Gifts by will are one of The Wharton School’s most important sources of individual support. Bequests provide scholarships, professorships and fund capital projects. These gifts are critical in meeting Wharton’s educational, cultural and research needs. A bequest can be made in the form of a specific gift of cash or property, or a percentage of the remainder of an estate. The latter allows more flexibility in planning.
Unrestricted Gift (A gift that can be used where need or opportunity is greatest)
I give to The Trustees of the University of Pennsylvania, a non-profit 501(c)(3) corporation, located in Philadelphia, Pennsylvania, organized and existing under the laws of the Commonwealth of Pennsylvania, the sum of $_______ [or ______% of the rest, residue and remainder of my estate] to be used for Wharton’s general purpose.
A charitable bequest can also be designated for a specific purpose. It is best to have both the designation and the language approved by the University to avoid any potential difficulties in the execution of the will, and to ensure the University meets your gift intention.
Gift for a Specific Purpose
I give to The Trustees of the University of Pennsylvania, a non-profit 501(c)(3) corporation, located in Philadelphia, Pennsylvania, organized and existing under the laws of the Commonwealth of Pennsylvania, the sum of $_______ [or ______% of the rest, residue and remainder of my estate] to be used for [state purpose] for the benefit of Wharton.
Benefits of a Bequest
- Enables you to make a significant contribution that may otherwise not have been possible during your lifetime
- Removes assets from your taxable estate
- When set up as a percentage of the estate, allows for changes in the value of your assets
WHERE THERE’S A WILL, THERE’S A WAY
Alexander Strauss, W’ 55 has fond memories of his days as a Wharton student and has continued his relationship with Wharton over the years. He frequently comes back to campus to attend events and has season tickets for football and basketball. While he does not consider himself wealthy, he does recognize that taxes will take a considerable toll on his estate. Having received financial assistance from Wharton as a student, he wishes to give something back but is not yet sure about making a long-term commitment during his lifetime. Instead, he has simply included Wharton in his will and has designated that his bequest be used for scholarship support.