Features
Rush County couple leaves bulk of estate to Butler
Property generates nearly $3 million
An estate gift from a 1946 Butler University graduate has generated nearly $3 million for his alma mater.
The late W. Thomas Smith designated his bequest to first fund a previously established endowed scholarship, but left the vast majority for Butler’s unrestricted endowment. An independent stock broker from Arlington, Smith died in January 2007.
Butler Vice President for Advancement D. Mark Helmus said the university will likely allocate at least part of the unrestricted endowment portion of Smith’s gift to unfunded priorities after the May 31, 2009, conclusion of the ButlerRising human capital campaign.
Over his lifetime, Smith along with his wife, Martha, contributed more than $3 million to Butler. The bulk of the gifts came in the current decade.
“Mr. Smith had given consistently, albeit modestly, through the years,” Helmus said. “A few years ago he made his first stock gift to begin funding the endowed scholarship. This led to conversations about his estate plans, including a sizable investment portfolio and real estate here in Indiana as well as California. “I’m sure it was very gratifying for him to ultimately leave such a tremendous legacy for the University. We are very grateful for his generosity.”
Martha Smith died in 2003. The couple had no children, and their estate was distributed to local charities and not-for-profits, with the majority going to Butler.
W. Thomas Smith met Martha Hall, a daughter of former Indiana Congressman Albert R. Hall, while both were earning their bachelor’s degrees in business at Butler. They were married at Robertson Chapel on campus. They felt strong allegiance to Butler and wanted to give back to the University, according to their friend Larry Stout.
Stout served with the Smiths on the board of Rush County Heritage, an organization dedicated to the preservation of the county’s many covered bridges. Stout said the Smiths “had a great love for the history of the county,” as well as a personal tie, in that one of the bridges was named for W. Thomas Smith’s great-grandfather.
“Tom never knew a stranger,” Stout said. “He always made you feel good when you were around him.”
Both Smiths dealt in personal stock trading; Martha Smith also operated a yarn/knitting shop. They enjoyed traveling the Midwest on their Harley-Davidson motorcycles.
The ButlerRising campaign has generated more than $145 million in gifts and pledges to date. Until the campaign concludes next May, Butler will continue seeking funding for such priorities as endowed scholarships, creation of a new performance hall and improvements to the Butler Bowl football stadium, Helmus said.
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