Unrestricted Annuity Residual and Unrestricted Bequest Disbursement Policy

I. Scope

This policy applies to unrestricted residual dollars from charitable gift annuities and unrestricted bequests.

II. Policy Statement

Unrestricted residual dollars from charitable gift annuities and unrestricted bequests will be disbursed based in the following manner:

1. Under $200,000 – the first $20,000 will be designated to the IWU Fund and the remainder will be designated for the Phillippe Fund for the Future.
2. $200,000 to $2,000,000 – the first 10 percent will be designated for the IWU Fund and the remainder will be designated for the Phillippe Fund for the Future.
3. $2,000,001 and greater – the first $2,000,000 will be dispersed according to the first two bullets and the remainder will be reviewed by the Gift Acceptance Committee and the President.

III. Reason for the Policy

To govern standard procedure for the handling of unrestricted charitable gift annuity residual funds and unrestricted bequests.

IV. Procedures

1. Unrestricted Annuity Disbursements – The Controller’s office should be notified at the passing of an annuitant. The Controller’s office then notifies University Advancement when they have the amount of residual that will come from Cornerstone.  Gift accounting will confirm with the Controller’s office, based on the annuity contract and this policy, how the money should be disbursed. 
2. Unrestricted Bequest Disbursements – University Advancement will receipt unrestricted bequests according to this policy.