"We prepare students to engage in the world that is and to help bring about a world that ought to be."
Bequests
A bequest is a gift of money or personal property, such as stocks, bonds, art, jewelry or real estate left to Friends Seminary through the provision of a Will or estate plan.
Bequests are relatively simple.
If you have or plan to make a provision for Friends Seminary in your Will, please let us know if you would like to restrict your gift. We want to ensure the School can comply with your wishes. There are no minimum dollar requirements or complex rules to understand. In consultation with your lawyer, a bequest can be specified in your Will or by codicil. There are three types of bequests to consider: outright, residuary and contingent.
All bequests that have been specified for endowment are directed to the School’s unrestricted endowment. This means the capital sum of your bequest is preserved, and only the annual interest and income it generates is spent each year. Within the Friends Seminary endowment, there are opportunities to designate areas that may have personal meaning to you.
Please note, in order for a bequest to be designated to endowment, by law there must be documentation to prove this is the donor’s specific intent. In cases when a bequest is unrestricted and no specific intention has been documented, it is designated to the Board Designated Bequest Fund. The quasi-endowment fund, like the regular endowment, is overseen by the Board of Trustees, and this fund can be spent at the Board of Trustees’ discretion.
If you have or plan to make a provision for Friends Seminary in your Will, please let us know if you would like to restrict your gift. We want to ensure the School can comply with your wishes. Contact the Director of Major Gifts and Planned Gifts, Rebecca Holmes (rholmes@friendsseminary.org) for further information.
Read New York Times article:
What is was like to finally write my Will
Outright Bequest:
An outright bequest is a gift for a specific sum or property. To make an outright bequest by Will, language like this could be used:“I bequeath to Friends Seminary of 222 East 16th Street, New York, NY 10003, the sum of $____________________ for its endowment.”
(For specific property include a description such as: securities, life insurance policy, retirement account, trust, land, etc., instead.)
(For specific property include a description such as: securities, life insurance policy, retirement account, trust, land, etc., instead.)
Residuary Bequest:
A residuary bequest is a percentage or all of one’s estate after specific bequests, debts, taxes and estate expenses have been paid. This type of bequest meets the needs of donors who are uncertain about the amount that will be available and want to ensure specific bequests and expenses are paid first. To make a residuary bequest in a Will, language like this could be used:
“I bequeath all (or_____ percent) of my residuary estate to Friends Seminary of 222 East 16th Street, New York, NY 10003 for its endowment.”
Contingent Bequest:
A contingent bequest provides first for loved ones and benefits Friends only if the name named beneficiary predecease the person making the Will. To make a contingent bequest by Will, language like this could be used:“I bequeath to _________________ the sum of $______________ and in the event he/she predeceases me, I direct this sum to be paid to Friends of 222 East 16th Street, New York, NY 10003 for its endowment.”
(For specific property include a description such as: securities, life insurance policy, retirement account, trust, land, etc., instead.)
(For specific property include a description such as: securities, life insurance policy, retirement account, trust, land, etc., instead.)
Dr. Paul Coleman '45
“My sense of curiosity, imagination and desire for truth formed at Friends Seminary, fueled my life-long pursuit to understand and treat Alzheimer’s, a disease that afflicts millions of people around the world.”
“Understanding why some brain cells die and others do not is the key to unlocking this perplexing puzzle. Whether studying the molecular biology of a cell or fighting for funding for research, frustrations can run high. When they do, I have relied on time honored Quaker practices first learned in the Meetinghouse over 60 years ago. Silence has given me focus and discussion has enabled me to think more broadly. The combination of the two has played a vital role in my life.”
“I have studied, taught or conducted research at more than half a dozen prestigious educational institutions, but it is my old school on 16th Street that occupies the warmest place in my heart. It is because of this that I have made a provision for Friends Seminary in my Will.”
Friends Seminary actively promotes diversity, equity, inclusion, and anti-racism in all its programs and operations, including admissions, financial aid, hiring, and all facets of the educational experience. To form a community which strives to reflect the world’s diversity, we do not discriminate on the basis of race or color, religion, nationality, ethnicity, economic background, physical ability, sex, gender identity or expression, or sexual orientation. Friends Seminary is an equal opportunity employer.
Friends Seminary — the oldest continuously operated, coeducational school in NYC — serves college-bound day students in Kindergarten-Grade 12.
