Legacy Society - Questions & Answers

What is the Legacy Society

The Legacy Society recognizes and honors those alumni and friends who have provided for Bemidji State University in their wills or have exercised one of the several planned giving options available through the BSU Foundation.

Must the gift be a certain amount?

Planned giving can sometimes be a means of providing a larger gift than a donor may be able to otherwise give during his or her liftime. Membership, however, is not based on the value of planned gifts. All gifts will be gratefully received and any planned gift will qualify its donor for membership in the Legacy Society.

How will members of the Legacy Society be recognized?

Members of the Legacy Society will be listed in a special section of the BSU Foundation's Annual Report. If a member chooses to remain anonymous, that wish will be honored and the name will be kept confidential. A plaque listing all members of the Legacy Society will also be hung in the David Park House which houses the office of the Bemidji State University Foundation.

How difficult is it to name the Bemidji State University Foundation in my will?

It's as easy as attaching a codicil (supplement) to your existing will using the following language: I give and bequeath to Bemidji State University Foundation, Bemidji, Minnesota, _____ percent of my residuary estate. (or the sum of $___, or specific property describing same).

Will my contribution to the Bemidji State University Foundation's Annual Fund or to special fund drives qualify me for or be counted toward Legacy Society membership?

No. Only persons making planned gift commitments to the Bemidji State University Foundation qualify for membership in the Legacy Society. Other donor clubs recognize annual and cumulative giving to the BSU Foundation.

Once my commitment is made, can it be changed?

Your will can be amended at any time and your bequests to the BSU Foundation can be changed as your estate changes. As time goes by, an individual's estate generally grows, financial obligations lessen and bequests to charities often increase. Some planned gift instruments are irrevocable in order to qualify for favorable tax treatment.

May I specify how my gift is to be used?

Yes. Your planned gift may be used to create an endowment or add to an existing endowment. Endowments provide a wonderful tribute to honor or commemorate family, friends or business associates. A minimum contribution of $10,000 is required to establish an endowment and can be funded over four years. The contribution is invested and only the earnings are spent for purposes you designate. Planned gifts may also be unrestricted. Unrestricted support is particularly appreciated because it helps the Foundation support the University's most immediate and pressing needs. In addition to scholarships, unrestricted funds support recruitment and retention programs, student and faculty research, cultural programs, and many other programs and projects.

Is the Legacy Society limited to graduates of Bemidji State University?

No. Membership is open to anyone who provides a planned gift to the Bemidji State University Foundation.

Are there any additional benefits to membership in The Legacy Society?

Yes. All members will be invited to the annual "Legacy Luncheon" hosted by the President of Bemidji State University. During the luncheon, new members of the Legacy Society will be recognized. In addition to the annual banquet, members will receive "The Legacy" newsletter, special mailings and invitations, and have opportunities to participate in unique continuing education programs, discounted group travel and more.

To choose the right kind of gift option, you need to determine how you would like your gift to benefit Bemidji State University and fit your own financial goals and situation. For further discussion, please contact the Bemidji State University Foundation Office of Planned Giving by calling (218) 755-4039 (local) or (888) 234-5718 (toll free).