Bequests Procedures
Parent Policy
Bequests Policy
1. Bequest enquiries
All bequest enquiries should be directed to the Office of the Vice-President (Advancement) or the University Solicitor. Responsibility
- All fundraising, Advancement or donor relations staff
- All staff such as Deans and heads of faculties who deal with potential bequests at all campuses
- Vice-President (Advancement)
- University Solicitor
2. Official Correspondence with Executors
Correspondence with executors will generally be handled by the University's Advancement division. The University Solicitor will be involved if legal issues are in question. Responsibility
- Vice-President (Advancement)
- University Solicitor
3. Refusal or Return of Bequests
Monash University reserves the right to refuse or return a bequest. All bequests must meet the terms of the University's Gift Acceptance Policy. Any question as to the appropriateness or advisability of accepting a particular bequest will be resolved through the Vice-President (Advancement) who bears ultimate responsibility for the authority to accept or decline. Responsibility
- Vice-President (Advancement)
4. Bequests Passing through Probate
I. The Monash University Solicitor's Office is notified in writing by an executor of a bequest (enclosing copy of will), and informs Advancement Services in the Office of the Vice-President (Advancement).
II. The University Solicitor shares information such as wills and intentions to make a bequest with the Vice-President (Advancement) and vice-versa.
III. Advancement Services liaise with executor until estate is finalised and payment received.
IV. As there is no legal requirement to sign release forms, it is advised not to do so.
V. If payment is by EFTPOS:
i. Corporate Receivables notifies Advancement Services;
ii. Financial Resources Management organises a Fund Account Code; and
iii. Advancement Services generate a receipt and thank you letter.
VI. If payment is by cheque:
i. In the case that the University Solicitor's Office or Corporate Receivables receive the cheque, they notify Advancement Services who liaise with Financial Resources Management about the Fund Account Code
ii. In the case that Advancement Services receive the cheque, it is processed in the same manner as all other gift cheques.
VII. Advancement Services send copies of will/receipts to University Solicitor's Office for their records to be filed in the Records Management Office.
VIII. Advancement Services keep a file on each finalised bequest. Responsibility
- Vice-President (Advancement)
- University Solicitor
- Corporate Finance
5. Living Donor Notifying Intention to Bequest
I. A prospective bequest donor approaches a Dean, faculty member or other staff member to discuss their wish to leave a bequest to Monash University.
II. Prospective living donor notifying intention to bequest is introduced to the Vice-President (Advancement) who assigns a Relationship Manager to manage all liaison between University and donor.
III. Advancement Services and the Relationship Manager receive details of intended bequest and preferably get a copy of the will or proposed wording for the bequest.
IV. The Relationship Manager liaises between the donor(s) and relevant Dean/Faculty Manager to develop an "Intention to make a Bequest" purpose statement and criteria which will include the following additional information:
i) Name of any fund the donor intends to create
ii) Faculty/school that it will benefit
iii) Purpose of the fund.
V. Restricted funds will also contain the following information:
i) Scholarships: Selection criteria and committee
ii) Chair/Professorship: Selection criteria.
VI. The "Intention to make a Bequest" document is sent to the donor and their legal advisor for approval and signing/return by the donor.
VII. Advancement Services will forward a letter of acknowledgement and thanks to the donor and maintain regular contact.
VIII. Advancement Services will enter the information into the database.
IX. On notification of the death of the donor who notified an intention to make a bequest, the Vice-President (Advancement) liaises with their solicitor/executor until the estate is finalised and payment received.
X. As there is no legal requirement to sign release forms, it is advised not to do so.
XI. Following receipt of the final distribution of funds, the Relationship Manager notifies:
i) The stated beneficiary (if a specific bequest)
ii) University Solicitor's Office
XII. Advancement Services check details with:
iii) Corporate Receivables
iv) Corporate Finance
XIII. Advancement Services send copies of will/receipts to University Solicitor's Office for their records.
XIV. Advancement Services keep a file on each finalised bequest. Responsibility
- Vice-President (Advancement)
6. Bequests of Property
The Vice-President (Advancement) will delegate an approved staff member to attend any auction of bequeathed property. The delegate will report back to the Vice-President (Advancement) on the outcome of the auction so that the amount of money expected to be received can be included in budgetary forecasts and tracked in the database. If the property comprises shares, the Vice-President (Advancement) will liaise with the Director, Treasury about the sale of the shares. Responsibility
- Vice-President (Advancement)
7. Contested bequests
The University will set up a contested bequests committee to consider the action to be taken in the event of a disputed will. The Committee will comprise the Vice-President (Advancement), Vice-President (Finance) or his nominee and other members as advised. Responsibility
- Vice-President (Advancement)
Content Enquiries: Advancement Policies
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