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Remarkable Generosity: Stadium Center Renamed in Honor of Frank and Carol Morsani

Frank and Carol Morsani

UT's Stadium Center residence hall was recently renamed following a generous donation by two of Tampa Bay's most philanthropic individuals and education advocates—Frank and Carol Morsani.

The Morsanis made a multimillion-dollar gift to the University, one of the largest gifts in UT's history. To honor their generosity, the residence hall was renamed the Frank and Carol Morsani Hall. The hall, which is located in the center of campus overlooking Pepin Stadium, is home to 464 students and features a food court on the first floor.

Frank and Carol are well-known in Tampa Bay, as their names grace the USF Medical School and Health Clinic, a lobby at the Tampa Museum of Art, a theater at the Straz Center for the Performing Arts and also an exhibition hall at the Dali Museum.

"The Morsanis have made such a significant and visible impact on so many cultural and education areas in Tampa Bay. They have a long relationship with UT, and we are pleased to be one of the institutions they continue to believe in and support," President Ron Vaughn says.

Frank is the chairman of Automotive Investments, Inc. and a trustee of the Frank and Carol Morsani Family Foundation. He was a member of UT's Board of Counselors from 1974 to 1976 and UT's Board of Fellows from 1977 to 1979, serving as chair of the Fellows in 1978. He then served on the UT Board of Trustees from 1980 to 1984.

Carol serves as the director of the Frank and Carol Morsani Family Foundation, which supports education, the arts and health care, along with numerous other programs benefiting the community.

The Morsanis said they are pleased they can make this investment in UT.

"As we all know, UT was created by the local chamber of commerce and for many years was the only school of higher education on the west coast of Florida," Frank says. "The accomplishments that it has made are many, and the community is a far better place because of its academic excellence."

To learn how you can follow the Morsanis' example and leave a lasting legacy to benefit UT students, please contact The Office of Planned Giving at 813-258-7373 or ctully@ut.edu.

A charitable bequest is one or two sentences in your will or living trust that leave to The University of Tampa 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

Bequest Language

The official legal bequest language for The University of Tampa is: "I, [name], of [city, state, ZIP], give, devise and bequeath to The University of Tampa [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 The University of Tampa 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 The University of Tampa 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 The University of Tampa 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 The University of Tampa where you agree to make a gift to The University of Tampa 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.

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