Frequently Asked Questions
1. How do I include the Foundation in my will?
A bequest may be in the form of cash, securities, real estate, or other property. You should specify that the Southern Illinois University Foundation is to receive a certain amount or percentage of your estate, particular assets, or the remainder of your estate after providing for heirs. To discuss making a bequest or for assistance with suggested language, please contact our planned giving director, Yvonne Spencer.
2. Whom do I write my Check?
Following are some examples of various types of bequests:
Specific bequests are used to make a gift of a specific dollar amount or specific assets.
Residuary bequests are used to give all or a portion of the rest, residue, and remainder of your estate after payment of expenses and any specific amounts designated to other beneficiaries.
Contingent bequests will result in a gift to the Southern Illinois University Foundation only in the event of the death of other beneficiaries or the fulfillment of certain conditions described in your estate plans.
Southern Illinois University Foundation
3. Will I get a receipt for tax purposes?
Yes, soon after your gift is received, you will receive a printed receipt for your gift. If you give online, you'll also receive a confirmation of your gift via e-mail.
4. What is an Endowment?
5. How do I establish an endowment?
Endowed funds are invested for perpetuity, rather than using the cash for immediate needs. A portion of the earnings from an endowment is distributed to an expendable fund. The remainder is added back into the endowment.
An endowment gift can be designated for specific purposes, such as faculty development or scholarships; or it may be unrestricted. Contributions to an endowment can be in the form of cash, securities, life insurance, or real estate. You may also establish an endowment through planned giving options such as your will or charitable trusts. In any case, the gift will remain invested and only the investment income for the gift will be used each year for the purpose designated by you.
The minimum required amount to establish an endowment is $25,000 (payable over a five year period). When you create an endowment, you are creating a legacy that lives forever. An endowment creates a gift in perpetuity that can remember a loved one, a special mentor, your family or yourself.