Bequests
A bequest is a gift made through a will that reflects a donor’s wishes. Funding from bequests helps ensure that MCPHS continues its tradition of being accessible to students from all walks of life, ages and economic status.
For example, a bequest that provides scholarship assistance to needy, yet academically qualified and highly motivated students enables those students to take advantage of the quality educational programs of MCPHS. Funding from a bequest can also help the College continue to attract and retain faculty members or make acquisitions that enhance the research library collection and improve technological capabilities. By establishing permanent, named, endowed funds, bequests can be used to create a lasting tribute in the donor’s name or that of a relative or friend. Above all, a bequest is a gift of opportunity for generations of students to come.
A permanent, named, endowed fund may be created with a bequest of $25,000 or more. A donor who prefers to designate his or her bequest for a specific use is advised to state the preference as part of the bequest, yet leave final determination to the discretion of the Board of Trustees. This permits the College the flexibility to meet its most urgent needs, which may change over time.
Charitable bequests will reduce the size of a donor’s estate, and save on the state and federal estate taxes that a donor’s heirs must pay. A carefully written will protects a donor’s estate, provides for loved ones and ensures that personal, financial and charitable goals will be met. An attorney can best tailor a will to meet specific circumstances and wishes. It is an effective way to guarantee that as much of an estate as a donor deems appropriate will be used to sustain the donor’s charitable interests.
Types of Bequests
Bequests can specify a range of potential gift options, including:
- Outright bequest: Donor leaves a specific amount of cash or other assets to the College
- Proportionate bequest: Donor gives the College a stated percentage of gross or net estate
- Residual bequest: Donor leaves the College the balance of an estate after having provided for family and friends.
- Contingent bequest: Donor makes the College the beneficiary of an estate in the event that no other specified beneficiary survives the donor.
Legal declarations
Legal advisors for donors who decide to make a bequest to MCPHS may find the following declarations helpful:
“I give and bequeath (Description of Gift) free of all duties to the Massachusetts College of Pharmacy and Allied Health Sciences for the general charitable purposes of the said Organization. I direct that a receipt of the treasurer or any other proper officer for the time being of The Massachusetts College of Pharmacy and Health Sciences shall be sufficient discharge of my trustee.”
For a donor who has already completed a will, his or her lawyer can make necessary revisions to include the Massachusetts College of Pharmacy and Health Sciences.
Donors who choose to make a bequest to MCPHS should call 617.732.2230 or e-mail development@mcphs.edu to ensure proper acknowledgement for the thoughtful gesture.