Alumnus David Wallace Gives Back in Many Ways
The Charleston, West Virginia, resident has made numerous donations to the WVU Foundation over the years, including gifts of cash, stock, and in-kind services.
“I had the time of my life at WVU. I enjoyed being there with my friends and the camaraderie we shared. I still hear from those of my friends who are still with us,” says David, who earned his bachelor’s degree in business administration and marketing in 1954.
After graduation, he worked at Kanawha Valley Oil Company, starting his career in sales, then moving up to management, and eventually becoming CEO. He also worked at Pond Fork Resources until the company was purchased in 2007.
Now he spends his time giving back to his community and WVU, particularly WVU athletics. David’s generous giving to WVU stems from his love for the school and the people who inspired him to succeed in life, specifically his professor George R. Farmer. “If it weren’t for Dean Farmer, as we called him, I wouldn’t have graduated,” David says. “He tutored me on his open-book business law course. I had a very tough time getting it. Dean Farmer gave up his time on Saturday mornings to tutor me, so I could graduate. This is the kind of professors that we had, and I will never forget him for that,” he adds.
“I started giving as a scholarship donor when Fred Shaus was our athletic director. I helped build an honor roll board at the facilities building, and a boardroom at the [Erickson] Alumni Center for Steve Douglas,” he says of the longtime director of the WVU Alumni Association who passed away in 2016.
When WVU created the golf team in 2014, David turned his giving there.
“I got together with my friend, Judge Bob King, who incidentally was the last captain of the WVU golf team under Coach Ira ‘Rat’ Rogers. We helped start it back up, and since then the practice area came up—which was our main concern. I felt that my further giving should be through the Foundation for that facility,” he says. “Right now, our focus is on the golf practice range and scholarships for young golfers who not only want to play in the Big 12, but who also want a good education.”
David has generously made cash gifts to the WVU Foundation and also set up charitable gift annuities. While his first gift annuity was funded with a cash gift, his last two have been gifts of highly appreciated stock, which allows him to avoid a portion of the capital gains taxes that would have been due when the stock was sold. The rest of the capital gains are paid over time, not in one lump sum. By reducing capital gains taxes in this way, both David and WVU will ultimately benefit.
David has kept the youthful spirit of his college years alive more than 60 years after graduating
“WVU didn’t have near the student population that it has today—less than 3,000 students when I went there. It has changed. It’s a large school, but everybody who goes there loves it. West Virginians are great people.”
You can create an endowed scholarship at WVU, set up your own charitable gift annuity, or simply support the educational mission of the University with a gift through your estate. Contact Matthew Clark at 304-284-4033 or email@example.com to learn more.