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What happens to a bequest or a gift if the designated program ceases to exist after the funds have been received?

April 26, 2017bequest ceases designated exist funds gift happens program received

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What happens to a bequest or a gift if the designated program ceases to exist after the funds have been received?

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If a gift cannot be applied for the purpose expressed by the donor, then the funds may be used for other related purposes as approved by the Board of Governors of the U of C. The Board gives utmost consideration to the original wishes of the donor.