University of Virginia Library

D. General Policies Pertaining to Bequests

The general policies described in Section C above pertain to both inter vivos gifts and bequests. Unrestricted bequests inherently permit flexibility in the use of the funds, but other bequests should be established with the provision of the "escape" clause suggested above so as to permit the use of the funds in a manner which will most nearly accomplish the wishes of the donor in the event that the original purpose can no longer be accomplished.

1. Unrestricted Bequests

An unrestricted bequest is of special value because of the freedom to use it wherever and however needed. An unrestricted bequest intended for the general purposes of the University, one which the Rector and Visitors are free to use either to establish an endowment fund or to expend in whole or in part as they deem best, might read simply:
"I hereby (give, devise and bequeath) to The Rector and Visitors of the University of Virginia, a Virginia public corporation, located at Charlottesville (the sum of $. . . .) (all the rest, residue and remainder of my estate) (. . . . percent of my residuary estate) for the general purposes of the University as The Rector and Visitors may determine."

If the testator wishes to assure that the principal will be used to establish an endowment fund and remain as such permanently with the earnings only to be expended, the will might read as follows:

"I hereby (give, devise and bequeath) to The Rector and Visitors of the University of Virginia, a Virginia public corporation, located at Charlottesville (the sum of $. . . .) (all the rest, residue and remainder of my estate) (. . . . percent of my residuary estate) to establish the . . . . Fund, the earnings only to be used for the general purposes of the University as The Rector and Visitors may determine."

2. Restricted Bequests

Many donors understandably have special interests which they may desire to promote or support. Bequests for these restricted purposes may be expressed as follows:
"I hereby (give, devise and bequeath) to The Rector and Visitors of the University of Virginia, a Virginia public corporation, located at Charlottesville (the sum of $. . . .) (all the rest, residue and remainder of my estate) (. . . . percent of my residuary estate) for the benefit of the (College) (School) to be used for (the library) (for publications) (for research) (for scholarships) etc."

3. Suggested Language for Specific Purposes

• (a) Professorships

• To establish a named professorship at the University of Virginia, either by an inter vivos gift or through a bequest, the following statement is suggested:
  "I hereby (give, devise and bequeath) to The Rector and Visitors of the University of Virginia, a Virginia public corporation, located at Charlottesville (the sum of $. . . .) (all the rest, residue and remainder of my estate) (. . . . percent of my residuary estate) to establish the . . . . Fund. This Fund shall be added to the University's Eminent Scholars Endowment Fund and the income therefrom shall be used to attract and retain eminent scholars in the field of . . . . at the University through the establishment of the . . . . Professorship in the (College, School) of . . . . Such income is to be matched by State appropriation when and if such funds are provided by the Commonwealth of Virginia for such purposes."

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• (b) Scholarships or Fellowships

• The following form will create by bequest a named scholarship or fellowship endowment fund which will be efficient to administer:
  "I hereby (give, devise and bequeath) to The Rector and Visitors of the University of Virginia, a Virginia public corporation, located at Charlottesville (the sum of $. . . .) (all the rest, residue and remainder of my estate) (. . . . percent of my residuary estate) to establish the . . . . Fund, the earnings only from which shall be used for (scholarship) (fellowship) to students in the University of Virginia (College of Arts and Sciences) or (other school within the University). Awards from this fund are to be designated (. . . . Scholarships) (. . . . Fellowships). The earnings of this fund may be used each year, or if not so used, may be used in a subsequent year or years, or added to the principal of the fund as The Rector and Visitors may determine."

• (c) Teaching, Research or Lectureship Funds

• Named endowment funds may be given for teaching, for research or for lectureships in specific areas. While it may be desired to refer to the academic area of the teaching or lectureship, or to the subject matter or field of research, provision should be made to permit discretionary use in a different academic area, subject or field:
  "I hereby (give, devise and bequeath) to The Rector and Visitors of the University of Virginia, a Virginia public corporation, located at Charlottesville (the sum of $. . . .) (all the rest, residue and remainder of my estate) (. . . . percent of my residuary estate) to establish the . . . . (Fellowship) (Research Fund) (Lectureship). The earnings only from the fund may be used for the stipend and support of (a teaching fellow) (a research fellow) (for a research program in . . . .) (for the support of a member of the teaching staff with the rank of lecturer or a visiting professor in . . . .)."

• (d) Book Funds

• "I hereby (give, devise and bequeath) to The Rector and Visitors of the University of Virginia, a Virginia public corporation, located at Charlottesville (the sum of

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  $. . . .) (all the rest, residue and remainder of my estate) (. . . . percent of my residuary estate) to establish the . . . . Fund. The earnings only may be used for the purchase of books or other materials (in the field of . . . .) and for other purposes of the (University of Virginia Library) (the Law School Library) etc."
• If the fund is restricted to a particular library or a particular field it would be desirable to permit alternative use in other fields at the discretion of the University Librarian.