Restricted & Unrestricted Gifts
With an unrestricted gift you say to St. Lawrence, "use this gift to further your good work however is best at this time." Oftentimes this is termed "where the need is greatest." St. Lawrence might, for example, use such a gift for scholarship support, to help fund a building or renovation project, or to leverage a matching grant.
When you place a restriction on your charitable gift, you identify some preference as to how the gift will be used, e.g., scholarship support. In this case St. Lawrence would ensure those funds are used for scholarships. Other examples are restrictions to endowment, construction, research, library materials or equipment purchase.
If you place too many restrictions on your gift, however, the government determines it is no longer a charitable gift, and other tax rules apply. So while you may make a charitable gift restricted to scholarship support, if it is somehow restricted to your 18-year old grandchild, it is no longer a charitable gift. Too many restrictions may also make a gift difficult for St. Lawrence to use.
Which is better? St. Lawrence relies on both restricted and unrestricted gifts to fulfill its mission. Talk to us about how you may best support the university in keeping with your own philanthropic goals.
This web page does not provide legal or financial advice, nor is it intended as a comprehensive review of the topic. You should consult your attorney, tax advisor and St. Lawrence before making or planning your gift.
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