Leaving a gift in your Will

Can the University act as an executor?
No, the University will not act as an executor.

I have already made a Will so how do I include the University?
You can change your Will to include a gift to UNSW at any time. To change your Will, you can either re-write the entire document to include a gift to UNSW, or prepare a codicil. A codicil is a separate testamentary document which amends, rather than replaces, your existing Will. You should get legal advice on the best approach in your circumstances.

Do I need to let the University know that I have included a gift in my Will?

It is your choice whether you tell the University about your gift in your Will. We prefer to know so we can acknowledge and thank you for your generosity and demonstrate our gratitude. You will be invited to join the Scientia Circle and kept abreast of the University's activities and special events.

What happens if the research or program that I choose to support comes to an end?
This situation may arise if your Will includes a gift for a very specific 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 gift to support a purpose that is closely aligned to the stated purpose.”

Does UNSW Sydney have charity status?

UNSW is a charitable institution and endorsed as an income tax exempt entity. The University is also endorsed as a deductible gift recipient.

Does the University accept non-cash gifts such as shares, property and gifts in kind?
Yes. If you are considering giving assets such as properties, artwork or shares, you should seek financial and legal advice on the taxation implications of such a gift. If shares are sold by your executor, then they are liable for Capital Gains Tax. (CGT). The University does not pay CGT when a gift of shares are transferred directly, “in specie”.

How much of my donation goes to administration and how much to the purpose that I wish to support?
100% of your donation will be purposed according to your wishes in your Will.

How much does it cost to support a student at UNSW?
The costs of studying at UNSW change over time so please contact the University to obtain current information. Student expenses can vary between faculties, schools within the same faculty and particular courses.

UNSW will have a minimum value for a scholarship considering 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 partial daily student expenses. 

No matter what the faculty, school or course you may be supporting, your gift will never be too small because the University can invest your funds until the value of the invested funds attain a level that is sufficient to support a student.

How does the University manage its donated funds?
UNSW’s Division of Societal Impact, Equity & Engagement is responsible for receipting and managing philanthropic gifts. When a gift is received, a new fund is created within our accounts. That fund is typically in the name of the donor although some donors include specific naming requirements in their Will. We have systems in place to ensure our schools and faculties only use funds or other gifts for the purposes that have been set out in the corresponding Will.

What governance measures are in place to ensure endowed funds maintain their capital value?
UNSW’s investment and capital management program is undertaken by UNSW’s Investment Services, a department of the Division of Finance and Operations and its investment responsibilities are governed by the UNSW Investment Policy. A copy is available at: www.gs.unsw.edu.au/policy/documents/investment.

Investment performance is monitored quarterly by the Investment sub-committee of the Finance Committee, which is a sub-committee of the UNSW 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.

What is an endowment?
An endowment is a permanent, self-sustaining fund that is held in perpetuity by the University. The gift amount (or principal) is invested and the earnings, after re-investing a sufficient amount to maintain the real value of the endowment, are available for use in accordance with the wishes set out in your Will. If you do not specify that your wish is to establish an endowment fund, then your gift may be expended over time in accordance with the wishes in your Will.

What is an example of a situation when a beneficial fund may be used?
The value of the donation could fall short of the minimum value required to endow a scholarship or support a particular research activity in its own right. If there is no fund available at UNSW Australia for the same purpose, then the new funds from the bequest could be fully expended over time in accordance with the stated purpose in the Will.

What is the difference between a general-purpose gift and an identified purpose gift?
A general purpose gift to the University is also known as supporting “most in need at the time” and left to the University’s senior management to determine the purpose when your gift is received. An identified purpose gift specifies the purpose (area of support) of the gift and the University will direct the gift to this purpose.

How can my family and friends find out about my gift when it's realised?
We encourage you to consider a friend or family member who we can communicate with once your gift is realised. We will regularly communicate with this person on how your funds have been used and how we have honoured your legacy.

Can I contribute to a specific area if I cannot afford to leave a large gift in my Will to the University?

We welcome gifts both large and small. A more modest gift can be added to an existing fund to achieve maximum impact. For example, you could consider supporting our President & Vice-Chancellor’s Equity Scholarship which raises funds from members of our alumni community, to provide scholarships to students who have experienced disadvantage. Or you can specify that the funds can be used at the discretion of the University-, we in turn will use funds on areas that have the most need.

If you are interested to know more or thinking about giving in your Will to UNSW, Janet Hall Senior Development Manager will be happy to discuss with you.

Phone: +61 478 492 032
Email: giftsinwills@unsw.edu.au
Address: G30 Chancellery Building
UNSW Sydney
NSW, 2052, Australia

If you want to make a donation to UNSW in your Will, there are three ways you can do it. 

1. Specific Gifts
   You can name a specific gift, such as an amount of money, a property, stocks and shares, a work of art, or a life insurance policy.
2. Residual Gift
   You can leave instructions to any amount remaining after all other taxes, debts, and gifts to family and friends have been made.    
3. Percentage of Your Estate
   You can give a certain percentage of the total value of your estate. The value of your gift will increase as the value of your estate increases. 
   

You can use your gift to support the initiatives that matter most to you. The funding you provide can be directed towards research projects, scholarships, or the development of new facilities.

UNSW is not able to provide legal or financial advice. We encourage you to discuss the information below with your legal adviser.

Making your wishes known

If you are leaving a gift to UNSW in your Will, it is important that your wishes are clearly and accurately expressed.

Please refer to the suggested wording for gifts in Will section below.

Using your gift to create an endowment fund at UNSW

One way to leave a lasting legacy in support of the initiatives that matter most to you is with an endowment fund.

An endowment is a permanent, self-sustaining fund that is held in perpetuity by the University. A small amount is reinvested annually to ensure that the value of the endowment is maintained.

If you want your gift to be used as an endowment fund, you must be specific about this in your Will. More information about how your endowment will be invested is contained in the UNSW Investment Policy.

Creating an endowment for a specific cause

Some endowment funds are established to support specific scholarships and research projects. If you are interested in targeting a specific cause with your endowment, we can provide you with more information.

More information about how your endowment will be invested is contained in the UNSW Investment Policy.

If you are a Legal Adviser, we can provide you with the information you need to include UNSW as a beneficiary of your client's Estate.

Deductible gift recipient status

UNSW is a charitable institution and endorsed as a tax-exempt entity. The University is also endorsed as a deductible gift recipient. Gifts can be in the form of cash, or as non-cash gifts such as properties, artwork and shares.

Governance for philanthropic donations

Investment Services, a department of the Division of Finance and Operations, oversees the UNSW Investment and Capital Management Program. Its investment responsibilities are governed by the UNSW Investment Policy.

Currently, the guiding principle for endowed funds is an annual disbursement rate of 5 percent on the opening balance. This rate of return protects the principal value of the capital in the fund.

Investment performance is monitored quarterly by the Investment Sub-Committee of the Finance Committee, which operates as part of the UNSW Council.

Setting up an endowment

Some people use their Will to establish an endowment fund. The principal value of the endowment fund will be managed by the University in perpetuity. The University's prudent investment strategies protect the principal, while generating disbursements to fund initiatives. 

From time to time, the value of the principal may fall short of the value required to fund a scholarship or a research project. If this happens, the University will implement a beneficial fund in its place. This will allow new funds from the Estate to be fully expended over time, according to the requirements of the Will.

Gifts as shares, property, and gifts in kind

Gifts of assets including properties, artwork and shares, may have tax implications. If shares are sold by the Executor of the Will, they may be liable for Capital Gains Tax. 

UNSW recommends that people should seek financial advice as well as legal advice when leaving a gift to the University in their Will.

General Purpose

‘I give to the University of New South Wales (57 195 873 179) (the ‘University’) [insert as appropriate: (the sum of $XX) or (the whole of my residuary estate) or (XX% of my residuary estate) and/or (the following property …..)], free of all expenses and duties of whatever kind to be used to support the University’s priorities including support of research at the University.’

Identified Purpose – Research

‘I give to the University of New South Wales (57 195 873 179) (the ‘University’) [insert as appropriate: (the sum of $XX) or (the whole of my residuary estate) or (XX% of my residuary estate) and/or (the following property …..)], free of all expenses and duties of whatever kind to be used for research in the field of [insert the general description of the area of research] (the ‘Purpose’). If at any time the University considers that it is no longer possible or practical to carry out the Purpose, the University may apply the bequest to support a purpose that is most closely aligned to the original Purpose.’

Identified Purpose – Scholarship

‘I give to the University of New South Wales (57 195 873 179) (the ‘University’) [insert as appropriate: (the sum of $XX) or (the whole of my residuary estate) or (XX% of my residuary estate) and/or (the following property …..)], free of all expenses and duties of whatever kind to be used to establish one or more scholarships for [insert the general description of the area to be supported] (the ‘Purpose’). If at any time the University considers that it is no longer possible or practical to carry out the Purpose, the University may apply the bequest to support a purpose that is most closely aligned to the original Purpose.’

Endowment Fund – Identified Purpose – Research

‘I give to the University of New South Wales (57 195 873 179) (the ‘University’) [insert as appropriate: (the sum of $XX) or (the whole of my residuary estate) or (XX% of my residuary estate) and/or (the following property …..)], free of all expenses and duties of whatever kind to establish an endowment fund to be known as “[insert name of fund]”, for one or more scholarships for [insert the general description of the area to be supported] (the ‘Purpose’). Each scholarship is to be called [insert name of scholarship]. If at any time the University considers that it is no longer possible or practical to carry out the Purpose, the University may apply the bequest to support a purpose that is most closely aligned to the original Purpose.’

Endowment Fund – Identified Purpose – Scholarship

‘I give to the University of New South Wales (57 195 873 179) (the ‘University’) [insert as appropriate: (the sum of $XX) or (the whole of my residuary estate) or (XX% of my residuary estate) and/or (the following property …..)], free of all expenses and duties of whatever kind to establish an endowment fund to be known as “[insert name of fund]”, for one or more scholarships for [insert the general description of the area to be supported] (the ‘Purpose’). Each scholarship is to be called [insert name of scholarship]. If at any time the University considers that it is no longer possible or practical to carry out the Purpose, the University may apply the bequest to support a purpose that is most closely aligned to the original Purpose.’