Thoughtful Giving Creates Deep FSU Partnership

Tim Cole (’79)
College of Business Hall of Fame recipient

FSU College of Business alumnus Tim Cole (’79) remains committed to supporting the college through student engagement and philanthropy. This connection began when former dean Caryn Beck-Dudley reached out and encouraged Tim to consider supporting the College of Business through student mentorship, he recalls. He became re-engaged with his alma mater and has never looked back. The partnership showed Tim just how simple and gratifying getting involved with FSU and its students could be. Today he continues to engage and inspire students with his experience and thoughtful insights.

In 2012 Tim became a College of Business Hall of Fame recipient. He works to enhance FSU’s reputation through student mentorship, board responsibilities and shows his garnet and gold spirit.

Reconnecting with the College of Business was the key to bringing Tim back to his FSU roots, especially when, at the time, he resided across the country in the San Francisco Bay area with his wife, Peggy, and children. Soon after, he began supporting the university in other ways. Notably, Tim established the Cole Family Endowment for Excellence at Florida State.

“Tim’s investments in the College of Business will pay dividends for countless generations of business students,” said Michael Hartline, current dean of the college. “He and Peggy are tireless supporters of the college and the university, and their impact is immeasurable.” Tim credits the FSU Foundation’s Gift and Estate Planning team for assessing his family’s goals and providing tailored and creative solutions specific to their needs.

Tim used income-driven vehicles—charitable gift annuities and remainder trusts—to enhance his family’s legacy at FSU. These strategic solutions allow individuals to transfer property, cash or other assets to FSU and draw annual income for life or a specified period while having potential tax benefits. Tim credits the team at the FSU Foundation for having a broad perspective and using their expert knowledge to look at their situation, ask questions, and suggest different opportunities based on the Cole family’s specific situation at the time and what they believed their situation in the future to be.

“(They) did the homework,” Tim said. A member of the Gift and Estate Planning team “engaged and came out with a set of options and gave us the opportunity to think about a few of them—one of them being the real estate play. We never would have thought about it. That piece of real estate was specific to our situation. It was such a cre-ative solution, and that is what really triggered us to make a planned gift. We didn’t know those different things existed, and the creative way that fit our personal situation was great. The benefits that were laid out just made sense for us.”

Now retired and back in the Florida area, Tim remains committed to FSU as an active member of the College of Business community. He has served on the College of Business Board of Governors since 2007 and frequently visits Tallahassee to meet with and mentor business students. Tim has also dedicated his time as a trustee for the FSU Foundation Board of Trustees.

These charitable gifts have helped position the Coles not only to enjoy their retirement through “active grandparenting” and traveling but also to have the peace of mind of knowing current and future provisions are in place to support business student internships and other needs.

Tim encourages others to consider real estate as an asset, especially if they don’t want to pass the property down to heirs. He asks, “Why not get the benefits of gifting the property now?”

He says, “The difference between a one-time gift and a planned gift—emotionally—is awesome. It’s a very good feeling.”

Planned gifts allow Florida State to continue to thrive for years to come. There are many charitable ways to show your support, some of which are highlighted here, and the Office of Gift and Estate Planning team are happy to serve as a resource to help strategically align your philanthropic mission with your interests at Florida State University. If you are interested in learning more about gift and estate planning, contact The Office of Gift and Estate Planning at (850) 644-0753 or giftplanning@foundation.fsu.edu. Go Noles!