Velma Wallace’s estate leaves $6 million gift for Wichita State University
The Wichita State University Foundation talks about the “Spirit of the Gift” when describing the people giving the donations to the university, now numbering over 1,000.
One donor stands above the rest in her generosity to the university, even after death.
Velma Wallace’s estate recently gave a $6 million gift to the university. The gift to continue what she deemed to be a goal of improving the community.
“What’s unique about Mrs. Wallace is that if you took all of her lifetime donations plus her estate, her gifts are most of any donor we’ve ever had in the history of WSU,” Elizabeth King, president and CEO of the WSU Foundation, said.
King said the total lifetime giving of the Wallaces reaches around $15.8 million. Many of these donations are in the form of student scholarships, with the largest donation going to the Dwane L. and Velma L. Wallace Endowment.
Dwane & Velma Wallace created the endowment after Dwane Wallace’s long work in the aerospace field. Dwane Wallace was Velma Wallace’s husband and former president and chairman of Cessna Aircraft.
Dwane Wallace passed away in 1989, but Velma Wallace continued to give to the community to help improve the city of Wichita, which she cared deeply for.
“Even though we received this phenomenal gift, she still took care of other non-profits in the community that she had a passion for,” King said. “She was driven to give other people an opportunity to succeed as she was given that opportunity.”
Wallace’s estate stipulated that the donation would be split up to a few different uses. The largest share of the donation, $3.5 million, went to the Wallace Endowment Fund.
In a press release Vish Prasad, the interim dean of the college of engineering, said, “Her estate gift will ensure that the Wallace Scholars program can continue the Wallace legacy as well as enable it to grow well in the future.”
No decision about whether the number of students or the amount of each scholarship will increase has been made.
The rest of the donation was given to athletics for scholarships and to the schools of education and fine arts for scholarships and for departmental needs. These scholarships will become available next school year.
The Foundation’s Spirit of the Gift saying shows how some supporters wish to do more than leave a legacy. Wallace’s donations to the university were investments in Wichita’s future to become a better place.
She had a spirit of giving in all that she did.