Perhaps the most common planned giving arrangement for the benefit of Purdue is the will bequest. Charitable gifts made by will are 100% tax deductible. As with current gifts, bequests may be designated either as unrestricted – giving the University the most flexibility – or restricted; that is, designated for a specific purpose.

If you wish to include an unrestricted bequest to Purdue in your will, the following language is suggested:

Unrestricted Bequest to Purdue

"I give, devise, and bequeath to the Purdue Foundation, Inc., West Lafayette, IN, ______ percent of all the rest, residue, and remainder of my estate (or _______ dollars, property, securities, etc. described below) wheresoever located to be used for the benefit of Purdue University in such manner as the President thereof may direct."

If you wish to provide scholarships for undergraduates in a particular school, here is suggested language for three options:

Scholarships Based on Financial Need

“I give, devise and bequeath to the Purdue Foundation, Inc., West Lafayette, IN, _____ percent (___%) of all the rest, residue and remainder of my estate (or ___________ dollars, property, securities, etc., described below) wheresoever located, to be used for the benefit of Purdue University to support undergraduate scholarships as described below. If the principal amount received hereunder is sufficient under University guidelines to establish an endowed scholarship, then the Purdue Foundation, Inc., West Lafayette, IN, shall transfer the principal amount, which shall constitute a fund to be known as the (insert name here) Scholarship, to Purdue University which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support, and maintenance of one or more annual scholarships, based on financial need, for undergraduates in the School of __________. The University’s Division of Financial Aid will select the recipients and administer the scholarships. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University at the time of the maturity of my estate or at any time thereafter, then I expressly authorize and empower the President of Purdue University to utilize my bequest for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose. The endowment fund for the purpose of investment may be combined with other funds of Purdue University.”

Scholarships Based on Academic Merit

“I give, devise and bequeath to the Purdue Foundation, Inc., West Lafayette, IN, _____ percent (___%) of all the rest, residue and remainder of my estate (or ___________ dollars, property, securities, etc., described below) wheresoever located, to be used for the benefit of Purdue University to support undergraduate scholarships as described below. If the principal amount received hereunder is sufficient under University guidelines to establish an endowed scholarship, then the Purdue Foundation, Inc., shall transfer the principal amount, which shall constitute a fund to be known as the (insert name here) Scholarship, to Purdue University, which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support, and maintenance of one or more annual scholarships, based on academic merit, for undergraduates in the School of __________. The School shall select the recipients with scholarship administration by the University’s Division of Financial Aid. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University at the time of the maturity of my estate or at any time thereafter, then I expressly authorize and empower the President of Purdue University to utilize my bequest for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose. The endowment fund for the purpose of investment may be combined with other funds of Purdue University.”

Scholarships With Neither Financial Need nor Academic Merit Specified

“I give, devise and bequeath to the Purdue Foundation, Inc., West Lafayette, IN, _____ percent (___%) of all the rest, residue and remainder of my estate (or ___________ dollars, property, securities, etc., described below) wheresoever located, to be used for the benefit of Purdue University to support undergraduate scholarships as described below. If the principal amount received hereunder is sufficient under University guidelines to establish an endowed scholarship, then the Purdue Foundation, Inc., West Lafayette, IN, shall transfer the principal amount, which shall constitute a fund to be known as the (insert name here) Scholarship, to Purdue University, which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support and maintenance of one or more annual scholarships for undergraduates in the School of __________. The scholarship(s) will be administered in accordance with University policies. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University at the time of the maturity of my estate or at any time thereafter, then I expressly authorize and empower the President of Purdue University to utilize my bequest for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose. The endowment fund for the purpose of investment may be combined with other funds of Purdue University.”

If you wish to restrict your bequest to a specific school or purpose, the Planned Giving Office will be happy to provide you or your advisors with suggested language.

Benefits

* Distribution of estate as intended by donor.
* Avoidance of estate and inheritance taxes.

For more information, please contact the Planned Giving Office at (800) 677-8780 or plangift@purdue.edu.