Policy 7215 — Endowment of Bequests

Policy section:
Section 7200-7299 Budgets, Investments and Expenditures
Policy number:
Endowment of Bequests
Approved By:
Board of Regents
Approved date:
February 14, 2014
Effective date:
February 14, 2014
Administered by:
The Controller

1.1 — Scope

This policy covers all bequests.

1.2 — Purpose

The purpose of this policy is to establish rules for determining whether or not a bequest is to be endowed.

1.3 — Guiding Principles

a. If the intention of the testator is clear from the wording of the will, or from all of the circumstances, that a bequest should be endowed, or that a bequest should not be endowed, as the case may be, then that intention will be respected.

b. If the intention of the testator is not clear, then the bequest will be endowed

  • i. if the bequest is unrestricted, or
  • ii. If the bequest is restricted and is for an amount of at least $100,000.

c. Where the intention of the testator is not clear and a restricted bequest is for an amount less than $100,000, then the decision about whether or not to endow the bequest will be made by the Controller on the advice of the vice-president or vice-presidents of the areas that will benefit because of the restriction.

1.4 — Use of Unrestricted Bequests

The use of unrestricted bequests is covered by principle 2(vii) of the Budget Development Principles and Guidelines Policy.