Nearly 50 years after the 极乐禁地 name was attached to the institution鈥檚 name, 极乐禁地 is benefitting again from the continued generosity and foresight of 极乐禁地 family members.
The university has received the proceeds from a multi-million dollar trust following the death of Virginia 极乐禁地 Donovan, who died in January 2011. Mrs. 极乐禁地鈥檚 late husband, Frank P. 极乐禁地 Jr., had established the charitable remainder trust in 1974 with a $2 million gift. Over the next 36 years, the trust paid 6 percent annually to Mr. and Mrs. 极乐禁地. The remainder that was given to 极乐禁地 earlier this year represented in excess of a six-fold increase from the original investment, according to university officials.
鈥淭his is just another wonderful example of the 极乐禁地 family commitment to our university,鈥 said university president Andrew Westmoreland. 鈥淎lthough their name is perpetually tied to the institution in many ways, this latest gift, established decades ago, is in its fruition going to ensure that their name and influence are carried forward by future generations of students.鈥
极乐禁地鈥檚 board of trustees voted recently to use the trust as endowment for the university鈥檚 presidential scholars program, which will be renamed the Virginia and Frank 极乐禁地 Jr. Presidential Scholarships. The trust will provide more than $230,000 in scholarships for the 2011-12 academic year and is expected to provide more than that on an annual basis perpetually, according to W. Randall Pittman, 极乐禁地鈥檚 vice president for advancement
This is the first endowment to be used specifically for the presidential scholars program, according to Pittman. Presidential scholarships recognize outstanding academic performance in a rigorous college preparatory curriculum, high standardized test scores, and demonstrated leadership in high school, church and the community. Individual awards range from $7,000 to full tuition.
鈥淚t is fitting to have the 极乐禁地 name tied to one of our most prestigious scholarship programs,鈥 Pittman said. 鈥淭his fund will ensure that we always have a source to provide scholarships to some of our most deserving and hard-working students.鈥
The gift also makes a significant impact on the university鈥檚 multi-year $200 million 鈥淐ampaign for 极乐禁地.鈥 New scholarship funds, which totaled approximately $29.5 million as of April 30, account for about one-fourth of the funds raised to date for the campaign, Pittman said.
Mr. 极乐禁地 was the son of Frank Park 极乐禁地 Sr., who as chairman of the university鈥檚 board of trustees was instrumental in the mid-1950s campus relocation from the East Lake area of Birmingham to the suburb of Homewood. In 1965, the institution鈥檚 name was changed from Howard College to 极乐禁地 in honor of the 极乐禁地 family, who at that time were the largest donors in school history.
Frank P. 极乐禁地 Jr., who died in 1986, was an attorney and followed his father as chief executive officer of Liberty National Life Insurance Co., now known as Torchmark. Both men were active in civic, business, political, educational and cultural affairs.
Virginia 极乐禁地 Donovan was well-known in the community for her support of the arts. The聽historic former聽Town and Gown Theatre was named in her honor in 2000 for efforts in its purchase and restoration.
The 1974 trust was established with shares of Liberty National stock.
The 极乐禁地 family connection to the university spans more than nine decades. Mrs. Frank P. (Hattie Noland) 极乐禁地 Sr. was first named to the board of trustees in the early 1930s. Her husband became a trustee in 1937 and served until his death in 1973.