The Advisor Reference Tool (ART) from Endowment Development Services provides helpful information for advisors, development officers, planned giving executives, development support staff, volunteers and planned giving committee members who support our efforts. Click here to access ART.
Please share this sample language below with your legal counsel. We encourage all donors or their legal counsel to contact the Newfields Advancement Office for guidance as to correct language, especially if you intend your gift to be restricted for a specific use. Thank you!
1. Unrestricted Bequests
Following is suggested language for an unrestricted bequest used for the greatest current needs:
I give to the Indianapolis Museum of Art, a not-for-profit corporation organized under the laws of the state of Indiana and located in Indianapolis, Indiana, (choose one)
to be used in such manner as the board of directors of said Indianapolis Museum of Art shall, in its sole discretion, determine.
2. Restricted Bequests
Following is suggested language for restricted bequests to be used for purposes designated by you:
I give to the Indianapolis Museum of Art, a not-for-profit corporation organized under the laws of the state of Indiana and located in Indianapolis, Indiana, (choose one)
to be used for the following purpose: ________________________________________________
The designation of the preferences for which this gift is to be used shall not be construed as requiring the administration of this gift as a trust, the furnishing of bonds, or the making of annual reports to the court.
In the event the board of directors of the Indianapolis Museum of Art, in its sole discretion, determines that the use of this gift for the preferences stated is no longer legal, practical, or possible of performance, or for other good and lawful reason, then said preferences should be changed, and said board of directors shall use this fund for such purposes as said board, in its sole discretion, determines will best promote and support the mission of the Indianapolis Museum of Art.
3. Restricted for Endowment
For restricted bequests to establish a named permanent endowment fund, we suggest the following:
I give to the Indianapolis Museum of Art, a not-for-profit corporation organized under the laws of the state of Indiana and located in Indianapolis, Indiana (choose one)
to be used for The (Name) Fund . Details for the management and administration of this fund are contained in the final Fund Agreement with the Indianapolis Museum of Art signed by me and the appropriate representative of the Indianapolis Museum of Art before my death.
The property constituting this gift may, in the sole discretion of the board of directors of said foundation, be merged with the general assets of said foundation for more convenient administration or investment, but the gift shall be entered in the books and records of said foundation as The (Name) Fund and this fund shall be used for the preferences as defined in the final Fund Agreement with the Indianapolis Museum of Art signed by me and the appropriate representative of said foundation before my death.
The designation of the preferences for which this gift is to be used shall not be construed as requiring the administration of this gift as a trust, the furnishing of bonds, or the making of annual reports to the court. In the event the board of directors of the Indianapolis Museum of Art, in its sole discretion, determines that the use of this fund for the preferences stated in the final Fund Agreement is no longer legal, practical, or possible of performance, or for other good and lawful reason, then said preferences should be changed, and said board of directors shall use this fund for such purposes as said board, in its sole discretion, determines will best promote the mission of the Indianapolis Museum of Art.
For more information, please contact the Advancement Department at 317-920-2684 or donors@discovernewfields.org.
