By Chandra Harris-McCray
As a young girl, growing up in Lenoir City, Tenn., Victoria Vest dreamed of becoming a pilot. Fascinated by the precision of planes, Victoria is minoring in aerospace engineering, while sticking to what "I am good at—math," she says. "When I started taking calculus in high school, I began seeing the endless practical applications and problem-solving potential. Engineering combines the best of both these worlds."
The lingering effects of the recession, however, left Victoria's dad without a job after working at the same company for 28 years.
After a year without work, a once-squeezed budget became non-existent, as Victoria tried to piece together her family's unraveling finances, and decide if she could continue her mechanical engineering studies as an out-of-state student at the University of Tennessee.
As a sophomore, Victoria had already seen her fair share of loan paperwork. Her brother, Shane, a finance major, is determined to finish his senior year at UT, even if that means taking out more loans and working nights delivering pizzas like his father once did as a UT business administration student.
Relying on his savvy business and restaurant management skills, Richard created his own career opportunity and opened a Pizza Hut in the Charlotte area. During the summer and on any breaks in between, Victoria and Shane travel back home to help their dad manage the restaurant, "but it is still a financial struggle to figure out our college expenses because any profits from the business goes back into sustaining the business," Victoria explains.
"Without the Don Tinsley Engineering Scholarship there is a real possibility that I would not be at UT this year," says Victoria, who considers herself lucky to be one of the first to benefit from Don Tinsley's generous bequest to establish scholarships for students studying architecture, mechanical or civil engineering-career paths that influenced the success of Tinsley's commercial roofing business in Knoxville.
Don Tinsley's Legacy
A World War II veteran, who served in the U.S. Army Air Corps as a pilot and retired from the Tennessee Air National Guard, Tinsley received his business degree from UT in 1942. He spent five decades leaving his mark on hundreds of buildings, including many on the UT campus.
"He's gone, but his legacy lives on in me and another student and another student and for generations to come," Victoria says. "The scholarship goes a long way to make my education doable for me and my family. Without this scholarship, I would definitely have to work. I am so grateful to be able to devote the majority of my time to my studies, and not worrying about how to earn money to pay for my education.
"It amazes me how alums care so deeply about the dreams of students they have never met."
"It's My Future"
Continuing the UT tradition of his parents, Ryan DeLozier, as a Maryville High School student, made UT a part of his world after attending a mechanical engineering orientation at the university.
"I saw the engineering buildings, the classes that were offered to freshman, the amazing faculty-that day solidified my career path and I have never looked back" even after receiving a disappointing letter over the summer, "telling me I was not going to be receiving any scholarship assistance."
But then another letter came "and I not only was going to be receiving a scholarship, but it was going to be for twice as much as the previous scholarship I had received," he says. "I don't have to worry about working because the scholarship helps me with my living expenses."
Gaining real-world experience, Ryan has taken part in the Engineering Professional Practice program by enhancing his classroom studies with an internship at BSH Home Appliances in Jacksboro, Tenn.
Graduating in May, Ryan, who worked as a restaurant server to make ends meet during his sophomore and junior year, says, "It's hard to put into words the impact of Mr. Tinsley's gift—it's more than money, it's my future."
Victoria says, "My future seemed uncertain for a moment, but Mr. Tinsley's foresight and generosity is helping pave the way for me, and I hope one day that I can pave the way for someone else."
Learn How You Can Help
For information on how you can make a planned gift that will help support future students like Ryan and Victoria, 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.