Ensuring the future of University College Cork through Leaving a Legacy

Since its inception in 1845 University College Cork (UCC) has been the beneficiary of bequests, most notably the Honan legacy of 1916 which is now used not only for the upkeep of the Honan Chapel but to enable access to the University for disadvantaged students. The University relies on donations to enable it to deliver the highest quality of education to its students and to enable them enjoy the highest standard of student experience.

A legacy or planned gift is one way that an individual can support the University. It can take various forms but most often comes in the form of a bequest included in a will. A charitable bequest included in one's will provides a favourable way of dealing with inheritance taxes and also enables the donor, who might otherwise not be able to make an outright gift, to become a philanthropist during his or her lifetime. The giving of legacies e.g., money, objects, securities, bonds or property, in a will, no matter what size, can offer an opportunity to commemorate an individual and enables the University to continue to provide excellence in teaching and research. A bequest can also be made in favour of the UCC Access Programme to enable individuals from disadvantaged backgrounds to access the University or to eliminate hardship if encountered by students.

A legacy is arranged with forethought and planning and is executed over an extended period of time or at some point in the future. Legacies often take the form of cash, stocks and securities, artwork, property, or other assets. You can dictate a specific purpose for the use of your bequest.

Where Legacies Are Used

• Student scholarships and bursaries
• Enhancement of student facilities and services
• Infrastructure developments and enhancements
• Preserving the heritage of UCC
• Endowing lectureships or professorships
• Specific programme development and programme enhancement
• Special Collection acquisitions
• Library enhancements

Ways to Make a Legacy

A charitable legacy for the benefit of the University can be included in the body of your will or in an addition to your will (known as a"codicil").

Legacies may be made to UCC in several ways:

• A gift of a specific amount of money can be made. This is the most straightforward type of legacy.
• You may stipulate that all or a portion of your estate be given to UCC. This can include land, property, art, bonds or a sum of money.
• You may stipulate that a certain percentage of your estate, a specific sum of money, or particular securities or other assets be given to UCC.
• You may direct that your assets be distributed to UCC, only if your primary heirs do not survive you.

If you are an Irish resident, bequests or legacies to University College Cork should be made through the "Cork University Foundation''(CUF).

If you decide to include UCC in your will, you should consult with your solicitor to make or alter your will.  A simple clause in your will stating the sum, percentage or object, the name and address of Cork University Foundation, and any provisos or prohibitions will suffice.

The suggested wording of a legacy to the CUF of €10,000 would be as follows:

"I give to the Secretary of the Cork University Foundation having its registered office at Glenlee House, Western Road, Cork, Ireland the sum of €10,000 for its charitable purposes and declare that a receipt from the Secretary shall be a sufficient discharge to my executors."

University College Cork strongly advises that legal advice be taken on the drafting and execution of wills.

If you are a UK resident you may direct your bequest or legacy to "The UCC Educational Foundation" a registered charity (no.1021681) with the Charity Commission for England and Wales. Further details available on request.

If you are a resident of the United States of America you may direct your bequest or legacy to the Irish Educational Foundation Inc. an exempt Foundation under IRC Section 501(c)(3). Further details available on request.

Benefits

In leaving a legacy to University College Cork you are playing a crucial part in ensuring that the future of the University is secure in developing excellence in teaching and research and enabling access to education for all.

There are many benefits associated with planning a gift or legacy to the University, some of which include: -

• No financial obligation during one’s lifetime.
• Knowledge that at present there is no payment of inheritance tax in Ireland on a legacy to CUF, where the Revenue Commissioners are satisfied that the legacy is applied for the charitable purposes of CUF.
• The opportunity to commemorate an individual or family and to create a living testimony for future generations to enjoy and appreciate.
• Membership in one’s lifetime of UCC’s donor stewardship programme.

For additional information about exploring the options of planning a gift or legacy to University College Cork, please contact:

Dr. Jean van Sinderen-Law, Director of Development
Tel: +353 21 4902205
Email: j.law@ucc.ie

or

Mr. Cal Healy, Development Manager
Tel: +353 21 4903814
Email: c.healy@ucc.ie