ATTACHMENT XIII
Sample
Trust Language to Create an Endowment
I hereby direct that
$____________________ (or ______ percent of my trust assets, or description of
other asset) be distributed to Texas State University-San Marcos.
This gift shall be used to
create (Name of Endowment) as a permanent endowment for the benefit of
(College, School or President’s Office).
Funds distributed from the endowment shall be used to
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________.
These endowment funds may be
merged or comingled with other funds held by Texas State University-San Marcos
for investment purposes, in accordance with the policies and procedures of the
university. Funds distributed from the endowment in a year may be retained and
expended for the purposes of the endowment in subsequent years and a portion
may be designated, at the discretion of the President and the Vice President of
Finance and Support Services, as a permanent addition to the principal of the
endowment.
Such
endowment shall never become a part of the General Fund of the State of Texas,
and shall never be subject to appropriation by the legislature of the State of
Texas. All future additions to the endowment, made by any party, shall be
subject to the provisions of this Memorandum of Understanding and shall be
considered permanent endowment funds. If in the opinion of the President and
Vice President of Finance and Support Services future circumstances change so
that the purposes for which the endowment is established become illegal,
impractical, or no longer able to be carried out to meet the needs of Texas
State University-San Marcos, an alternative use for the endowment payout may be
designated to further the mission of the university in the spirit of my/our
original purpose.
______________________________
Signature Date
______________________________
Address
______________________________
City, State, Zip Code
As with any
decision involving your assets, we urge you to seek the advice of your
professional counsel when considering a gift to Texas State University-San
Marcos.