A Pair of Docs

Professors Barry Morris and Thomas Murray smilingBased on the example ten years earlier of two former chemistry professors, Dr. Raymond Isbell, and Dr. Charles Richmond, Professors Thomas Murray and Barry Morris became the founding members of PRFSR in 2008. As Dr. Isbell contemplated his retirement, he suggested to the UNA administration his desire to volunteer his services to teach his classes for one year after his retirement if the university would be willing to create endowment funds with the money he would have been paid had he not retired. The earnings from these endowments would finance scholarships for highly qualified and motivated students majoring in Chemistry or Industrial Hygiene. Dr. Isbell's generous act was the genesis of what has become a formal initiative of retiring faculty at UNA; Professors Funding Scholarships in Retirement or PRFSR.

Professors Morris and Murray officially retired in July 2008, but they continued to teach their classes during the 2008—2009 academic year for little or no compensation. The UNA Board of Trustees, in honor of their voluntary service, established permanent endowment funds. The endowment established by Dr. Morris will be used to provide scholarships for students majoring in Economics or Finance. Three endowments were created by Dr. Murray: one to provide scholarships for chemistry and industrial hygiene majors, one provide scholarships for English majors, and one to supplement the stipend for the recipient of the annual Eleanor P. Gaunder Phi Kappa Phi Teaching Excellence Award.

Dr. Morris named the fund created by his volunteer year of service the Gladys and Basil Morris Permanent Endowment Scholarship Fund in honor of his parents. "I don't think I could ever thank them enough for the sacrifices they made to ensure I had the opportunity to go to college. I only wish I had had the idea before their deaths so they would have known that what I was going to do would be in their honor."

Professor Murray established three endowments with his volunteer year of service. The Sandra Cowan Murray Endowment, named in honor of Dr. Murray's wife who taught English for 30 years, will be awarded to a graduate of Florence High School pursuing a major in English. "Because of the careers of my wife and daughter (Lynn who has a PhD in English), I became aware of the disparity that exists between the sciences and English when it comes to support for undergraduate and graduate education, hence the scholarship idea." Dr. Murray created the Robert Francis Pinkney Endowment to honor his grandfather, who immigrated to the United States from Yorkshire in 1893. Earnings from this endowment will benefit students taking a major within the Department of Chemistry and Industrial Hygiene. Dr. Murray's third endowment will be used to endow and benefit the Eleanor P. Gaunder Phi Kappa Phi Teaching Excellence Award.

The devotion to UNA demonstrated by these two professors for more than 35 years will, in their retirement, be perpetual through these endowments which they so generously created.

UNA's PRFSR program is an example of the classic ‘win-win-win' idea. The university's ability to recruit top-notch students is enhanced by being able to offer more scholarships. The recipients of the scholarships benefit by being better able to absorb the rising cost of college. The professors who made those scholarships possible enjoy the satisfaction of ‘giving back' while easing into retirement.

"I hope that Dr. Murray and I will inspire many of our colleagues at UNA to give another year to their departments after their retirements," said Dr. Morris. "Imagine the impact on the lives of students all across campus through scholarships created by retiring faculty just by continuing to do for one more year something they truly love doing - being in a classroom full of students."

A charitable bequest is one or two sentences in your will or living trust that leave to the University of North Alabama Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest Language

"I, [name], of [city, state, ZIP], give, devise and bequeath to University of North Alabama Foundation [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the UNA Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the UNA Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the UNA Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the UNA Foundation where you agree to make a gift to the UNA Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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