Bequests

More and more alumni and friends choose to reach beyond their lives to give to the future by making a bequest to the Foundation in their will. Gifts to the Foundation are deductible in determining the value of your estate and can reduce your estate tax liability.  If you plan to make a charitable gift by will, please consult with your attorney and be as clear as possible in describing what you want given to whom. 
 
We are grateful to those who name the Sigma Phi Epsilon Educational Foundation in their wills and would like the opportunity to thank you both privately and publicly by listing your name on our donors listing.  If you prefer to remain anonymous, your gift will be kept in complete confidence.  However, recognition of your gift can encourage others to do the same.  We honor each donors wishes individually because we appreciate your support. 

Various Bequest Options

The following items are listed as general guidelines, please discuss these options with your attorney.

Specific bequest - This is a gift of a specific item to a specific beneficiary.  For example, "I give my collection of books to my sister, Lisa."  If the specific item is disposed of prior to death, the bequest fails and no claim can be made to any other property.

General bequest - This is usually a gift of a stated sum of money.  It will not fail, if there is not sufficient cash to meet the bequest, other assets must be sold to honor the bequest.

Contingent bequest - This is a bequest made on condition that a certain event is to occur before distribution to the beneficiary.  A contingent bequest is specific in nature and fails if the condition is not met. 

Residuary bequest - This is a gift of all the "rest, residue and remainder" of your estate after all other bequests, debts and taxes have been paid.  To ensure your beneficiaries receive the portions you desire, discuss with your attorney dividing the estate according to percentages of the residue (rather than specifying dollar amounts).

The following items are special considerations when planning a charitable bequest to benefit the programs and scholarships of the Sigma Phi Epsilon Educational Foundation ("Foundation"):

Unrestricted bequest - This is a gift to be used for general purposes, at the discretion of the Board of Trustees of the Foundation.

Restricted bequest - This gift allows you to specify how the funds are to be used (i.e. to the benefit of a specific chapter, leadership program, scholarship, etc.).

Honorary or memorial bequest - This is a gift given "in honor" or "in memory" of a specific person.  We are pleased to honor your request and have many ways to grant appropriate recognition.

Endowed bequest - This gift allows you to restrict the principal of the gift, requiring us to hold the funds permanently and use only the investment income the funds generate.  Creating an endowment in this manner means that your gift can continue supporting the Foundation indefinitely.

Sample documents:

Creating an endowment
Estate Intention Letter
Gifts from an IRA
Gifts from a life insurance policy
Non-endowed gifts
Gifts from a qualified retirement plan

For more information or to set up this gift, contact:

Alphonce Brown, Executive Director
310 South Boulevard
Richmond, Virginia 23220
phone: (804) 612-1409
fax: (804) 353-4825
e-mail: alphonce.brown@sigep.net

The information on this website is not intended as legal, tax or investment advice.  For such advice, please consult an attorney, tax professional or investment professional.