Sample Language

You can also leave TPIF an amount in you will or trust.  You can designate a percentage, a specific amount (e.g., $10,000) or specific assets (e.g., a brokerage account, your home or other property).  Alternatively, you can leave a contingent gift – that is a stated amount or percentage only if your spouse or other heir/beneficiary does not live longer than you.  When making or revising a will or trust, donors should consult an attorney.

The following language may help you and your attorney when drawing up a Legacy Gift in your Will or Trust.

a. General Gifts in a Will

General gifts in a will are the most valuable, as they allow TPIF the flexibility to apply your gift wherever the need is the greatest. Examples of general bequests include:

  1. SPECIFIC GENERAL BEQUEST

“I give to Texas Pride Impact Funds, a Texas nonprofit corporation EIN #81-4143670, or its successor organization, the sum of $ _________ (or % of my estate), (or other personal property herein described) to be used for its general support and charitable purposes without restriction.”

  1. RESIDUARY GENERAL BEQUEST

“I give to Texas Pride Impact Funds, a Texas nonprofit corporation EIN #81-4143670 or its successor organization, (all or a % of) the residue of the property owned by me at death, real and personal and wherever situated to be used for its general support and charitable purposes without restriction.”

  1. “GREATER OF” RESIDUARY GENERAL BEQUEST

“I give to, Texas Pride Impact Funds, a Texas nonprofit corporation EIN #81-4143670 or its successor organization, the greater of _____ % of my estate or $_______ to be used for its general support and charitable purposes without restriction.”

b. Contingent Gifts in a Will

It is possible that the primary beneficiary or beneficiaries of your estate (such as your spouse or partner) may not outlive you.  In such case, a contingent (alterative) bequest naming TPIF as a contingent beneficiary can provide a meaningful alternative.

“I give the residue of the property owned by me at my death, real and personal and wherever situate, to _____________________, if he/she survives me. If he/she does not survive me, I give to Texas Pride Impact Funds, a Texas nonprofit corporation EIN #81-4143670, or its successor organization, the residue of the property owned by me at death, real and personal and wherever situated to be used for its general support and charitable purposes without restriction.”

c. Bequest Restricted for a Specific Use

Some donors desire their gift to support a specific project, program or area (such as for gay youth or gay elders). Restricted gifts are welcome by TPIF.  If you are interested in having your Legacy Gift support a specific project or program, it is best to discuss your plans with our staff before completing your bequest language to confirm your wishes can be met by TPIF.

“I give to Texas Pride Impact Funds, a Texas nonprofit corporation EIN #81-4143670, or its successor organization, the sum of $_________ (or % of my estate), (or other personal property herein described) to be used for (designated purpose*).  If at any time it becomes impossible or impractical for my gift to be used for the above designated purpose, Texas Pride Impact Funds shall use my gift for a purpose and in a manner that it determines most closely meets the above designated purpose.”

ENDOWMENT GIFTS
By designating Texas Pride Impact Funds' Community Endowment Fund, you request that anendowment is established under your name with the proceeds
received from your estate. The endowment can benefit your favorite charity or charities, a specific cause, and/or designate the proceeds as unrestricted, which means that Texas Pride Impact Funds will make annual distributions to support the most important causes in the community at the time.

Endowments at Texas Pride Impact Funds are invested in a diversified portfolio with the goal of providing long-term capital appreciation and current income, but positioned to safe guard against significant market swings during an economic downturn. The investment objective is to grow our endowed funds through investment returns by at least the rate of inflation.

Distributions from endowments are made at least at the rate of 5% of the previous 12 quarter weighted average. You can also designate that your endowment is distributed over a period of time, such as ten years. Texas Pride Impact Fund charges an annual fee of 1.2%, payable quarterly and is based on the ending quarterly balance of the endowed fund. This is significantly lower than the cost of maintaining a private foundation, which can be much more expensive
and include annual tax filings, and accounting, legal and management fees.
How do I join the Legacy Society?
1. Arrange for your estate to leave a gift by naming Texas Pride Impact Funds as a beneficiary of a bequest through your will, trust or retirement plan Members can also establish a restricted endowed fund today valued at $10,000 or more.
2. Inform Texas Pride Impact Funds that you have made the necessary arrangements. This will give us permission to include your name in our Legacy Society listing.
3.Call Texas Pride Impact Funds at 833-800-8743 ext 1. to set up a meeting to have your questions answered and to discuss next steps, including completing the documentation that will clearly delineate the agencies and/or causes you want your endowed funds to support for years to come.