Endowment: Sharing your Intentions With GNYC
Recording of Gift Amounts (Documented Gifts)
For all planned gifts, the face value of the gift will be recorded when the donor provides written documentation that specifically describes the planned gift values. Non-specific planned gift amounts and other planned gifts will be recorded as indicated below.
Recording gifts and gift intentions are important for long-range planning purposes and reporting planned purposes. It is important to accurately report planned gifts and gift intentions to the Greater New York Councils' Board of Directors and to the BSA Northeast Region and National offices. Gift intentions (planned gifts) will be recorded based on the following set of guidelines.
Cash and Gifts of Securities: Cash gifts will be recorded as the face value on the date of transfer. Securities will be recorded as the fair market value of the securities based on the average of the high and low prices for the day the security was transferred.
Planned Bequests/Revocable Planned Gifts: The Greater New York Councils recognizes that bequests and revocable retirement or insurance beneficiary designations are the most common planned gifts. Donors should consult their own estate planning counsel, but donors might consider language similar to the following:
"I give and devise a restricted endowment gift to the Greater New York Councils, Boy Scouts of America, of the State of New York...
Here state the amount of money, or
- Describe specific real property (real estate), or
- Designate a portion of the estate, or
- Residue (remainder) of the estate to be given
(Note: Designating a specific percentage of the estate allows your gift to grow as your estate grows)
... from which income and gain may be used for its general purposes and to be held and invested by the Greater New York Councils, BSA as an asset of its endowment fund."
Of course, donor bequests may be made for specific purposes, however, undesignated gifts allow flexibility to meet changing community needs.
For more information about crediting and recording of gifts, please contact Steven Benini at the Greater New York Councils, Boy Scouts of America at (212) 651-2815 or via e-mail at firstname.lastname@example.org