Bequests are relatively simple.
If you have or plan to make a provision for Friends Seminary in your Will, please let us know if you would like to restrict your gift. We want to ensure the School can comply with your wishes. There are no minimum dollar requirements or complex rules to understand. In consultation with your lawyer, a bequest can be specified in your Will or by codicil. There are three types of bequests to consider: outright, residuary and contingent.
All bequests that have been specified for endowment are directed to the School’s unrestricted endowment. This means the capital sum of your bequest is preserved, and only the annual interest and income it generates is spent each year. Within the Friends Seminary endowment, there are opportunities to designate areas that may have personal meaning to you.
Please note, in order for a bequest to be designated to endowment, by law there must be documentation to prove this is the donor’s specific intent. In cases when a bequest is unrestricted and no specific intention has been documented, it is designated to the Board Designated Bequest Fund. The quasi-endowment fund, like the regular endowment, is overseen by the Board of Trustees, and this fund can be spent at the Board of Trustees’ discretion.
If you have or plan to make a provision for Friends Seminary in your Will, please let us know if you would like to restrict your gift. We want to ensure the School can comply with your wishes. Contact the Director of Major Gifts and Planned Gifts, Rebecca Holmes
(firstname.lastname@example.org) for further information.