The end result includes an additional pledge and a charitable lead trust. Photo by Francis Catania. Endowments are permanent and ensure that the University will continue to have the resources necessary for carrying out its mission in the years to come. Funds from gifts are invested, with a portion of the earnings used each year to support the program of choice.
Many donors establish endowments through planned gifts.
But recently the McClendons woke up to the fact that the Law School wouldn t receive income from the remainder trust during their lifetimes. We realized that we d never see the benefits of our gift, says Stewart, a retired Exxon Corporation attorney. I learned that a charitable lead trust would create income for the Law School now and get the professorship going immediately. After talking with Law School Dean Tom Sullivan, the McClendons put together a creative giving package that allows them to see their professorship filled, and at the same time allows them to retain control of part of their assets. They have funded a 10-year charitable lead trust with cash that will pay income for the professorship.