Bequests are extremely important to the future of medical research at Garvan.
They are typically directed to our endowment fund, which means the gift will provide income in perpetuity. This enables us to plan with some security as well as fund new research projects with greater flexibility where there is the best chance of making a real healthcare breakthrough.
We are also extremely careful to respect the wishes of the bequestor and the terms of the Will – if the Will specifies an area of research to support, this will be upheld. If you have any questions about the scope of our work, and whether it matches the terms of the Will, please contact our Bequest Manager.
The correct wording to include in Wills
"I give to the Garvan Institute of Medical Research, ABN 62 330 391 937 free of all duties
- All of my residuary estate (OR)
- ____ % percentage of my residuary estate (OR)
- The sum of $ _____ (OR)
- [List asset or assets]
to be applied for the purposes of medical research by the Institute OR for the purpose of ________ [specify research area of your choice]. I declare that the receipt of a Director of the Institute or other authorised officer will be a sufficient discharge to my executors who will not be bound to see to the application of this gift."
For bequestors who wish to leave a named fellowship to Garvan in honour or memory of loved ones, please contact our Bequest Manager to discuss these details and advice on the correct wording.
Administration of the estate and distributions
Bequest notifications should be mailed to Donna Mason, Bequest Manager, Garvan Research Foundation, 384 Victoria Street, Darlinghurst 2010 or can be emailed directly to email@example.com
Bequest funds distributed by cheque should be made out to the Garvan Research Foundation or can be transferred by direct deposit. Please call us on 02 9295 8559 to request our bank account details.
Garvan’s charitable status
The following legal points, which may significantly enhance your client’s bequest.
Deductible Gift Recipient Status
The Garvan Institute of Medical Research (ABN 62 330 391 937) holds Deductible Gift Recipient (DGR) Status Item 1 and is fully Tax Exempt. As the Fundraising and Marketing division of the Garvan Institute, the Garvan Research Foundation (ABN 91 042 722 738) also holds Deductible Gift Recipient (DGR) Status Item 2 and is fully Tax Exempt.
Capital Gains Tax on estate assets and transfer of shares ‘in specie’
As Garvan Institute of Medical Research is fully Tax Exempt, the transfer of all Capital Gains Tax assets such as real estate or shares to Garvan will result in significantly reduced tax liability, rather than pre-selling those assets by executors and transferring the sale proceeds.
Superannuation is not automatically directed through a person’s Will. If you wish to assign your superannuation to the Garvan, the super balance will need to be left to your estate, in which case it will be dealt with as determined in the Will.
Ensuring our bequestors' legacies live on
We feel there is no greater privilege than to be included as a beneficiary in a person’s Will. We take great pride in honouring the legacy entrusted to us. We see it as our duty to ensure our supporter’s legacies are managed ethically and applied thoughtfully; for instance, to areas in most need, or where there is the best chance of making a real healthcare breakthrough.
In tribute to such a generous and thoughtful gift, we ensure our bequestors’ names are included on our Honour Board and in our Annual Report. We encourage friends, family and loved ones to visit Garvan so they can hear about the research progress that has been made possible with the selfless and invaluable support of our bequestors.
Contact Donna Mason, Bequest Manager at Garvan if you would like information about leaving a gift in your Will to Garvan and becoming a Partner for the Future. Your enquiry and details will be treated in the strictest confidence and without any obligation.
Phone: (02) 9295 8559
Confidential enquiry form (PDF)