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Contingent Bequest Intention

  • 1.  Contingent Bequest Intention

    Posted 10-03-2022 04:02 PM
    Curious if others have received bequest intentions where the gift to your institution was contingent upon the estate reaching a certain amount. If it reaches X, Foundation gets certain amount, if it doesn't reach X, foundation does not get a gift. This is a first for us. I would think it would be treated as a contingent expectancy and not count but would appreciate feedback from anyone in this group.

    Thanks.

    Trish

    ------------------------------
    Trish Idarola
    University of New Mexico Foundation
    trish.idarola@unmfund.org
    ------------------------------


  • 2.  RE: Contingent Bequest Intention

    Posted 10-03-2022 04:17 PM
    I would treat it the same way.  I call these "double revocable."  bequest are revocable to begin with.  And here it's doubly reliable since your revocability is contingent on yet another uncontrollable event.

    I would not count anything until the first condition is met.

    John 

    John H. Taylor 
    919.816.5903 (Cell/Text)

    Big Ideas; Small Keyboard





  • 3.  RE: Contingent Bequest Intention

    Posted 10-04-2022 06:02 AM

    Good morning Fundsvcs Community,

     

    I'd like to gain insights from your collective expertise and kindly request your assistance., I am conducting a study and research on gift administration/finance best practices, this data will be discussed at an upcoming workshop (CASE Gifts and Records management) where I will be faculty.

     

    What is your relationship with Finance/Treasury/comptroller?

    1. We are part of the finance team
    2. We are part of the development team
    3. We have a dotted line to both departments
    4. Other ____________________

    Are your gift processes independent from finance/treasury/comptroller?

    1. We process gifts after finance deposited and accounted for all money coming in
    2. We deposit to the bank and process gifts and send daily activity to finance
    3. Other ___________________

    Data Entry

    1. Our data entry is independent from finance, we enter and post gifts/pledges as needed
    2. Our data entry is dependent from finance, we enter and post gifts/pledges once finance completes their month end processes

    Reconciliation/Adjustment procedures

    1. We reconcile monthly and adjust entries once a month
    2. We reconcile monthly, we adjust entries once a week
    3. We reconcile monthly, we adjust entries as needed
    4. Other _____________________
    5. Are there any other specifics with your relationship with finance that impact your day to day process?

       

      I hope this is not too much of a burden, if I an get your responses by October 10, I grately appreciate it!

       

      Kind Regards, 

       

      LogoDescription automatically generated

      Adriana Bitoun

      Director, Advancement Services

       

      U.S. NAVAL ACADEMY

      ALUMNI ASSOCIATION & FOUNDATION

      274 Wood Road

      Annapolis, MD 21402

       

      p. 410-295-4150
      c. 562-805-8815

                

       

     






  • 4.  RE: Contingent Bequest Intention

    Posted 10-04-2022 06:33 AM
    Great idea, Adriana!

    I am reposting your email with a different subject line so folk won't think you are responding to the contingent bequest question!

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 5.  RE: Contingent Bequest Intention

    Posted 10-04-2022 07:27 AM
    Thanks John, it was too early for me :-)

    Sent from my T-Mobile 5G Device
    Get Outlook for Android





  • 6.  RE: Contingent Bequest Intention

    Posted 10-04-2022 09:03 AM

    1.)    B

    2.)    C (We process most donations as they are received, then deliver to Finance for bank deposit; however, some funds come directly to finance and are deposited by their office. Finance then informs us of said deposits and we process the donation after Finance accounts for the money.)

    3.)    A

    4.)    C

     

    ____________________

    Sean Vincent

    Senior Director

    University Relations Information Services

     

    UNIVERSITY OF PUGET SOUND
    1500 N. Warner St. #1063
    Tacoma, WA 98416-1063
    Office: 253.879.2662

    Mobile: 360.402.9996

    svincent@pugetsound.edu

    pugetsound.edu

     






  • 7.  RE: Contingent Bequest Intention

    Posted 10-04-2022 12:11 PM
    1. b
    2. b
    3. a
    4. c