When you make a charitable gift to support a worthy organization's work - whether it be for a scholarship at your alma mater, a particular program, or a special purpose - it's very important that a match exists between the donor's understanding about the gift and the organization's understanding - so that there is no doubt about how the gifted funds are to be used.
Hmmm, sounds basic, right? Well, sometimes it is. Sometimes, this is accomplished quite easily and with minimal discussion or paperwork. But, often it's a good idea to talk things over and write things down so that everyone involved is sure of the donor's intent - and, equally sure that the charitable organization can carry out the donor's intentions.
This is especially true when the amout involved is substantial. Ah, and what is 'substantial'? Well, like beauty and works of art, the defining point for 'substantial' may best be measured by the eye of the beholders. Whether a gift is for $1,000, $10,000, $100,000 or a million dollars, the degree of detail that goes into the discussion likely depends as much on the donor's views as on the charitable organization's size and scope.
One way or another, if you're making a gift to your alma mater or other charitable cause and you want to know that the gift will be used as you intend, the best way to be sure is to talk about it before you make your gift - and, then look for this plan to be placed in a writing.
This is the role and value of Gift Agreements. Such a document is the ideal place to describe in clear and complete terms the donor's intentions and confirm the organization's commitment to fulfill the donor's expectations. A Gift Agreement can be as simple or complex as a particular gift plan merits. The key is that it provides you, the donor, with the assurance that your alma mater (or other charitable cause) will use your gift in the manner you expect it to be used. Especially when your gift is intended to last for generations to come - in perpetuity - as part of an endowment, a Gift Agreement provides you and your family a confidence that your gift will be making a difference for years to come.
Have a question, want more information - your inquiries are invited.
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