Is the Private College Named in your Will Still Operating?

Is the Private College Named in your Will Still Operating?

By Melinda Gustafson Gervasi

September 22, 2023

September brings apple picking, bonfires and back-to-school rhythms.  Sadly, for several private colleges in the US, the hallways remain empty due to permanent closures.  Here in my home state of Wisconsin, Cardinal Stritch University, a small private Catholic college in Milwaukee, closed operations after 85 years of educating young adults. According to CNBC, since 2016, 91 US private colleges have closed, merged with another facility, or announced plans to stop operating.  More than half of those announcements cam after the 2020 pandemic began.

Many of my clients name a college in a will as a recipient of a specific gift or a contingent beneficiary. Recent headlines suggest those clients should review their plans and check-in with the higher education entity named in the will.  Is it still operating?  Are there plans to merge or close?  What is the organization's future?

When we are strategic with your philanthropic giving it can make a huge difference in our world.  To be effective we should monitor the entities we have named, assess its need, and consider its future sustainability.

Fall at Glenn Stephens Elementary School, Madison, WI.  Image by M. Gustafson Gervasi

Never miss an update, click Follow in the upper right-hand corner and enter your email to receive future posts.  Remember that a blog is not legal advice; it is meant to spark thought and discussion.  Please consult with a lawyer in your home state for advice specific to your unique situation.  Thank you for reading, be well!