Planned Giving

Planned gifts may be either deferred or outright and involves the transfer of substantial assets which affect the distribution of the donor's estate. These gifts do not immediately confer FSUF ownership and generally are not taken out of current earnings. The FSUF can serve as sole trustee of any deferred gift which requires the appointment of a fiduciary. As a member of the University System of Maryland, the FSUF may utilize the administrative resources of the University of Maryland Foundation, Inc. (UMF) and may recommend planned gift arrangements be administered by UMF or other licensed organizations to the benefit of FSUF.

Charitable Remainder Unitrust
Charitable Remainder Annuity Trust
Charitable Lead Trust
Gifts of Life Insurance

Bequest in Will

A bequest is a gift of any amount or form made to the FSUF in a donor's will. Bequests may provide for a specific dollar amount in cash, specific securities, specific articles of tangible personal property or a percentage of the residue of the estate.

Bequests may be given as unrestricted or restricted gifts. Unrestricted bequests are used for the general purposes and can be applied to current needs. Among donors' options are residuary and contingent bequests. A residuary bequest will give the FSUF all or a portion of the estate after all debts, taxes, expenses, and all other bequests have been paid. A contingent bequest will ensure that, despite unforeseen circumstances, specified property will pass to the FSUF rather than unintended beneficiaries.

Donors may also establish by will, an annuity trust or Unitrust. The bequest can be arranged so as to provide a life income for a designated beneficiary by directing that the bequest be used to establish a charitable remainder annuity trust or charitable remainder Unitrust. If such a gift is made by will, the principal will pass to the FSUF only after the death of the life income beneficiary.

Gifts may be made to the FSUF through the execution of a new will or addition, or through a codicil to an existing will. Donors may also add either a residual or contingent codicil to their wills. Donors are encouraged to recognize that over the many years following the establishment of an endowment, the needs, policies, and circumstances of the FSUF and FSU can change in unforeseen ways. The FSUF administration must have the flexibility to make use of funds in the best interest of FSU and in accord with donor interests and specifications. Thus, donors are advised to describe the specific purposes of their gifts as broadly as possible and to avoid detailed limitations and restrictions. Donors considering bequests for a specific purpose are encouraged to consult the FSUF Executive Director or FSU Development Office.

Sample Language for a Bequest

The following represents a sample language that may be used to make a gift by will. "I give, devise and bequeath to the Frostburg State University Foundation, Inc. Frostburg, Maryland the following to be used in accordance with a Memorandum of Understanding as on file with the FSU Foundation (Or) for the purposes as I state herein the sum of $ ; (Or) percent of my estate; (Or) the property described herein.

Please contact Bernard J. Davisson, II, FSU Vice President for University Advancement & Executive Director, FSU Foundation, Inc., for more information about planned and deferred gifts.