Millikin University strives to observe stated donor intent with all planned gifts and estate bequests and will, when possible, develop a gift agreement with the donor(s) while they are still living in an effort to ensure such instruments align with the University's mission and vision.
Unrestricted donor bequests are used by the University to meet the most pressing needs of the institution. At Millikin University this usually means supporting tuition scholarships for students in need.
Donor bequests that are restricted to funding an endowment provide a source of perpetual income that follows the donor(s) stated purpose—e.g., an endowed scholarship perpetually provides funding to students with a demonstrated financial need, or an endowed professorship perpetually provides funding in support of the faculty line as well as the costs associated with faculty development for the position.
In all cases, Millikin University urges donors to consider planned gifts and bequests that are as broad as possible in their application, so as to ensure the funds produced will be able to be used by the University while still meeting the charitable goal of the donor(s). For example, a bequest to fund an overly restrictive scholarship endowment could result in the annual income not being awarded to a student in need because the criteria stipulated in the bequest are overly restrictive.