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Building a Bryant Legacy, On and Off the Court

Theresa Garlacy

"Bryant has given us so much joy. I'm giving back to a truly special community..."
–Theresa Garlacy

Theresa Garlacy remembers her first day as Assistant Coach of the Bryant Volleyball program in 1994. She wasn't thinking about the countless accomplishments and accolades that she and her program would achieve over the next quarter-century: Serving as head coach for an unprecedented 25 seasons, and leading the Bulldogs to 10 NCAA Division II Tournaments in 12 years; honored as 2015 NEC Coach of the Year; a Division I program-record 22 victories, an NEC Championship, and an NCAA tournament berth in 2018; a monumental 500 career wins and a career record of 531-356 (.599).

She couldn't imagine any of it, but she says, "I thought to myself, 'This is the best job in the world,' and 27 years later, that's still true today."

Now, she's chosen to give back to the Bryant community that welcomed her and has been such an important part of her life. Through a strategic and tax-advantaged planned gift using her Bryant retirement fund, she and her husband, Ted, are creating the Theresa and Ted Garlacy Volleyball Enrichment Endowed Fund to leave a legacy for a Bryant volleyball program that will grow stronger each year.

A Smithfield High School three-sport athlete—basketball, field hockey, and softball—Garlacy first played volleyball recreationally during her first year as a student at Providence College.

"I just fell in love with the game," she remembers. "It's such a team effort, coordinating multiple people with multiple skills to get the job done. You can't touch the ball twice in a row—you need your teammates to be successful."

It was her husband, Ted, who introduced her to the game that would be the focus of her life and career. A retired sergeant from the North Smithfield Police Department, Theodore "Ted" Garlacy MBA'07 joined her as a volunteer coach in 1994, and has been by her side, on and off the court, ever since.

Garlacy is quick to credit his contributions as a large part of her success and says, that while many people support their hobby or passion with their day job, "I am so grateful that I get to do what I love as my job, and I get to do it with my family."

Growing up the youngest of seven children, Garlacy says her mother was always her biggest fan, attending every game she played, and always encouraging her to follow her passion without limiting herself to the pursuits that were traditionally considered "for girls."

Her family's influence has shaped Garlacy's coaching philosophy toward goals that are set higher than simply winning games. She says she is committed to educating strong, resilient, confident women who leave Bryant ready to accomplish great things. "We're focused on life goals. The things student-athletes learn on the court—how to face adversity, how to be accountable—it sets them up for success throughout their lives."

She says one of the best parts of the job is the lasting relationships she maintains with former players—when they come back to visit with their families, when she visits them during team road trips. "Seeing them support each other in their careers, and watching their kids play together at special events. To experience that is a gift."

She hopes her own gift—the first-ever planned gift to Bryant Athletics—sends a message to players, colleagues, and everyone at Bryant.

"When I encourage alumni and former student-athletes to give back to Bryant, it's important for me to lead by example," she says. "Bryant has given us so much joy. I'm giving back to a truly special community that will welcome my eventual successor, give them the same support that I had, and make them want to stay for as long as I did."

If you would like to learn more about how you can make an impact on the lives of Bryant students through a tax-advantaged planned gift, contact Bob Ferrell at 401-232-6171 or rferrell@bryant.edu.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Bryant University 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

"I, [name], of [city, state ZIP], give, devise and bequeath to Bryant University [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 Bryant University 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 Bryant University 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 Bryant University 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 Bryant University where you agree to make a gift to Bryant University 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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