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Congrats on 8M Gift

panama

By panama
in Our Alma Mater

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panama Explorer

panama

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Posted (edited)

Fire an AD. Get an $8M gift. Duly noted. Congratulations.

 

http://www.unstoppable.usf.edu/fnd_web/press-releases-details.aspx?ID=1680

Edited by panama
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Rizman Toro Magnifico

Rizman

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Awesome, and 2 million goes to Athletics. 

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Mike Stuben Toro Magnifico

Mike Stuben

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This is awesome. I was his account rep back in the day, he is a very nice person. 

 

I do want to point one thing out, for those who don't know the terms the article used. This gift is through his estate, which I read it to mean his will. USF may not get the money for another 40 years (I hope for his sake). That in no way diminishes the impact of his gift and kindness, I just don't want anyone on here to start spending the money right away. 

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charsibb Toro Magnifico

charsibb

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Posted

This is awesome. I was his account rep back in the day, he is a very nice person. 

 

I do want to point one thing out, for those who don't know the terms the article used. This gift is through his estate, which I read it to mean his will. USF may not get the money for another 40 years (I hope for his sake). That in no way diminishes the impact of his gift and kindness, I just don't want anyone on here to start spending the money right away. 

 

 

Interesting.

 

Unless it's got some sort of a non-revocable clause, he could simply write a new will and leave us out of it.

 

Agree. Don't spend anything yet

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Mike Stuben Toro Magnifico

Mike Stuben

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Posted

 

This is awesome. I was his account rep back in the day, he is a very nice person. 

 

I do want to point one thing out, for those who don't know the terms the article used. This gift is through his estate, which I read it to mean his will. USF may not get the money for another 40 years (I hope for his sake). That in no way diminishes the impact of his gift and kindness, I just don't want anyone on here to start spending the money right away. 

 

 

Interesting.

 

Unless it's got some sort of a non-revocable clause, he could simply write a new will and leave us out of it.

 

Agree. Don't spend anything yet

 

 

I said will to take the simple road. It could be a lot more complex than that. He could own blue chip stock where he lives off the dividends (and other income) ... and he contractually agreed that after his death the stock is transferred to USF. Or life insurance that names USF the beneficiary.

 

There is little chance of the gift going away because in instances like this, there are contracts. Remember, he gets perks now for the gift, which help ensure that it will certainly come when the time is right.

 

When I said don't spend it, I wasn't worried about it coming .... I was just saying it may be a long time in the future. (because George is pretty young and appears to be in great health)

 

The credit and appreciation for the gift shouldn't change, this is a huge commitment to USF.  

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charsibb Toro Magnifico

charsibb

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Posted

Cool. Thanks for the info.

 

Now, if we could just get one of our own to win the megamillions and fund the OCS...

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&rew Bull Grand Bull

&rew Bull

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Posted

Cool. Thanks for the info.

 

Now, if we could just get one of our own to win the megamillions and fund the OCS...

I'm working on it through Buffett's billion dollar bracket challenge.

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charsibb Toro Magnifico

charsibb

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Posted

 

Cool. Thanks for the info.

 

Now, if we could just get one of our own to win the megamillions and fund the OCS...

I'm working on it through Buffett's billion dollar bracket challenge.

 

 

 

You going to build a JerryWorld clone????

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CousinRicky Toro Magnifico

CousinRicky

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Posted

 

 

This is awesome. I was his account rep back in the day, he is a very nice person. 

 

I do want to point one thing out, for those who don't know the terms the article used. This gift is through his estate, which I read it to mean his will. USF may not get the money for another 40 years (I hope for his sake). That in no way diminishes the impact of his gift and kindness, I just don't want anyone on here to start spending the money right away. 

 

 

Interesting.

 

Unless it's got some sort of a non-revocable clause, he could simply write a new will and leave us out of it.

 

Agree. Don't spend anything yet

 

 

I said will to take the simple road. It could be a lot more complex than that. He could own blue chip stock where he lives off the dividends (and other income) ... and he contractually agreed that after his death the stock is transferred to USF. Or life insurance that names USF the beneficiary.

 

There is little chance of the gift going away because in instances like this, there are contracts. Remember, he gets perks now for the gift, which help ensure that it will certainly come when the time is right.

 

When I said don't spend it, I wasn't worried about it coming .... I was just saying it may be a long time in the future. (because George is pretty young and appears to be in great health)

 

The credit and appreciation for the gift shouldn't change, this is a huge commitment to USF.  

 

 

Don't read this Board much but saw this topic.  Was going to do a little advertising for USF fund raising in football season when there are more readers.  But since there is some discussion of this, Mike was right on with the Insurance thing.  My wife and I just signed the papers a few weeks ago to finalize an insurance policy for $250,000 with USF as the beneficiary.  So the money going toward the premium counts toward our annual donation.  They give up some current income for more future bucks.  Depending on your age it is something that they will encourage.  But I do have someone from USF try our food before we eat anything now when we are at USF events.

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