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Alumni & giving


Your Bequest questions answered
Nancy Kingsland and Alison Jackson

Q. Can the University act as an Executor?
A. The University will not act as an Executor.

Q. I have already made a Will but I now want to include the University. What do I do?
A. You can change your Will to include a bequest to CDU at any time.  To change your Will, you can either re-write the entire document to include a bequest to CDU, or prepare a codicil. A codicil is a separate testamentary document, which amends, rather than replaces, your existing Will.

Q. Do I need to let the University know that I have included it in my Will?
A. It is your choice whether you tell the University about your bequest. Notifying CDU of your bequest gift allows us to thank you for your gift during your lifetime. It also allows us to discuss with you how you might like to be acknowledged and recognised. We can also give you the option of being invited to CDU events and be kept informed of CDU activities.

Q. What happens if the research or program that I choose to support comes to an end?
A. This situation may arise if your Will includes a bequest for a stated purpose. To ensure your gift to the University in your Will can continue to make a future impact, we ask that a provision is included in your Will along the lines of: “If the University considers that it is no longer possible or practical to carry out the stated purpose, the University may use the bequest to support a purpose that is closely aligned to the stated purpose.”

Q. Are there any gifts that have taxation implications?
A. CDU is endorsed as an income tax-exempt entity. The University also has Deductible Gift Recipient status from the Australian Taxation Office. For peace of mind, we recommend you seek legal advice surrounding tax implications of the gifting of assets such as properties, artwork or shares.

Q. How much does it cost to support a student at university?
A. The costs of studying at CDU change over time so please contact the University to obtain current information.  Student expenses can vary between courses within the same college. CDU has a minimum value for scholarships taking into account the basic expenses of textbooks, entrance fees, on-campus accommodation costs for rural students and possible local travel at the time. Scholarship values range from covering only partial daily student expenses to full funding of education and living expenses. 

Q. How does the University manage its donated funds?
A. When CDU receives a gift from an estate, a new fund is created. The fund is typically named in honour of the donor or however it is requested to be named in the Will. A Gift Acknowledgement document is prepared to outline the purpose for the funds, as provided in the Will and probate documentation. Money is disbursed to the designated area as and when needed and measures are in place to ensure that money is spent according to the purpose outlined in the Gift Acknowledgement.

Q. What governance measures are in place to ensure endowed funds maintain their capital value?
A. CDU’s investment and capital management program is undertaken by Investment Services, a department of the Division of Finance and Operations and its investment responsibilities are governed by the CDU Investment Policy. 
Investment performance is monitored quarterly by the Investment sub-committee of the Finance Committee, which is a sub-committee of the CDU Council. The guiding principle, however, for all endowed funds each year is a disbursement rate of 4% on the opening balance of the fund, thereby protecting the principal value of the capital in the fund.

Q. What happens if the balance of endowed fund is insufficient to support a scholarship or program?
A. On occasions, the value of a fund falls short of the minimum value required to endow a scholarship or support a particular research activity in its own right. If no other fund exists for the same purpose, then capital from the bequest may be fully expended over time in accordance with the stated purpose in the Will.

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