By Chandra Harris-McCray
As soon as Jimmy Dudley could walk, he fetched Legos and built imaginary buildings.
His drawings, modeled after the spec houses that his father built, were anything but ordinary child's play of one-dimensional crayon houses and stick people.
By the fourth grade, after visiting a construction site with his father, Jimmy claimed his career path as an architect.
This came as no surprise to his mother, Libba Wall (UTK '59), who always knew her son was destined to change the skyline of cities. Any time he put his hands on an Erector Set "or any toy for that matter," he was prone to build something.
After graduating from the architecture program at the University of Tennessee in 1986, Jimmy went on to work for architecture firms in Boston and New York before receiving his master's degree in architecture from the University of Virginia.
Now principal of his own firm, Dudley Architecture & Planning, in Charlotte, N.C., Jimmy has a deeper appreciation for how UT molded his dream into reality.
"The many sleepless nights that I spent in the architecture building at UT still helps me shape the world we live in," he says.
Inspired by her son's passion and tenacity, Libba honored Jimmy by establishing an endowment in the College of Architecture and Design through the Chancellor's Faculty Salary Support Challenge. A catalyst to retain and recruit outstanding faculty, the challenge, which offers immediate access to funding on all new gifts and five-year pledges, has made a transformative impact in a number of colleges, including nursing, engineering and business administration.
"I did not know that I could give a gift of real estate to the university," explains Libba, who also supports the Lady Vols. "But once I did my research and worked with the staff in the planned giving office, it was a seamless process that allowed me to not only honor my son, but also professors.
"A child's dream can be dreamed, but if he or she does not have a teacher to shape and mold that dream, it dies," Libba explains. "Teachers give flight to the what-ifs and maybes."
She says, "This gift honors those professors who believed in my son, and those professors who are honing the dreams of students day after day."
"It is such a priceless gift," says Scott Wall, who is Libba's stepson and the director of the School of Architecture in the College of Architecture. "This gift honors the compassion and capabilities of great faculty, who foster a spirit of curiosity among students and create a foundation for life-long learning and creative thinking.
"There is nothing else remotely like this in the school."
Learn How You Can Help
For information on other types of gifts you can make to support the University of Tennessee, contact the Office of Planned Giving at (865) 974-4826 or email@example.com.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
A charitable bequest is one or two sentences in your will or living trust that leave to The University Of Tennessee a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.
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
"I, [name], of [city, state, ZIP], give, devise and bequeath to The University Of Tennessee [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."
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 UT 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, timeshare property, 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 our organization 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 UT 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 UT 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 UT where you agree to make a gift to UT 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.