Next to writing a check, a bequest may be one of the easiest and most meaningful way to provide for Highland’s future. A bequest is a gift made through your estate. It may be directed by will or through an outright trust disbursement. It may be a specific dollar amount, a percentage of the estate, or a remainder of the estate, after other distributions have been made. You may also choose to restrict the bequest or designate it for purposes to be identified by the College Trustees and Foundation Board of Directors.
The following are examples of statements that may be used as models in preparing a bequest or trust designation. We would be pleased to develop more specific language tailored to your specific needs and we encourage you to seek the advice of a professional advisor.
Specific Bequest- Unrestricted use
“I give, bequeath or devise to the Highland Community College Foundation, an Illinois Not-for-Profit Corporation, (sum, percentage of estate, or property) to be used to further its purposes as the Board of Directors in their discretion may deem appropriate.”
Specific Bequest – Restricted use
(For information about specific areas of interest, please contact the HCC Foundation office)
“I give (sum, percentage of estate, or property) to the Highland Community College Foundation, an Illinois Not-for-Profit Corporation. This bequest may be combined with the Foundation’s other funds for purposes of investment and reinvestment and shall be used by the Foundation in support of (a specific area of interest).
“If at any time in the judgment of the Foundation Board of Directors believes it is impractical or impossible to carry out this purpose, the Foundation Board of Directors may use this bequest for such other purposes as shall be determined by the Board to be consistent with my interests and intentions.”
Specific Bequest – Restricted use and for Endowment
(The minimum amount to establish an endowment with the HCC Foundation is $25,000. For information about specific endowment funds and opportunities, please call the HCC Foundation office)
“I give (sum, percentage of estate, or property) to the Highland Community College Foundation, an Illinois Not-for-Profit Corporation. This bequest may be combined with the Foundation’s other funds for purposes of investment or reinvestment. The income only from this bequest shall be used by the HCC Foundation in support of (a specific area of interest). The endowment fund established with this bequest shall be known as the __________________Fund.”
“If at any time in the judgment of the Foundation Board of Directors believes it is impractical or impossible to carry out this purpose, the Foundation Board of Directors may use this bequest for such other purposes as shall be determined by the Board to be consistent with my interests and intentions.”
Residuary Bequest – Unrestricted use
“I give, bequeath, or devise (all or a percentage of estate) to the Highland Community College Foundation, an Illinois Not-for-Profit Corporation, to be used to further its purposes as the Foundation Board of Directors in their discretion may deem appropriate.”
If you would like more information on the strategies discussed here, or any other planning option, please feel free to contact the HCC Foundation office.
The Heritage Society
If you have named the Highland Community College Foundation in your estate plans, please let us know. We would like to invite you to become a member of our Heritage Society. Find out more about the Heritage Society.