GRAI Bequest Management Policy
(Updated October 22, 2021).
GLBTI Rights in Ageing Inc (GRAI) is a Western Australian community-based group that works to improve the quality of life for older LGBTI people of diverse sexualities and gender identities, focusing on both social inclusion within the community, and also the provision of care services.
As a charitable organisation providing services to vulnerable people, it is important that the public has confidence in the trustworthiness of GRAI and as such it is committed to the professional and ethical management of bequests.
The purpose of this policy is to offer assurance to bequest donors and potential donors by providing clear parameters for decision-making regarding bequests and define the requirements and process for consideration of offers or requests.
This will ensure all decisions to accept or reject offers of donations and bequests are made consistent with the core values, purposes and priorities of GRAI.
- Policy statement
Bequests are usually directed for use at GRAI’s discretion. Such unencumbered gifts allow GRAI the flexibility to use your gift wisely in areas of particular need. Alternatively, bequests can be directed to a specific area of GRAI, such as a particular program or project. However GRAI will consider on a case by case basis any bequests that are pecuniary or specific as to the potential taxation implications that accepting such a bequest may involve.
One of the most common ways to leave a bequest, is the remainder of the Estate after first leaving gifts to loved ones and payment of any financial commitments, funeral arrangements etc. Example wording: I leave to GLBTI Rights in Ageing Inc (GRAI) of 54 Bickley Crescent, Manning 6152, ABN: 23 587 341 162 (proportion of residue to be completed) for its general purposes and I direct that the receipt of the Treasurer or other duly authorised officer shall be a sufficient discharge to my Executors. Another common way to leave a bequest is a pecuniary or specific gift that clearly specifies the donation: it can be in the form of money, property, stocks and/or shares. Example wording: I leave to GLBTI Rights in Ageing Inc (GRAI) of 54 Bickley Crescent, Manning 6152, ABN: 23 587 341 162 (description of item) absolutely for the general purposes of the said charity and I direct that the receipt of the Treasurer or other duly authorised officer shall be a sufficient discharge to my Executors.
3.3. Acceptance of bequests
GRAI will only accept bequests where the purpose of that bequest is aligned with the with the core values and strategic direction of GRAI. GRAI reserves the right to refuse or return a bequest.
3.4. Advice for bequestors
By informing GRAI about your bequest you will allow us to thank you in your lifetime, which is our wish. All bequest correspondence is confidential and can be directed to: PO Box 506 North Fremantle 6956 or by email at firstname.lastname@example.org Prospective bequestors are advised to seek the advice of independent legal and/or financial counsel in the bequest planning process. Bequestors are responsible for ensuring that a proposed bequest is in their best interest and furthers their charitable, financial and estate planning goals.
- Policy review This policy shall be reviewed no less frequently than every 5 years, or as necessary, by the board.