To establish a bequest, you may wish to consider the following specific paragraphs. Each of these can be crafted to create a bequest that fulfills your charitable intentions.
To Create A Fund At The Illinois Prairie Community Foundation Use The Following Language:
I give [describe gift] to the ILLINOIS PRAIRIE COMMUNITY FOUNDATION, an Illinois not-for-profit corporation, (the “Foundation”) to be held by the Foundation and used for the charitable purposes of the Foundation. This gift shall be used to establish a fund known as the [name] Fund (the “Fund”).
[AT THIS POINT, PLEASE INSERT A STATEMENT OF THE PURPOSE OF THE FUND, USING ONE OF THE OPTION PARAGRAPHS BELOW]:
OPTION I (Unrestricted Charitable Fund): The purpose of the Fund is to provide financial support for such worthy charitable, cultural or educational purposes as the Board of Directors of the Foundation shall from time to time determine.
OPTION II (Designated Fund): The purpose of the Fund is to provide financial support for [enter name of organization; if more that one, their names and shares].
OPTION III (Field of Interest Fund): The purpose of the Fund is to provide financial support for organizations, to be selected by the Board of Directors of the Foundation, that are [state particular field of interest or area of service; e.g., organizations that are engaged in assistance to the elderly or organizations that protect the environment].
OPTION IV (Scholarship Fund): The purpose of the Fund is to provide financial support for [describe class of recipients; e.g., graduates of a particular high school or students pursuing a particular field of study]. Recipients shall be selected according to procedures that the Foundation shall from time to time determine.
[ADD THE FOLLOWING FOR ALL GIFTS]:
In the event that it becomes unnecessary, undesirable, impractical or impossible to utilize funds for such purposes, the Foundation shall have the right to utilize the Fund for such other charitable purposes as the Board of Directors of the Foundation deems appropriate, in accordance with the governing instruments of the Foundation, as amended from time to time.
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The Taxpayer Identification Number for the Illinois Prairie Community Foundation to include in your bequest is 37-1377415.