Bequests and Expected Maturity Year

Carolyn Casagrande

Does anyone have experience using the Expected Maturity Year functionality for Bequests? 


General questions include:

• What are your standards for use?
• Is it changed when the bequest is realized or is the Expected Maturity Year kept to report on expected vs. actualized gifts?
• Is the change manual or automatic?

Furthermore, IIT employs a custom Planned Gift subtype called "Bequest Expectancy-Revocable". When Planned Gifts with the subtype "Bequest Expectancy-Revocable" are realized, is it best change the subtype to Bequest to indicate realized or is a separate gift booked? 


If you have knowledge related to my question or general tips, tricks, information, or best-practices regarding Bequests that you'd like to share, please do so!

Carolyn G. Casagrande

Gift Processing Coordinator

Institutional Advancement, Illinois Institute of Technology

10 West 35th Street, Suite 1700

Chicago, IL 60616
p: 312.567.5063
www.iit.edu

Tom Klimchak

We use the Expected Maturity Year with Bequests.


We take the current age of the individual and look them up on this PDF file of a Mortality Table:  https://www.pgcalc.com/pdf/singlelife.pdf


There's one table for male and one for female.  You look up the person's age, see the approximate number of years and add that to the current date.

Example:


We receive a bequest from an 80 year old man.


I see that a male of age 80 has about 10.2 years on the table.  I would add 10 years to 8/29/19 (today's date) to get an "expected maturity date" of 8/29/29 (10 years from now).


We just round up or down as needed.  


When someone passes away and the gift becomes realized we generally don't change the Expected Maturity Year.   Once we receive a bequest's payout/check we simple enter a realize gift and use that date for everything going forward.  We only get about 20 or 30 bequests a year so while we like (some parts of) the Planned Giving module we probably aren't using it to its full potential.