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Gift to Establish Investment Club

Donor Kelly

Gift to Establish Investment Club

As a school librarian, Terese E. Kelly once fended off boredom with a small group of sixth-grade students by teaching them a stock market game.

"It was sort of an accident that I did it," she recalls of the group-all girls-who were assigned to the library for an hour each week. "I remember thinking, what can I do that will be interesting for them? So I introduced them to the financial pages of the newspaper."

Terese devised a kind of stock market game, asking the girls to choose the stocks they would follow by thinking of their favorite foods and then finding companies that produced them.

"They picked out six or seven stocks that we followed every week. We didn't have computers, so we would mark the stocks' progress on a piece of graph paper. Fortunately, we had a bull market that year, so we could watch them go up," she says, laughing.

Giving Runs in The Family
Terese, now retired, is a living lesson in how to make the most of your finances and be generous at the same time. A longtime donor to the University at Buffalo, she began giving back to UB shortly after earning a bachelor's degree in 1968 and a master's of library science degree in 1973.

Terese, who worked as a librarian for 25 years, as well as a Latin teacher, established a scholarship in 2003 for residents of the former Little Valley Central School District. Three generations of the Kelly family attended school there, beginning with Terese's grandmother, Marie Heber Kelly, also a librarian and a suffragette.

"She died when I was in 2nd grade but I just remember her being a very generous person, so she was my inspiration," Terese says.

Ongoing Generosity
Terese, who went on to earn an MBA, clearly inherited her grandmother's spirit and generosity: she is giving again to UB, this time to establish an investment course for students in the School of Management. The idea for the course, which harkens back to the game she invented in 1995 for her sixth-grade girls, formed when the school told her about a group of students who wanted to start a similar course and were willing to invest their own money.

Although she has never worked in business herself, she sees creating the investment course as another way to use her MBA "for my own purposes."

"It's kind of like a hobby with me. But sometimes when you are working your hobby, it's not so much fun anymore, so this is makes it more fun," says Terese, who says she will serve on the program's advisory board "more out of curiosity than anything."

Learning Business from Family
Her lifelong interest in business began with her father, who owned a title-searching company.
"When I was in high school and college, they didn't encourage girls to major in business, but in my father's company, most of his employees were women," Terese says.

While other companies at the time allowed women to "only do the typing and have the men work as abstractors," Terese's father "thought that was just ridiculous."

"He always said that his women employees were the ones who gave the attention to detail needed in that job," Terese recalls.

Terese made her donation by working with the UB Office of Gift Planning, which helped to match her interests to the School of Management and create the innovative investment program.

She hopes her gift will inspire others to give to the university. "There's so much the state keeps cutting. I think people ought to think about it, even if they only have a few dollars to give," she says. "I am firm in my belief that we need to support our state universities."

For more information on how you can support UB, please contact Ms. Wendy M. Irving at (716) 881-7484 or You can also visit our website at


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A charitable bequest is one or two sentences in your will or living trust that leave to the University at Buffalo 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 give, devise, and bequeath to the University at Buffalo Foundation, Inc., a nonprofit education corporation, headquartered in Buffalo, New York, the (sum of $_____) or (_____% of my estate) or (the property described herein) or (the remainder of my estate) to benefit the University at Buffalo."

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 at Buffalo 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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 at Buffalo as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 at Buffalo 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 at Buffalo where you agree to make a gift to the University at Buffalo 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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