Bequest Language

A bequest—a gift in your will—is simple and convenient. You can create a legacy through a bequest.

Your bequest can be a specific dollar amount or a percentage of your estate. You can designate your bequest for general use, or you can restrict its use. Many individuals establish endowments that honor the memory of a family member or a loved one. These endowments live in perpetuity because only the portion of the fund available for spending (normally 4% each year) is paid out annually.

Examples of various types of bequests

Specific bequests are used to make a gift of a specific dollar amount or specific asset (such as securities, real estate, or personal property).

Residuary bequests are used to give all or a portion of the remainder of your estate after payment of expenses and any specific amounts designated to other beneficiaries.

Including Geneva College in your will

The following includes several examples of suggested bequest wording to benefit Geneva College. Each individual situation is unique; therefore, these examples include only some of the possible gift opportunities. We encourage you to discuss your intentions with us at Genevato to ensure that your wishes will be properly followed and recognized.

Because a will is an important legal document, you should seek an attorney's help. To assist you with this important process, we offer suggested wording below.

Percentage of estate for general operating endowment

"I give to the Geneva College Foundation (FEIN 84-4612991), a Pennsylvania organization operating an institution of higher education in the City of Beaver Falls ____ percentage (%) of the remainder of my estate for its general operating endowment."

Percentage of estate to establish an endowed fund

"I give to the Geneva College Foundation(FEIN 84-4612991), a Pennsylvania organization operating an institution of higher education in the City of Beaver Falls ____ percentage (%)of the remainder of my estate to establish the ________ Endowed Fund. Contributions may be added to the Fund at any time.

See below (*)

Specific amount for general operating endowment

"I give to the Geneva College Foundation (FEIN 84-4612991), a Pennsylvania organization operating an institution of higher education in the City of Beaver Falls, the sum of $_______ in cash (or ________ shares of ________stock) to be used for its general operating endowment."

Specific amount for specific purposes

"I give to the Geneva College Foundation (FEIN 84-4612991), a Pennsylvania organization operating an institution of higher education in the City of Beaver Falls, the sum of $_______ in cash or in-kind (or________ shares of ________stock) to be used for __________________________________ at Geneva.

See below (*)

Designating the purpose of a bequest

Unrestricted: An unrestricted bequest, "general charitable purposes," allocates funds to Geneva College without a specific purpose.

Restricted: You may designate your bequest to support a special program or purpose that reflects your interests (specific departments, endowment, or scholarships).

If the bequest is restricted to a specific purpose, it is important that the following wording be added at the end of the provision. This will ensure that, in the remote possibility a specified purpose may cease to need funds in the future, an alternate use for the bequest may be determined.

(*) "If the purpose of the gift is no longer relevant at some point in the future, in Geneva's sole discretion, the Foundation Board may designate the use of the fund to some other use that aligns in the best possible manner with the initial intent of the donor."

If you wish to designate your gift for a specific purpose, please contact Cliff McNary at 724.847.6614 or [email protected] in advance to discuss your intentions and to ensure your wishes will be of best use for the College. Thank you!