Endowed Gifts

Invest in Our Future

Next Steps

  1. Seek the advice of your financial or legal advisor.
  2. Contact Mayo Clinic Office of Gift Planning at giftplanning@mayo.edu or 1-800-297-1185 to discuss endowed gifts.
  3. If you include Mayo Clinic in your plans, please use our legal name and federal tax ID.

Legal Name: Mayo Clinic
Address: 200 First Street SW, Rochester, MN 55905
Federal Tax ID Number: 41-6011702

An endowment gift to Mayo Clinic today can help us advance medical progress by supporting innovative programs in medical research and education. When you make a donation to Mayo Clinic's endowment, you provide a gift with both immediate and long-term benefits.

Here's how it works: Endowment donations are invested. A portion of the annual income from the investment is used to address immediate needs at Mayo Clinic. The remaining funds are reinvested to ensure support in perpetuity.

Next Steps

  1. Seek the advice of your financial or legal advisor.
  2. Contact Mayo Clinic Office of Gift Planning at giftplanning@mayo.edu or 1-800-297-1185 to discuss endowed gifts.
  3. If you include Mayo Clinic in your plans, please use our legal name and federal tax ID.

Legal Name: Mayo Clinic
Address: 200 First Street SW, Rochester, MN 55905
Federal Tax ID Number: 41-6011702

An Example From Mayo

Barbara Woodward Lips

The gratitude of a patient who depended on Mayo Clinic for more than 40 years was expressed through one of the largest gifts ever received by Mayo Clinic. Barbara Woodward Lips left a bequest to Mayo Clinic of $127.9 million. The funds were placed in the Mayo Clinic endowment in support of Mayo's research and education programs aimed at achieving excellence in patient care.

Mrs. Lips was born in Oklahoma. In her early years she worked as a sales clerk in a department store and later as a secretary at a sawmill. She met Charles Storch Lips in the 1940s, and the couple married in 1949 at his home in San Antonio. The family had extensive oil, gas and ranching interests in Kansas and Texas. When Mr. Lips became ill, Mrs. Lips began learning the business. After the death of her husband in 1970, she expanded the family businesses.

Mrs. Lips was a Mayo patient for more than 40 years and made many significant gifts to Mayo during her lifetime, including $10,000 to have fresh flowers placed at all times in the Lips Atrium on Mayo's campus in Rochester, Minn. She believed that philanthropy is a way to "cultivate hope."

Learn How to Fund It

You can create an endowed gift using the following assets:

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Ready to start paying it forward? View and download your FREE copy of Endowments: A Gift That Lasts Forever.

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When making a bequest, it is important to name precisely the organizations you intend to benefit. By avoiding a common name for an organization, you ensure your donation reaches its intended beneficiary. Following is the appropriate language to use when including Mayo Clinic in your estate plans.

"I give, devise and bequeath to Mayo Clinic, a not-for-profit organization, located in Rochester, Minnesota, the sum of (or % of my estate), (or other personal real property herein described) to be used for (designated purpose) or its general programs in medical education and research as it shall determine."

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

The official name to be used for all outright and deferred gifts is MAYO CLINIC.

Bequests are generally worded: "I give, devise and bequeath to Mayo Clinic, a not-for-profit organization, located in Rochester, Minnesota, the sum of (or % of my estate), (or other personal real property herein described) to be used for (designated purpose) or its general programs in medical education and research as it shall determine."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Mayo Clinic or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays Mayo Clinic set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Mayo Clinic as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Mayo Clinic as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Mayo Clinic where you agree to make a gift to Mayo Clinic and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

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eBrochure Request Form

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