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Bequest Language

Example bequest language - Please feel free to change the numbers or percentages as you desire.

THE UNIVERSITY OF SOUTH ALABAMA
Mobile, Alabama

For your convenience sample forms for making gifts by will to the University of South Alabama are printed on these pages. Please contact your attorney if you want advice about making your gift, or contact the Gift Panning office at USA for further information.

1. Outright bequests, unrestricted as to purpose.

"I give and bequeath to the University of South Alabama, a nonprofit corporation duly existing under the laws of the State of Alabama and located at Mobile, Alabama ____________Dollars (or property, securities, etc., as described below), to be used as the Board of Trustees of the University of South Alabama my direct."

2. Outright bequest to establish as endowment fund with income to be (a) unrestricted or (b) restricted.

"I give and bequeath to the University of South Alabama, a non profit corporation duly existing under the laws of the State of Alabama and located at Mobile, Alabama, ________________dollars (or property, securities, etc., as described below), to constitute the (name of endowment) Fund. This Fund shall be kept invested by the Board of Trustees of the University of South Alabama and the annual income therefore shall be utilized (a) as the Board may direct, or (b) for (description of restricted purpose specified by testator-i.e., scholarships, faculty compensation, library, etc.) The Fund, for purposes of investment, may be combined with other funds of the University of South Alabama."

3. Bequest of residuary estate.

"All the rest, residue, and remainder of my estate, both real and personal property of whatever kind and whosesoever situated, which I may own or have the right to dispose of at the time of my decease, I give, devise, and bequeath the University of South Alabama, a nonprofit corporation duly existing under the laws of the State of Alabama and located Mobile, Alabama, to be used as the Board of Trustees of the University of South Alabama may direct (or for other purpose specified by the testator-see example (2.) above)."

4. Contingent Bequest.

"I give and bequeath to (named beneficiary) ___________________dollars (or property, securities, etc., as described below), but if he (she) shall not be living then I give and bequeath the same to the University of South Alabama, a nonprofit corporation duly existing under the laws of the State of Alabama and located at Mobile, Alabama, to be used as the Board of Trustees of the University of South Alabama may direct (or for other purpose specified by the testator-see example (2.)."

5. Codicil to Last Will and Testament.

I, JOHN DOE, hereby amend my last Will and Testament, executed on the _________day of ______________in the year__________. I direct that all provisions of that will remain in effect but direct in addition that the University of South Alabama, a nonprofit corporation duly existing under the laws of the State of Alabama and located at Mobile, Alabama, shall receive the sum of ______________________dollars to be used as the Board of Trustees may direct.

In the drafting of all bequests having a restricted purpose, the University of South Alabama respectfully requests the donor and his attorney to incorporate a "saving clause." No one can anticipate beyond a few years the changes and developments in education which occur so rapidly today and will occur even more rapidly tomorrow. To insure that the University, when no longer needed for the purpose designated by the donor, the flexibility of a saving clause is especially desirable. Such a clause might read as follows:

"If at the time this bequest is received by the University of South Alabama, or at any time thereafter, the Board of Trustees of said University of South Alabama determine that all or part of said income of the Fund can no longer be utilized to bests advantage for the institutional purpose designated herein, then all or any part of said income may be used for such other institutional purpose which, in the sole discretion of said Board of Trustees, shall most closely carry out my intention."

The University of South Alabama is a tax-exempt corporation under subsection 501©3 of the Internal Revenue Service Code. All gifts to the University of South Alabama are approved deductions according to the schedules established under income tax regulation."

University of South Alabama
Tax Identification No. 63-0477348

If you require additional information concerning your gift or bequest, please contact:

Angela Dunn, CPA
Associate Director of Planned Giving
TRP III, Suite 2150
307 N. University Blvd.
Mobile, Al 36688
(251) 460-7906
 
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