Bequests of any size are an important source of support for Louisville Seminary. They provide funds for scholarships, academic chairs, improving physical facilities, and they help increase the Seminary’s general endowment. The provisions in your Will for making a gift to the Seminary will depend upon the type of gift you want to leave and your personal or family circumstances.
How does one figure up how much to leave a charity, in this case Louisville Seminary?
Some will consider a lump sum; for example, $100,000. Another approach is to leave a percentage of one’s estate. This approach enables you to identify the relative importance of a charity in your overall philanthropic intentions that also enables your gift to be in direct proportion to the total estate at any given time. For example, if you wish to leave 50% of your estate, which is now valued at $500,000, your life gift will be $250,000. At the time of your death, your estate may have grown to $1,000,000. By giving a percentage, your gift will ultimately have doubled.
For the guidance of attorneys preparing wills containing provisions for the Seminary: the sole agent authorized to receive private gifts is Louisville Presbyterian Theological Seminary, Louisville, Kentucky. The Seminary is chartered under the laws of the Commonwealth of Kentucky. The Seminary’s EIN number, or Federal Tax ID, is 61-0444768.
One final suggestion: No one can anticipate the institutional changes and developments that may occur at Louisville Presbyterian Theological Seminary or in theological education and the Church in the future. In order to ensure that your bequest will always be of optimal use to the Seminary, we ask that you consider using a savings clause in your Will. Such a clause may read as follows: "If at any time, at the discretion of the Board of Trustees of Louisville Presbyterian Theological Seminary, this bequest shall no longer be necessary for the stated purpose, the Trustees shall have the authority to designate its use for another purpose that may carry out the general nature of the bequest’s original intention."
For additional information on creating a life gift for Louisville Seminary, please contact:
Office for Institutional Advancement
Louisville Presbyterian Theological Seminary
1044 Alta Vista Road
Louisville, KY 40205