Former Library Head Pioneers New Way to Give at UT Dallas

Charitable Gift Annuity Provides Support for University, Tax Benefits and Income for Donor

Jan. 10, 2013

Dr. Larry Sall

“I’m able to make a gift that will support the McDermott Library while also receiving guaranteed income for life,” said former Dean of Libraries Larry Sall.

When Dr. Larry Sall retired in 2010 after 32 years of service, he made it clear that he had every intention of staying connected to UT Dallas and supporting its Tier One vision. He recently demonstrated this commitment by establishing the first charitable gift annuity (CGA) in the University’s history, which will eventually benefit the Eugene McDermott Library.

Sall’s gift counts toward McDermott Library’s $500,000 goal for the University’s Realize the Vision: The Campaign for Tier One & Beyond. The five-year effort aims to raise $200 million by 2014. So far, more than $250,000 has been raised for the library.

Sall joined UT Dallas in 1978 as a coordinator of Special Collections in the McDermott Library. He was named director of libraries in 2000. In 2004, the position was redesignated dean of libraries.

A CGA is a type of deferred gift, similar to a bequest made through a will.  However, the benefits to the donor are considerably greater, explained Anna LeBlanc, director of gift planning at UT Dallas.

“A CGA is a life-income tool, meaning the donor gets an annual fixed payment that’s guaranteed for the rest of their life,” she said.

CGA Chart

Use the personal calculator at utdallas.edu/annuity to learn how a gift annuity could benefit you. Or contact Director of Gift Planning Anna LeBlanc at anna.leblanc@utdallas.edu or (972) 883-6023.

The payment is a percentage of the donor’s gift—a minimum of $10,000—and it is determined based on the donor’s age. To establish a CGA, donors must be at least 55 years old. The rates for a CGA are currently far higher than other no-risk investments, such as certificates of deposit (CDs) or savings accounts.

With interest rates at historic lows, gift annuities are becoming increasingly popular to retirees like Sall.

“This was practically a no-brainer for me,” he said. “I’m able to make a gift that will support the McDermott Library while also receiving guaranteed income for life.”

In addition, he will be able to take an immediate tax deduction on his gift, and a significant portion of the annual distribution he receives will be tax-free.

“I definitely wanted to support the University’s campaign, but being newly retired, I could not make a significant outright gift. This gift annuity is the perfect vehicle for me to support UT Dallas.”

Unlike a bequest, a CGA is irrevocable. Also, the gift that establishes the annuity is held by The University of Texas Foundation, which invests the funds and pays the annual distribution to the donor. After the donor dies, the UT Foundation then distributes the remainder to UT Dallas, where it is designated according to the donor’s wishes.

For Sall, well-known on campus for his wry and pragmatic sense of humor, the process of completing a deferred gift had an unexpected outcome.

Realize the Vision logo

“As I’ve heard, when you make a gift like this, which is dependent entirely on your ultimate demise, it means you’ll likely live an extra 10 to 20 years. If that’s true, then this is a great bargain!”

For more information on gift planning, contact LeBlanc at 972-883-6023 or visit utdallas.plannedgiving.org.


Media Contact: Sara Mancuso, UT Dallas, (972) 883-6507, smancuso@utdallas.edu,
or the Office of Media Relations, UT Dallas, (972) 883-2155, newscenter@utdallas.edu
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September 18, 2014