the endowed fund must be sufficient to sustain the named project from year to year.
- How to Make a Bequest
Making a bequest to York is easier than you might think. If you are currently preparing your will, here are two examples of wording you can use for an estate gift to York:
For an unrestricted bequest:
"I give and bequeath to
York University, 4700 Keele St., Toronto, Ontario, M3J 1P3, Canada
< the sum of $____OR ____% OR the residue > of my estate to be used at the discretion of the University."
For a restricted bequest:
"I give and bequeath to York University, 4700 Keele St., Toronto, Ontario, M3J 1P3, Canada < the sum of $____OR ____% OR the residue> of my estate to provide books, electronic materials and other library resources for the York University Libraries."
|
Or: |
"I give and bequeath to York University, 4700 Keele St., Toronto, Ontario, M3J 1P3, Canada <the sum of $____OR ____% OR the residue> of my estate to be used for student financial assistance (such as, but not restricted to fellowships, scholarships, awards and bursaries) for students of York University. Note: You may also specify a general subject area: "with preference given to students studying English Literature or European Studies." |
While there is no requirement that you do so, if you wish to designate your gift to a specific project or area of the University, it is advisable that you contact the Division of Advancement at 416-650-8210 or legacy@yorku.ca to ensure that your intentions are consistent with the mission and programs of York University and are of sufficient value to support your project of choice.
- What If Things Change
The University is a dynamic institution and the focus of the academic priorities may change over time. In such circumstances, the University may find it impossible, inadvisable or impracticable to apply the annual income from established funds for the purposes agreed upon between donors and the University. If York University is of the opinion that a revised purpose is appropriate, the University shall exercise its discretion, in consultation with the donors, where possible, to use the annual income from endowed funds for other and related purposes to the best advantage of the University, consonant with the spirit and intent of the donor's gift, (subject always to conditions specified by Government and other applicable matching programs). Suitable recognition will be given to acknowledge the original gift and the subsequent changes, in consultation with you, where possible.
- Please Contact Us
If you are considering a bequest, or deferred gift of any kind, to York University, we strongly encourage you to speak, in confidence, with a professional gift planner in the Division of Advancement to discuss the gift you have in mind. We want to work with you to insure that your gift intention can be fulfilled and your naming request honoured. Please contact a planned giving officer at legacy@yorku.ca or call 416-650-8210.
