Suggested Language and Forms for a Charitable Bequest to Toledo Community Foundation
Designations to a fund at Toledo Community Foundation can be kept very simple and flexible or they can be detailed. The simple/flexible format states just Toledo Community Foundation and the name of the fund. A separate fund governing document is kept on file at the Foundation's office. This allows for the donor to change the purposes of the fund without changing the will, trust or beneficiary forms. Both options are described below.
Important planning note: Several types of vehicles such as IRA's and other retirement vehicles as well as insurance policies do not pass through probate. Beneficiary designations with these vehicles should be made on the retirement plan form or insurance forms directly. Contact a member of our Philanthropic Services Department: Mike George or Bridget Brell Holt at 419.241.5049, or email Mike@toledocf.org or Bridget@toledocf.org with questions.
Use the language below to maintain maximum flexibility for the donor. Toledo Community Foundation will develop a separate fund governing document.
". . . to Toledo Community Foundation, a Ohio nonprofit corporation (Federal ID #: 23-7284004) located at 300 Madison Ave., Suite 1300, Toledo, Ohio 43604 [the name of the fund]."
Bequests should include language for the appropriate type of fund from Section 1 a-d below, and the language from Section 2.
1. Type of Fund
a. To Create an Unrestricted Fund
I give, devise and bequeath to Toledo Community Foundation ("Foundation") the sum of $[dollar amount](or the property described herein or the remainder of the property that I own at the time of my death), for the purpose of establishing an Unrestricted Charitable Fund ("Fund"). The Fund shall be administered by the Foundation in perpetuity for charitable, educational, religious and scientific purposes of benefit to the area served by the Foundation.
b. To Create a Field-of-Interest Fund
I give, devise and bequeath to Toledo Community Foundation (“Foundation”) the sum of $[dollar amount](or the property described herein or the remainder of the property that I own at the time of my death), creating a Field-of-Interest Fund (“Fund”) established for the purpose of [description of charitable purpose].
c. To Create a Donor Advised Fund
I give, devise and bequeath to Toledo Community Foundation ("Foundation") the sum of $[dollar amount](or the property described herein or the remainder of the property that I own at the time of my death), for the purpose of establishing a Donor Advised Fund ("Fund"). The Advisor(s) to this Fund shall be [advisor name] whose address is [advisor's address]. It is understood that this Fund will be administered by the Foundation for charitable purposes in accordance with the "Policies Governing Donor Advised Funds," a copy of which has been provided to the undersigned and which is incorporated by reference into this document.
d. To Create a Designated Fund
I give, devise and bequeath to Toledo Community Foundation ("Foundation") the sum of $[dollar amount](or the property described herein or the remainder of the property that I own at the time of my death), for the purpose of establishing a Designated Fund ("Fund"). The Fund shall be administered by the Foundation in perpetuity for the benefit of [name of designated charity or charities] (“Charitable Designee(s)"). [If more than one designee: Each Charitable Designee shall receive an equal proportion of the annual distribution (or, shall receive the following percentage of annual distribution: list each designee and percentage.) In the event of the dissolution of a Charitable Designee, the Foundation shall thereafter continue to hold the funds constituting the Fund (or the portion of the Fund attributable to that Charitable Designee) and shall distribute the net income and/or principal therefrom to such organizations as in the opinion of the Foundation's Board of Directors that most nearly meet the purposes and objectives of the Charitable Designee.
2. Form Language to Be Used for All Bequests
The Fund hereby created is established in (honor or memory) of [name] and shall be known as the [name of Fund] Fund. Gifts may be added to the Fund at any time. The Board of Directors of Toledo Community Foundation shall have full authority and discretion as to the investment and reinvestment of the assets of the Fund.
This Fund will be maintained by the Foundation as a permanent endowment as defined by the Ohio Uniform Management of Institutional Funds Act (UMIFA). A percentage of the Fund, as set forth in the Foundation's written spending policy, shall be available, not less frequently than annually, for charitable purposes subject to the policies and schedule of fees adopted by the Foundation for investing and administering the Fund. The percentage shall be distributed first from Fund net income and then, if necessary, from Fund principal. However, no distributions shall be made if, and as long as, the Fund value falls below the Fund's “historic dollar value” as defined by UMIFA, which Act shall also govern the management of the Fund.
It is understood and agreed that the Fund and all funds therein shall be administered by the Foundation subject to its Charter and By-laws, including the power contained therein for the Board of Directors of the Foundation to modify any restrictions or conditions if in their sole judgment (without the approval of any trustee, custodian or agent) such restriction becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the area served by the Foundation. It is further understood and agreed that in the event there are liabilities associated with assets given to this Fund, such liabilities become liabilities of this Fund only and not of the Foundation or of any other component Fund.
It is intended that the Fund shall be a component part of the Foundation and that nothing in this document shall affect the status of the Foundation as an entity that is a qualified charitable organization. This document shall be interpreted in a manner consistent with the foregoing intention and so as to conform with the requirements of the Internal Revenue Code and any regulations issued pursuant thereto applicable to the intended status of the Foundation.