A gift during the donor's lifetime
This form of gift is often described as an inter vivos gift.
Where a donor proposes making a gift to the University during his or her lifetime, Advancement staff will liaise with the donor to:
- identify the purpose for which the gift is to be made, taking into account the current needs and priorities of the University, and also taking into account the future plans of the University; and
- prepare a document (usually a Memorandum of Gift) that records the purpose for which the gift is made, in a way that ensures that the donor's wishes can always be implemented by the University, even if there are changes to the content or structure of a particular course, or if there are changes to the research priorities of the University.
Where an unusual or complex gift is proposed, Advancement staff will arrange for the Trusts Group to assist with this process.
The University cannot advise a donor whether or not a particular gift to the University will be tax-deductible. The University also cannot advise a donor on the legal aspects of any proposed gift.
Before making any gift to the University a donor should, therefore, seek independent advice, including legal advice and taxation advice.
A donor needing advice regarding the legal aspects of a proposed gift may wish to contact the Law Institute of Victoria to obtain a referral to a solicitor with relevant expertise. A donor needing advice regarding the taxation aspects (including tax deductibility) of a proposed gift may wish to contact CPA Australia or the Institute of Chartered Accountants to obtain a referral to an accountant with relevant expertise.