- Will my planned gift count toward my class total for our reunion giving campaign?
Yes. If your declared planned gift intention is received during the reunion counting timeframe, your planned gift intention, whether revocable or irrevocable, is counted in full for your class.
- If the amount I plan to give to Gustavus after my lifetime has increased (or deceased) over the years, do you wish to know this?
We would be pleased to know as much as you wish to share. Such discussions may allow for the creation of an enhanced/revised gift agreement or a fine tuning of your previously recorded intentions. New recorded increases in your giving plan may also be counted toward reunion support and the current campaign.
- Do I need to complete the Letter of Intent?
Completing the Gustavus Letter of Intent is not required, but most donors find it very helpful. Through the Letter of Intent, the College can clarify the full scope of your intentions and create gift agreements that will help fulfill your charitable wishes.
- In the Letter of Intent, it says that what I/we declare is not binding on my/our estate.
This is true. The Letter of Intent is at best a planning device that allows you and the College to plan together for how you wish your after-life giving to be used. Should you wish to advise your legal counsel to document a binding provision within your estate to fulfill your philanthropic wishes, we will be glad to work with you.
- Do I need to send you a copy of my will?
Sending Gustavus a copy of your last will and testament is not required, but it can be very helpful. If you might be uncomfortable doing so, you may elect to send us only the page of your will that applies to Gustavus and the direction of your giving.
- Does Gustavus prefer for my bequest provision to be unrestricted?
Leaving an unrestricted bequest can be very beneficial to the College and gives Gustavus ultimate flexibility when it comes to putting your after-life giving to immediate good use. However, if you have been faithfully supporting a particular scholarship fund or endowment project through the years, you may wish for your estate gift to follow likewise. We look forward to visiting with you about how best to put your gift to work for the benefit of the Gustavus community.
- What if my estate gift is not large enough to fund what I want it to do? Or what if my estate gift is too big for what I’m planning to fund?
In every giving scenario it is ideal to have your will, the Letter of Intent, and a signed gift agreement working in concert with one another. Our professional gift planners are experts in these matters and will work with you and your advisors to make sure your giving intentions are clear, balanced, and in accordance with the mission and vision of the College.
- I think my grandparents established a named endowed scholarship decades ago. Is it possible for me to add to this fund through my estate plan?
We would be delighted to work with you. Endowed funds exist in perpetuity. If your grandparents established and fully funded an endowed fund, we will have a record of it. Adding to an existing named endowment is entirely possible.
- Is it possible to add to an existing endowed fund for a general or specific program, such as pre-ministry, social justice, study abroad, international touring, or others?
All funds in the Gustavus endowment may be added to by any person, for any amount, and at any time. We will gladly speak with you about what funds exist that may appeal to your giving interests.
- Does the Gustavus Adolphus College endowment function as its own foundation?
No. The Gustavus endowment (currently valued at $300+ million) is not a separate entity from the rest of the College. It shares the same 501(c)(3) status and federal tax identification number as the College. The endowment provides annual support to the operating budget of the College. It is professionally invested and managed by the investment committee of the Board of Trustees.
- Are there certain minimum amounts that must be received to activate a particular fund, and how can I make sure I’m giving enough to make my legacy gift/fund viable after I’m gone?
Yes, and this is where working with a Gustavus gift planner alongside your professional advisor is key. A member of our team will be happy to work with you to ensure the scope and focus of your dreams for future students can become a reality.
Have a question that needs a specific response? Please contact us at 800-726-6192 or plannedgiving@gustavus.edu.
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