A bequest is a gift of any amount or form made to the Palomar College Foundation for the benefit of Palomar College in a donor’s will. Bequests may provide for a specific dollar amount in cash, percentage of estate, specific securities, specific articles of tangible personal property, or be established as indicated in the section on “Outright Gifts.” A gift in any amount my be accepted as a contribution to an existing fund so long as the term and conditions of the existing fund so permit.
Among donors’ options are residual and contingent bequests. A residuary bequest will give the Palomar College Foundation all or a portion of the estate after all debts, taxes, expenses, and all other bequest have been paid. A contingent bequest will ensure that, despite unforeseen circumstances, specified property will pass to the Palomar College Foundation rather than unintended beneficiaries.
In order to expedite Estate distributions, a provision in the Donor’s will or trust agreements should include the statement “To the Palomar College Foundation for the benefit of the College.”
Donors may also establish, by will, an annuity trust or unitrust. The bequest can be arranged so as to provide a life income for a designated beneficiary by directing that the bequest be used to establish a charitable remainder annuity trust or charitable remainder unitrust. If such a gift is made by will, the principal will pass to the Palomar College Foundation only after the death of the life income beneficiary.
Gifts may be made to the Palomar College Foundation for Palomar College through the execution of a new will or addition, or through a codicil to an existing will. Donors may also add either a residual or contingent gift through a codicil in their wills.
Donors are encouraged to recognize that over the many years following the establishment of an endowment, the needs, policies, and circumstances of the College can change in unforeseen ways. The Palomar College Foundation and the Palomar College administration must have the flexibility to make use of funds in the best interest of the institution and in accord with donor interest and specifications. Thus, donors are advised to describe the specific purpose of their gifts as broadly as possible and to avoid detailed limitations and restrictions.
A Foundation staff member will be pleased to work with you. Please call the Foundation at
(760) 744-1150 ext. 2733 or contact us at pcfoundation@palomar.edu.
Palomar Community College District | 1140 W. Mission Road, San Marcos, CA 92069 | Tel. 760-744-1150 © 2008 Palomar Community College District. All rights reserved. Palomar College Foundation | Palomar College
