Gift Agreement[MWM1] *** DRAFT For Discussion Purposes Only ***

Transcription

1 Development and Alumni Relations Grasse Mount 411 Main Street Burlington, VT Telephone (802) Toll Free (888) Fax (802) Web alumni.uvm.edu Gift Agreement[MWM1] *** DRAFT For Discussion Purposes Only *** The purpose of this agreement is to summarize the understanding of ("the donors", "we", "our", "I", "my") and the University of Vermont and State Agricultural College ("the University") regarding the gift described in this agreement. New Gift Cash, checks, credit cards[mwm2] The donors hereby make an unconditional gift of dollars ($ ) ("the gift") designated for the NAME OF FUND Fund. By signing below, the donors acknowledge receipt of, and agree to, the terms and conditions of the NAME OF FUND Fund. New Gift Marketable securities (publicly traded stock)[mwm3] The donors hereby make an unconditional gift of shares of stock designated for the NAME OF FUND Fund. By signing below, the donors acknowledge receipt of, and agree to, the terms and conditions of the NAME OF FUND Fund. The donors may transfer the stock via the Depository Trust Corporation (DTC) wire to the University's account: Morgan Stanley DTC#: 015 Account#: In the name of the University of Vermont and State Agricultural College Tax ID#: New Pledge[MWM4] The donors hereby pledge dollars ($ ) ("the pledge") designated for the NAME OF FUND Fund. By signing below, the donors acknowledge receipt of, and agree to, the terms and conditions of the NAME OF FUND Fund. The pledge is payable according to the following payment schedule: $ on or before June 30, 2006 $ on or before June 30, 2007 $ on or before June 30, 2008 *** For items below, please forward draft to Mark Metivier for review.*** Printed on October 9, 2005, 7:05 PM Page 1

2 New Gift Annuity or Other Life-Income Gift[MWM5] The donors have made an unconditional gift of dollars ($ ) ("the gift") through the attached CHARITABLE GIFT ANNUITY CONTRACT / OTHER TRUST CONTRACT designated for the NAME OF FUND Fund. By signing below, the donors acknowledge receipt of, and agree to, the terms and conditions of the NAME OF FUND Fund. A copy of the CHARITABLE GIFT ANNUITY CONTRACT / OTHER TRUST CONTRACT is attached. A charitable gift annuity is not insurance under the laws of the State of Vermont, and is not subject to regulation by the department of banking, insurance, securities and health care administration or protected by an insurance guaranty association. New Gift in Kind / Gift of Property[MWM6] The donors hereby grant, convey and forever release the following item(s) to the University: Item, Description, Value By this gift agreement, the donors make an unconditional gift of the item(s) and transfer not only legal and beneficial title, but also all other rights associated with the item(s). We further state that we are the sole owner(s) of the item(s) and have full power and authority to give said item(s) to the University. Upon execution of this gift agreement to the University, the donors agree to indemnify and hold harmless the University for any claims, damages, losses and expenses (including attorney s fees) which may arise out of negligent error or omission in donating a gift that is not free and clear of encumbrances, infringements or any other defect which may make such property unmarketable. This gift agreement is not intended to verify or substantiate the stated value of items listed above. We designate the items for the NAME OF FUND Fund. By signing below, the donors acknowledge receipt of, and agree to, the terms and conditions of the NAME OF FUND Fund. New Life Insurance Gift / Pledge UVM owner & beneficiary[mwm7] The donors have named the University as owner and beneficiary of the attached life insurance policy ( INSURER, POLICY NUMBER, DATES ) ("the policy"). The policy is fully-paid (or partially paid) and has a cash surrender value of dollars ($ ) ("the gift"). Printed on October 9, 2005, 7:05 PM Page 2

3 The policy is new (or partially paid) and we hereby pledge dollars ($ ) ("the pledge") according to the following payment schedule: $ on or before June 30, 2006 $ on or before June 30, 2007 $ on or before June 30, 2008 We designate the realized policy for the NAME OF FUND Fund. By signing below, the donors acknowledge receipt of, and agree to, the terms and conditions of the NAME OF FUND Fund. New Revocable Deferred Gift[MWM8] The donors have established a WILL PROVISION or TRUST or OTHER DEFERRED (USE LEGAL NAME FROM THE LEGAL DOCUMENT dated ("deferred gift") naming the University as charitable beneficiary. The deferred gift will transfer $ (dollars) to the University. The deferred gift will transfer % to the University and I estimate the current value of that percentage to be dollars ($ ). The donors hereby designate the deferred gift for the NAME OF FUND Fund. By signing below, the donors acknowledge receipt of, and agree to, the terms and conditions of the NAME OF FUND Fund. The donors agree to notify the University if changes are made to affect this deferred gift. The donors have attached a copy of the actual provision of this deferred gift for the files of the University. Benefits, Memberships or Sponsorships The donors will receive the following benefits: Substantial Benefit (over 2% of gift or over $85 which ever is less) including tickets, perks, advertising, etc.; include fair market value. The amount of the gift that is deductible for federal income tax purposes is limited to the excess of money (and the fair market value of property other than money) contributed by the donors over the value of goods or services provided by the University. Changing Existing Gift/Pledge[MWM9] Printed on October 9, 2005, 7:05 PM Page 3

4 By signing below, we acknowledge receipt of, and agree to, the new terms and conditions of the NAME OF FUND Fund and we designate the following gifts and pledges to be used in accordance with the new terms and conditions of the NAME OF FUND Fund: Gift of shares of stock, processed date (receipt # ) Gift of $10,000, processed date (receipt # ) Original pledge of $ (current balance of $ ), processed date (receipt # ) Gift annuity agreement between and the University executed date (fair market value of $, receipt # ) Matching Gift Payments received under this gift agreement qualify for matching gifts from COMPANY/ORGANIZATION. Naming, Recognition and Publicity [MWM10] We make this pledge IN HONOR OF or IN RECOGNITION OF or IN MEMORY OF. In recognition and consideration of the pledge by the donors, the University will name the FACILITY currently under construction (or to be constructed) the " OFFICIAL LONG NAME ". The common name of the FACILITY will be the " OFFICIAL SHORT NAME (INCLUDE AN ABBREVIATION IF ACCEPTABLE TO DONOR) ". The naming is subject to approval by the BOARD OF TRUSTEES (OR PROVOST, ETC AS OUTLINED IN POLICY) of the University and will be handled consistent with University policy, including identification on maps and through appropriate signage. The naming is contingent upon fulfillment of the pledge. It is the donors' intent that the naming of the FACILITY be in perpetuity. The University further agrees that should the FACILITY be altered, the FACILITY would continue to carry the donors' names. Should the FACILITY be destroyed, the University agrees to name a comparable space for the donors. [MWM11] The donors agree to allow the University to publish their names in various publications and press releases and to allow the University to solicit other gifts to support OFFICIAL LONG NAME and/or other funds.[mwm12] Anonymous Donor Section[MWM13] We enter this agreement under the condition that our commitment (WHICH MAY INCLUDE ANY OF THE FOLLOWING: PLEDGE, GIFT, PAYMENT, AMOUNT, ETC.) remain anonymous until such time we authorize the University to disclose our commitment or upon our deaths. Printed on October 9, 2005, 7:05 PM Page 4

5 Upon request, the Department will provide THE DONOR(S) with a report on disbursements from the fund. Upon request, the Office of Student Financial Services will notify THE DONOR(S) that awards have been made. With the permission of the scholarship recipient(s) their names will be shared. Upon request, the Office of Development and Alumni Relations will provide a financial statement on the fund to THE DONOR(S). *** Legal issues Required for all agreements *** We acknowledge that any pledge may not be satisfied in whole or in part by a private foundation or a charitable remainder trust if that satisfaction would be a violation of the provisions of Section 4941 ("self dealing[mwm14]") of the Internal Revenue Code of 1986, as amended. This agreement is executed in and shall be governed by the laws of the State of Vermont. This agreement may be amended at any time by written agreement signed by the donors and the University. If in the opinion of the University of Vermont, all or part of the funds cannot reasonably be applied in strict conformance with guidelines previously stated, these funds may be used for other appropriate purposes as nearly aligned to the original intent of the donor as good conscience and need dictate within the authorized powers of the University[MWM15]. Signed this day of, *** DRAFT For Discussion Purposes Only *** Donor As donor and as trustee of the trust[mwm16] Accepted this day of, 2005 on behalf of the University of Vermont and State Agricultural College. Treasurer Printed on October 9, 2005, 7:05 PM Page 5