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Why I Give: Tom Spruance

Tom Spruance

Tom Spruance sees education is a three-way partnership between the student, parent and the University.

Father of Chelsea Spruance '15
Chair, UT Family Association

Q: Why did your daughter choose UT?
A: Chelsea and I traveled from the East Coast to the West Coast and down into the South looking for the right fit for her college career. Our search ended the day we walked onto the UT campus. Chelsea liked the size of campus, and she felt that the class sizes would provide a more personal connection with her professors-she would be a person not a number.

Q: What do you like best about UT?
A: When Chelsea and I attended orientation, I remember the reoccurring theme of family. We were told that everyone on staff would work together to help students as they adjusted to their new surroundings. I have found through the years this theme of family was not just a comforting word for newcomers. Whenever there was a problem or concern, the faculty and staff at UT were right there to help. This is very comforting when you are living more than 1,000 miles from
your daughter.

Q: What made you get involved with the Family Association?
A: As a father of a freshman, I was a little nervous when I left my daughter for the first time. The services that the Family Association provides are very helpful in easing the transition into life with a child away from home. I wanted to help and support this program, knowing that many freshmen families would feel as I did.

Q: How do you continue to stay connected to UT?
A: For three years I have been working with and supporting Career Services, the office responsible for helping graduates find jobs. If students can't get a job in the field they love and have studied, what a terrible waste. Career Services has made great progress introducing UT to employers who are interested in hiring UT graduates. I have also enjoyed working with and supporting the Department of Education in their efforts to graduate students who are superior in their ability to teach at all levels.

Q: Why do you support UT?
A: My grandfather started the tradition of supporting the schools and colleges that have educated our family members. UT has allowed my daughter, Chelsea, president of Psi Chi, the national honors society in psychology, to expand her horizons, test new boundaries and experience challenges that will provide her with the tools to move forward in life as a productive and compassionate person. What more could a father ask for?

Q: Why do you think it is important to give your time to UT?
A: My involvement with UT has been a very exciting and rewarding experience. I think it is important to let faculty and staff know their efforts are recognized and appreciated. The best way I know to express this appreciation is to roll up your sleeves and get involved. Education is a three-way partnership between the student, parent and the University. If each one pitches in, all three benefit.

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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