Endowed memorial funds
You and your family may choose to establish either a new
memorial fund or a pending
memorial gift account.
Establishing a new memorial fund
Families can establish a new endowed memorial fund with gifts totaling
$50,000 or more. With an endowed fund, MIT will spend only a portion
of the fund’s income annually, reinvesting the remainder, thereby
increasing the value of the fund.
For example, one endowed memorial fund might open with $50,000 in gifts
and be designated for the support of MIT’s Undergraduate
Research Opportunities Program (UROP); another, with gifts
totaling several million dollars, might fund an endowed
professorship;
while still another might supplement the Institute’s unrestricted
resources.
To set up a new memorial fund account, please call the Office of Memorial
Gifts at 617.253.9722, with the name that you would like the fund to
be known by, and the name and address of the person to whom the gifts
should be reported.
Families may wish to consult with the department involved, in the case
of some designated gifts, but in most cases, the memorial gifts office
oversees the writing of a formal gift memorandum—the document
that legally establishes the fund.
Upon receipt of a memorial gift, the Recording Secretary’s Office sends
the donor a note of appreciation and acknowledgement for tax purposes.
The memorial gifts office reports the names and addresses of all donors
to a designated family member or friend.
In many cases, memorial funds can have positive tax implications. MIT’s
staff can discuss options with you, including appreciated
securities,
charitable remainder trusts,
and charitable gift annuities.
Named endowed funds have existed at MIT since 1884, when a fund was
created in memory of William Barton Rogers, the founder and first president
of MIT. The historic honor roll of endowed funds is listed annually in
the MIT Report of the Treasurer.
Establishing a pending memorial gift account
At the time of death, families may choose to suggest in the obituary that donations be sent to MIT. Because the size of these gifts can vary, MIT can establish a pending memorial gift account in the name of the deceased. Several months later, when the stream of gifts has slowed, the Office of Memorial Gifts reviews with the family the amount on hand, discusses the likelihood of additional gifts, and helps them choose the fund’s designation based on the amount in the fund. If no specific designation is decided upon after two years, the fund, in the name of the person being memorialized, will be used for general support of the Institute.
To establish a memorial gift account, please call Bonny Kellermann, director of memorial gifts, at 617.253.9722 with the name that you would like the fund to carry, and the name and address of the person to whom the gifts should be reported. You can also send e-mail to bonnyk@mit.edu.
Please include a mention of the fund in the obituary. Here is some sample wording:
“In lieu of flowers, gifts may be made to MIT for the [Name] Memorial Fund. Checks should be mailed to the Office of Memorial Gifts, MIT Room E19-370, 77 Massachusetts Avenue, Cambridge, MA 02139.”
[ top ] |
