Will Your Gift Be Restricted?

Donors often consider whether their legacy gift should be unrestricted as to use, or used to support a particular program, or added to endowment.

It is important to note that the Science Museum of Virginia Foundation designates all unrestricted legacy gifts for endowment purposes.

Otherwise, the minimum gift necessary to create an endowed fund with income restricted for a specific purpose is $100,000.

Letting the Foundation know of your interest in a restricted gift will enable us to help you formulate a gift provision that will have the greatest impact over the long term.

In balancing the wish of the donor to benefit a special purpose with our ever-changing financial needs, advisors recommend that restrictions be described as broadly as possible, avoiding detailed limitations. The more limited the restrictions of such a bequest, the more important it is to add a provision such as the following:

In the event that such use should prove to be impossible, impracticable or undesirable for any reason as their governing body may determine, in their sole discretion, they shall then provide for alternative uses of the fund in a manner consistent with and reflecting the spirit of the original gift.

Please let us help you with your sample gift language to the Science Museum. We will assist you or your attorney with bequest language that works best for you and us, and can also clarify and advise you in regard to your interest in benefiting specific aspects of our work.