- What is a Bequest?
- Why should I leave a Bequest to CQUniversity?
- How do I make a Bequest to the University?
- Do I have to specify how my Bequest should be used?
- Is my Bequest tax deductible?
- My Bequest is only modest, does that matter?
- I've already made my will, how can I still make a Bequest?
- Why should I let the University know if I have made them a beneficiary in my Will?
What is a Bequest?
A Bequest is a gift. Bequests to CQUniversity are special gifts of items such as cash, property, securities or real estate, designated in your Will to leave a lasting legacy by strengthening the University's ability to provide our students with every opportunity to achieve great things.
Leaving a Bequest through your will is an important form of planned giving.
Why should I leave a Bequest to CQUniversity?
People donate to the University for a variety of reasons. Some wish to say thank you for the education they received and to give future generations the chance to excel. Others wish to support causes such as research that could save a life, assist development of new technologies and skills, or to honour the life of someone dear to them.
By supporting CQUniversity through a Bequest, you can assist in making higher education more accessible to more people, transforming lives and helping to skill communities by skilling their people.
Planning for a Bequest in your will enables you and the University to have a sustainable and effective impact in your area of interest. It allows giving in perpetuity - ensuring the benefits of your gift will survive beyond your active input.
How do I make a Bequest to CQUniversity?
Our Development Manager welcomes your enquiries about our Bequest Program. To discuss your options for making a Bequest with complete confidentiality and without obligation, contact the Development Manager on +61 7 4923 2822 or email@example.com
Prospective benefactors can be assured that all discussions with University staff regarding a bequest intention will be treated in the strictest confidence, and incur no obligation to follow any particular course of action.
You can make a Bequest in the form of cash, credit card, cheque, gift-in-kind (a non-monetary donation such as art, books, collections, equipment) etc.
Your bequest could be a gift of cash, shares, property, land or other items that could support the role of the University in providing a high standard of education for the good of our communities. Bequests are very important as a means for making higher education more accessible for everyone and for ensuring the excellence of a CQUniversity education.
Forms of wording for inclusion in your Will are suggested below. We appreciate that you may have particular interests you would like to discuss that may influence the wording and we encourage you to discuss your bequest with us.
Wording for Bequests
"I give to CQUniversity the sum of (amount in words and figures) and I DIRECT that the receipt of Central Queensland University be accepted as sufficient discharge to my Executors and Trustees for the payment of this bequest".
"I give to CQUniversity the whole (or proportion eg ½ ) of my (residuary) estate of what ever nature and where ever situated for its use. I DIRECT that the receipt of Central Queensland University be accepted as sufficient discharge to my Executors and Trustees for the payment of this bequest".
"To pay the sum of _____ Dollars to CQUniversity to be used for _______ (specify purpose) provided however, that if circumstances make the specified use of this bequest impractical or undesirable, the Council of CQU is authorised to apply this bequest to other purposes, such purposes, however, to conform as much as possible to the spirit and intent of this bequest."
"To pay and transfer the residual of my estate to CQUniversity, to be used for its own use absolutely."
Bequest for Scholarships/Bursaries
"To pay the sum of _____ Dollars to CQUniversity for the purposes of funding one or more _____ (scholarships or bursaries) as the Academic Board of Central Queensland University deems advisable. [It is my wish that the said ____ (scholarship or bursary) be known as "The X Bursary", in the area for which it is awarded."
Bequest for Research
"To pay the sum of _____ Dollars to CQUniversity to be used for research in ______ (field or area) or related fields, provided that if it is impractical in the opinion of the Council of the University of Central Queensland University to apply said sum to research in _____ (field or area) or related fields, then to use the said sum for research in such field as the said Council in its absolute discretion deems advisable."
When a specific purpose is designated in the will, the University recommends including a provision which authorises the University Council to apply the bequest to another purpose, if it becomes impractical or impossible to use the bequest for the purpose prescribed in the will. In that case, the following wording would be appropriate:
"If at any time, and for whatever reason, it becomes impracticable or impossible for the University to continue to apply the fund for the purpose or purposes directed by me in this my will, then the University Council may apply the income of the fund and, where necessary, the capital, for such other purpose or purposes as the Council determines are most closely in accordance with my directions."
Do I have to specify how my gift is used?
No. Bequests can be made with a specific purpose to reflect your personal interest and to make a difference in the things that are most important to you.
Bequests can be made without a designated purpose so that they assist with the University's priorities at the time. This allows greater flexibility and a way for the University to meet future needs. General or Unrestricted Bequests are those which allow the University to apply the funds to areas of greatest need at the time the gift is received. Unrestricted bequests are especially valuable, as they provide flexibility to respond to changing needs and priorities.
It is often beneficial for a benefactor to have a personal discussion with the University's Bequest Manager about a bequest intention to ensure that, in due course, the University will be able to apply the bequest according to the benefactor's wishes.
Is my Bequest tax deductible?
Yes, providing that your Bequest brings no material or tangible benefits to you under the rules specified by the Australian Taxation Office www.ato.gov.au.
CQUniversity is registered as a Deductible Gift Recipient. Monetary or other gifts to the University are generally allowable for deductions for Australian income tax purposes. Donors should, however, seek independent advice from their legal and/or taxation advisor. There are no administrative charges deducted from gifts.
My Bequest is only modest, does that matter?
CQUniversity Australia is honoured to have the trust and support of wonderful friends who have confirmed their intentions to make Bequests to support teaching, research and scholarships across many areas of our campuses. Every Bequest, no matter how small or large, makes a difference and is greatly appreciated.
I've already made my will, how can I still make a Bequest?
If you have already drafted your Will, you can make an amendment by adding a codicil to include a Bequest. We recommend you seek independent professional advice to ensure that your wishes are expressed correctly.
Why should I let the University know if I have made them a beneficiary in my Will?
Leaving a gift in your Will to the University is one of the most thoughtful ways to support the community through a gift for the future. Your gift shows forethought, planning and community commitment. Giving the University the information that you have left a Bequest allows the University to properly prepare to receive it, and to plan for the future.
If you decide to make a bequest to CQUniversity, please let us know so we can express our appreciation, record your planned gift, keep you up to date with developments at the University and involve you and your family in relevant special events throughout the year.