Impact Report
Dear Friends,
As I sit at my desk on this beautiful day, I’m filled with an overwhelming sense of gratitude, not just for this warm sunny day on Rocky Top but for what UT means to me and to countless others whose lives have been touched by the university. It is in this spirit that my colleagues and I present you with this Gift Planning Impact Report.
If you’ve received this report in the past, you might notice this year’s edition looks slightly different. We’ve added more information that speaks to the various types of planned gifts our campus receives, from IRA Qualified Charitable Distributions and Donor Advised Fund grants to charitable bequests and everything in between. We believe this information offers a more holistic view of your story, your impact as our valued donors to UT.
What remains the same, however, is the inclusion of several unique donor stories. Though the gifts may be different in nature, the donors’ motivations to give share a common theme of connection, a connection that sparked a desire to give back and do good through legacy giving.
We genuinely hope you enjoy this year’s report and that it not only emphasizes how grateful we are to our donors but offers clarity and insight into how and why donors choose to leave an enduring legacy at UT.
Thank you for what you have done, and continue to do, to support the University of Tennessee, Knoxville.
With gratitude,
Michelle A. Geller
Senior Director of Gift Planning
Financials
This financial report is reflective of Fiscal Year 2024, which began on July 1, 2023, and closed on June 30, 2024.
At UT donors are able to leave enduring legacies through planned gifts. These valuable gifts allow a donor to contribute a gift now or beyond a donor’s lifetime in ways that take into account financial or estate planning scenarios. Giving options include but are not limited to: charitable bequests, life insurance, retirement plan assets, life income gifts, and Donor Advised Fund (DAF) grants. These commitments allow the university to continue to advance our land grant mission of learning, discovery, and engagement.
For a detailed breakdown of new planned gifts received, please see the printed report (PDF).
For many UT alumni and friends, a bequest is the simplest and best way to
create an impactful legacy at the university. A bequest provides donors with
the opportunity to make a significant impact on the university without making a financial investment during their lifetime.
Thanks to the generosity of many Volunteers, in FY24 UT realized $11,158,320 in bequests. These gifts were allocated to multiple programs and initiatives across campus ranging from Athletics and Student Life to Financial Aid and other priorities. In the same year, UT received 94 bequest intentions valued at $61,401, 366.
For a detailed breakdown of realized bequests and bequest intentions, please see the printed report (PDF).
A donor advised fund or DAF, as it’s commonly known, is like a charitable investment account that’s used to support philanthropic causes and charities like the UT Foundation. Donor advised funds have become the fastest-growing charitable vehicle in the country—not only because of how easy they are to set up, but also because individuals can give a variety of assets, including but not limited to: publicly traded stocks, bonds, mutual fund shares, cash, retirement assets, and LLC and Limited Partnership interests.
In FY24, generous donors recommended grants totaling nearly $6.5 million to support areas ranging from Athletics and Academics to Scholarships and Financial Aid.
For a detailed breakdown of donor advised funds, please see the printed report (PDF).
An individual retirement account, or IRA as it is commonly known, offers two ways to make a philanthropic impact at UT.
The first way is through the IRA Charitable Rollover. Also known as the IRA Qualified Charitable Distribution or IRA QCD, this type of gift vehicle allows individuals who are age 70 ½ years of age or older who have a traditional IRA to make an immediate impact on Rocky Top while, at the same time, allowing you to satisfy some or all of your required minimum distribution (RMD) from your IRA. Accordingly, the IRA QCD also reduces tax liability by excluding part or all of the RMD from your taxable gross income.
Another way to use your IRA to support UT is by designating the university as a percentage beneficiary of your account. When an account owner designates UT as a beneficiary, the university will receive a portion of the account assets and will apply the proceeds to the college/department/program you determine after your lifetime.
For a detailed breakdown, please see the printed report (PDF).
Impact Stories
Giving Their All for Tennessee
Giving
Advertising Alumna Gives Bequest in Support of Communication and Information Students
Giving
Late Faculty Member Meets Critical Need in College of Nursing and US Health Care
Giving, News
Gift Options
Charitable Gift Planning Options
The donors profiled throughout this report made their legacy gifts to UT using a variety of planned giving vehicles. While there are planned gifts that can provide donors with tax benefits and/or life income, the most common types of planned gifts the university receives are from charitable bequests documented in wills, living trusts, retirement accounts, and life insurance policies.
Bequests May Specify:
- A specific amount of cash
- A percentage of an individual’s total estate
- The remaining value of the estate after all other bequests and/or debts have been paid
Regardless of the type of gift vehicle used, legacy gifts make an impact on the University of Tennessee and its ability to advance its mission on campus and beyond.
Are you interested in making your legacy a part of UT’s history?
Your commitment ensures a better future for our community by providing quality education with access to dedicated faculty, programs, leading-edge equipment, and resources.
