Legacy Gifts to Univ

Legacies are an enormously important source of funds for the College.

 

 

"In my modest will everything is left to my nearest and dearest, and Univ falls naturally into that category."

Anonymous (1953)

 

"It's all that everyone should be doing really...simply giving back what they have extracted from the College in their time."

Owen Williams (1969, History)

It goes without saying that in preparing a will, an absolute priority is to ensure that the needs of your family and loved ones are met. However, when these provisions are in place, you may feel that a bequest could also be made to Univ. A gift in your Will can make a lasting contribution for generations to come, whether it endows scholarships or bursaries for gifted students, helps fund academic posts, or provides new facilities and resources.

UK donors may support Univ either (1) by giving directly to the College or (2) by making a gift to the Univ Old Members’ Trust. Please contact Josie Turner for further information or guidance; for example we can inform you about Univ's financial situation and needs, or let you know the amount of money required to realise your wishes.

There is a variety of types of legacy that can be left to Univ, including residuary and pecuniary legacies, and gifts-in-kind. Residuary legacies protect you against unexpected changes in fortune, and unlike pecuniary legacies, will not be eroded by inflation over time; they are well worth exploring with your solicitor. Self-Invested Personal Pensions (SIPPs) are another option for legacy giving, and we would be delighted to discuss these with you. Finally, if you would like to leave non-monetary gifts, for example shares, or items of property, we would be grateful if you could discuss these with the College in advance.

Please read our suggested form of wording for legacies made by UK Taxpayers, US Taxpayers or Canadian Taxpayers, as appropriate.

 

Reduce your Inheritance Tax Bill by giving to charity

If your estate is worth over £325,000 when you die, Inheritance Tax may be due. However, University College has charitable status as an exempt charity, #1141259, under the Second Schedule to the Charities Act 1993; gifts to the College are therefore exempt from Inheritance Tax and Capital Gains Tax. Additionally, from 6th April 2012, if you leave 10% of your taxable estate to charity the tax due may be paid at a reduced rate of 36 % instead of 40%. For more information please visit the HM Revenue & Customs website, or discuss with your solicitor. Legacies are an enormously important source of funds for the College.

Thank you very much indeed for considering this very important form of giving. We are very grateful for your support.

 

The William of Durham Club

William of Durham (died 1249) left a large amount of money in his will to be invested in rents that would support scholars in Oxford. This benefaction resulted in the first of the Oxford halls or colleges which was subsequently named University College. Those who have made a legacy or any other planned gift to Univ are invited to join the William of Durham Club, established in 1997. Members are invited (with a guest) to an annual luncheon at Univ, which is the College's way of expressing its gratitude to those who have chosen to make provision for Univ in their will.

Details of the next William of Durham Club Luncheon will be included in the Alumni Events section.

Since 2007, Univ has listed the names of Old Members and friends who are supporting the College through a legacy in a separate section of our annual roll of donors, which is enclosed with the Michaelmas edition of the Univ Newsletter each year. We do this both to acknowledge your generosity and in order to encourage others to consider this form of giving. No amounts are given – members are simply listed in matriculation order. Of course, if you would prefer for us to do so, we can also keep your bequest to the College anonymous.

For further information on supporting Univ in your Will, please contact: Josie Turner, University College, The High Street, Oxford OX1 4BH.

 

US Planned Gifts

Many American alumni and friends of Oxford have long wanted to support the University and its colleges via Charitable Remainder Trusts that until now have only been available for American colleges and universities. Charitable Remainder Trusts are a marvelous way to create a gift that provides the donor and the donor’s loved ones with an annual income during their lifetime as well as realising valuable tax advantages. At the end of the trust, a sizeable gift (called the “charitable remainder”) is made to the donor’s charity.

Last year, the University and 34 of its colleges banded together to form a consortium called Oxford Planned Giving. This groundbreaking collaboration between these colleges and the University has paved the way for Oxford to now offer its alumni and friends the same benefits of a Charitable Remainder Trust.  Now you too can enjoy its income and tax advantages and at the same time benefit your college, the University and its many libraries and museums, or a specific department within the University. The Oversight Committee, of which Paul Chellgren is a member, has been established to monitor the performance of our financial partner and to provide leadership to the Consortium. For further details about Planned Giving, please contact Paul Chellgren or email: development@univ.ox.ac.uk