Information About Bequests
Bequest Language Options for MSM
Bequests are planned gifts made by donors for use after their lifetime. A bequest is a written statement in a donor’s will directing that specific assets, or a percentage of them, are to be transferred to the charity during the distribution of the estate.
We are happy to provide you with the information and statements below that may be used as models in preparing a bequest designation, however, we strongly suggest you consult a lawyer to prepare the Will or Codicil.
When you meet with your personal estate professional or lawyer, she/he may need to know the following:
Manhattan School of Music is a 501(c)(3) organization. A private, non-profit educational institution, it is fully accredited by the Middle States Association of Colleges and Schools and the New York State Board of Regents. The legal address for Manhattan School of Music is: 130 Claremont Ave., New York, NY 10027. Our IRS Federal Identification Number: 13-1656667
Certain restricted endowments at Manhattan School of Music require minimum amounts in order to honor your legacy in perpetuity. Bequests of any size can be added to an existing fund at Manhattan School of Music or can be designated for a one-time award, named in your honor, to a student via the existing Scholarship Fund.
We will be pleased to develop more specific language upon request, tailored to your specific desires. Such a collaboration will ensure that the correct language is used so that your desires are accurately carried out.
For information about specific areas of interest that will benefit the School, please contact Susan Madden at Manhattan School of Music at 917-493-4115.
Select examples of bequest language
(A) Specific Bequest – unrestricted use:
“I give [the sum of $ / or the following described property] ______________ to Manhattan School of Music, to be used to further its purposes as the Board of Trustees in their discretion may deem appropriate.”
(B) Specific Bequest – restricted use:
“I give [the sum of $ / or the following described property] ______________ to Manhattan School of Music. This bequest shall be used by Manhattan School of Music in support of [specify an area of interest, e.g. ‘jazz piano scholarships’ ‘opera studies program’]____________________________.”
(C) Specific Bequest – restricted use for endowment:
“I give [the sum of $ / or the following described property] ______________ to the Endowment Fund of Manhattan School of Music. This bequest may be combined with the School’s other endowment funds for purposes of investment and reinvestment. The income of this fund may be used each year, or if not, may be used in a subsequent year or added to the principal of the fund.”
“The income of this bequest shall be used by Manhattan School of Music in support of [specify an area of interest] ___________. The endowment fund established with this bequest shall be known as the ‘______________ Fund’.”
(D) Residuary Bequest – unrestricted use:
Some donors wish their wills to provide for family and friends before any gift to the designated institution. In this case, the donor can designate the remainder of the settled estate to benefit the institution.
“I give all of [or a specific percentage of _________%] the residue and remainder of my estate to Manhattan School of Music, once the above mentioned distributions have been executed, to be used to further its purposes as the Board of Trustees in their discretion may deem appropriate.”
(E) Residuary Bequest – restricted use:
Some donors wish their wills to provide for family and friends before any gift to the designated institution.
In this case, the donor can designate the remainder of the settled estate to benefit the institution, with restrictions. This option can also be combined with the “restricted use for endowment” language (C) mentioned above.
“I give all of [or a specific percentage of _________%] the residue and remainder of my estate to Manhattan School of Music, once the above mentioned distributions have been executed. This bequest shall be used by Manhattan School of Music in support of [specify an area of interest] __________________________.”
(F) Discretion of the Board of Trustees clause:
In certain cases, it is not possible or financially appropriate for the institution to use the bequest, at the time of the gift, as described in the will. The following statement allows the institution to follow the intent of the gift while meeting the current needs and mission of the institution.
“If in the opinion of the Manhattan School of Music Board of Trustees the purposes of the School would be better served by using the income or principal, or both, for use other than described above, the income or principal, or both, may be so used.”
For Further Information
If you wish more specific information regarding a planned gift or materials relating to the Galaxy Society, or wish to advise us of any friends or relatives who might be interested in remembering Manhattan School of Music in their estate plans, please contact:
Susan Madden, Assistant Vice President of Advancement
Manhattan School of Music
120 Claremont Avenue
New York, New York 10027
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance. A copy of our most recently filed financial report is available from the Charities Registry on the New York State Attorney General’s website (www.charitiesnys.com) or, upon request, by contacting the New York State Attorney General, Charities Bureau, 28 Liberty Street, New York, NY 10005, or us at 130 Claremont Ave., New York, NY 10027. You also may obtain information on charitable organizations from the New York State Office of the Attorney General at www.charitiesnys.com or (212) 416-8401.