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., opens in a new window
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
