Bequest

One of the constants in Columbia’s success story is that those who believe in the mission of the University support it financially and make it part of their legacy. From its earliest days, Columbia needed private support to bridge the gap between the cost of an excellent education and the monies received from the legislature and tuition. In fact, one of the most important sources of initial funding was a bequest from a sagacious lawyer who, ten years earlier, had designated $100 for a college “to be erected in the Province of New York.”

Bequests from Columbia’s benefactors have helped to expand the University and continually reaffirm a commitment to excellence. The resources that draw the world’s top students and faculty to Columbia's campus generation after generation—superb academic programs, pioneering research, outstanding libraries—are a direct result of the thousands of alumni and friends who, through bequests of all sizes, have joined this noble tradition.

A bequest allows you to memorialize a loved one, provide financial support for qualified students or underwrite research, and at the same time be associated with the University for the “good of the rising generations” forever.

Which Bequest Is Best For You?

There are many ways to leave a legacy to the talented students and faculty of Columbia. Our Gift Planning officers would be happy to discuss with you which method of support best meets your financial and philanthropic needs.

While you support Columbia’s mission, you can also receive important tax benefits, because all bequests to Columbia are entirely free from federal estate taxes. Certain bequests, such as retirement plan assets, allow you to give more to Columbia at significantly less after-tax cost to your other beneficiaries.

Your bequest options include:

Cash Bequest

You can simply leave a specific amount to Columbia, ensuring that your generosity will be felt on the Columbia campus for generations to come.

Bequest of Assets

You can leave specific assets such as securities, your home, or other property to Columbia.

Residual Bequest

You can designate that Columbia will receive all or a percentage of the remainder of your estate, after your other beneficiaries are provided for. Columbia shares in increases or decreases in the value of your estate, which eliminates the concern that a specific bequest will reduce inheritance for family and friends.

Designation of Retirement Fund Assets

By designating retirement fund assets to Columbia, you can eliminate both the income tax and estate tax (up to 70 percent) that would have to be paid if you left this to individuals.

How Your Bequest Benefits Columbia

When planning a bequest to Columbia University, you should think about how you want your gift to be used. The following are some of the ways you can designate your bequest:

Unrestricted Gifts

These are especially valuable to Columbia because they allow the University to fulfill its highest priorities when your bequest arrives.

Restricted Purpose

Restricted gifts can support important University initiatives such as undergraduate scholarships, graduate fellowships, faculty salaries, or research priorities. You can direct your bequest to any School or program of the University.

Current Use or Endowment

Establishing a current use fund for a specific program or department allows Columbia the flexibility of using the full amount of your gift.

Establishing an endowed fund creates a permanent endowment, providing income every year in perpetuity to carry out its purposes. Please consult us when considering this option, because the minimum amounts for creating endowed funds vary over time.

Perpetuating an Annual Gift

If you typically make a gift to Columbia each year, you can perpetuate that gift with a bequest equal to 20 times its size. For example, a bequest of $100,000 can create an endowed fund that will distribute approximately $5,000 each year, adjusted for inflation, to Columbia forever.

Tax Benefits

A bequest is deductible for federal estate-tax purposes, and there is no limit on the amount of the estate tax charitable deduction your estate can take. In addition, bequests generally are not subject to state inheritance or estate taxes. In a large estate, the savings can be more than half the value of the bequest.

Samples of Bequest Language

The following examples can be tailored to your interests. Be sure to consult your attorney for assistance in making a bequest.

Unrestricted Bequest

I give _____________ to THE TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK for its general purposes.

Restricted Bequest

I give ______________ to THE TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK

...to provide scholarships for undergraduate students attending Columbia College/the Fu Foundation School of Engineering and Applied Science/the School of General Studies.

or

...to provide fellowships to graduate students studying in the School of _____________ or Department of ______________.

If there is a particular area of study or program that you would like to support, please discuss your intentions with the Office of Gift Planning so that we can provide the appropriate language.

Endowed Fund

I give ______________ to THE TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK to create a separate endowment fund to be known as The ______________ Fund. The Trustees shall make distributions from the fund each year, pursuant to Columbia’s then current endowment spending policy, to support ________________ .

To create an Endowed Fund in your will, please contact the Office of Gift Planning to discuss wording. This will ensure that Columbia will be able to use the gift as intended.

Making Your Bequest

Once you complete your estate plan, please let us know. We would like to thank you for your generosity by inviting you to join The 1754 Society, our honorary society for alumni and friends of Columbia who have made future plans for the University. Your membership involves no dues, obligations or solicitations, but it does allow us to thank you and recognize you for the plans you have made, and it may inspire generosity in others.

N.B.: Consult legal and tax advisors before making any decisions based on this information.

For More Information

E-mail us, complete the Personal Illustration form, or call us at 800-338-3294.