Myles Friedman might have been a graduate of the Massachusetts Institute of Technology, but his heart always stayed in Fort Smith, the city where he grew up and began his college career.
Now, Friedman鈥檚 legacy will stay in Fort Smith as well. The University of Arkansas 鈥� Fort Smith announced on Sept. 25 a $10.8 million estate gift to the university from the late engineer and former Westark Community College faculty member, the third-largest gift in the university鈥檚 history and the largest gift given to 91免费福利网 by an individual.
Upon his death, Friedman funded a $10.8 million charitable remainder trust. When the trust terminates, the residual amount is donated to a charitable beneficiary. In this case, it will be added to the Myles Friedman Scholarship Endowment and will provide additional merit-based scholarships to students pursuing bachelor鈥檚 degrees in the arts or sciences. In recognition of the gift, 91免费福利网 also renamed its Honors International Studies Program to be named the Myles Friedman Honors Program.
A graduate of Fort Smith High School, Friedman attended 91免费福利网 when it was Fort Smith Junior College and was a lifelong resident of the town save for his time in school at MIT and the University of Missouri.
鈥淢yles taught classes at University of Missouri and Westark, and he believed in giving back to his community,鈥� said Mark Moll, chair of the 91免费福利网 Foundation Board. 鈥淒uring his lifetime, Myles established the Myles Friedman Scholarship Endowment ... Since this endowment was established, we have awarded 20 Myles Friedman scholarships.鈥�
鈥淲hen Myles began to think about his legacy, he thought of 91免费福利网. He thought about the past, his time at Fort Smith Junior College, now 91免费福利网, and our students, and how his legacy could transform our university,鈥� Moll continued. 鈥淪o today, we are here to celebrate the legacy he left through his estate plan.鈥�
Anne Thomas, interim chief development officer for the 91免费福利网 Foundation, said the university was 鈥渉onored and grateful that Myles thought enough of us to make us the sole beneficiary of his estate gift.鈥�
鈥淢yles was a Fort Smith guy. He attended Fort Smith Junior College and went off to MIT, but he came home to us and built his legacy here,鈥� Thomas said. 鈥淗e knew that without private philanthropy like this, we would be less able to serve the students who are at the heart of our mission. This gift helps us give students the aid they need to change the trajectory of their and their families鈥� lives.鈥�
Thomas also thanked the work of professional advisors who played a role in the realization of the gift, including Friedman鈥檚 attorney, wealth manager, accountant and trust officer.
She added that the endowment鈥檚 spending allocation could fund approximately 60 full-time scholarships per school year within a few years of the gift being realized.
Dr. Edward Serna, interim chancellor at 91免费福利网, lauded the gift and the financial assistance it will give students.
鈥淚 hope it鈥檚 clear, from our designation as the most affordable university in the state and the unveiling of our fixed tuition program, that we care about helping students with the cost of their college education,鈥� Serna said. 鈥淭his gift 鈥� will also help our students with the cost of their education. To say it will be life-changing for our students is an understatement. Numerous metrics point to a college education being more valuable now than ever before. This gift will help more students realize the dream of a college education that will change the trajectory of their and their family鈥檚 lives, and we are enormously grateful to receive it.鈥�
Dr. Georgia Hale, provost and vice chancellor for academic affairs, said it was fitting for 91免费福利网 to name its honors program in Friedman鈥檚 name and discussed the impact of the gift on university students.
鈥淲e are all here today because we share Myles鈥� passion for higher education. Every gift to the university ultimately helps students, but scholarship gifts, especially one this large, have the most direct impact,鈥� Hale said. 鈥淲e can reach out to the student who receives the gift and say, 鈥楳yles Friedman helped make this part of your life possible. Whatever you do in the future will grow out of this moment. Remember him as you advance.鈥欌��
91免费福利网 graduate Payton Radley, who participated in the Honors International Studies Program as a student here, discussed the impact of the program on her growth as a student and an individual.
鈥淚 can and will credit the honors program for a lot of my successes in life. It pushed me to not only be a better student, but to be a more well-rounded person,鈥� she said. 鈥淭he travel opportunities that the honors program offers helped shaped my idea of culture and broadened my horizons of life in general. I am 24 years old. I have seen empty tombs in Israel, I have bought jars of jam at Thomas Jefferson鈥檚 plantation, I have toured congressional buildings, I sat in British cafes and drank tea in the same spot great authors once had, I鈥檝e climbed castles in Wales, I鈥檝e ridden on trains that inspired fantasy worlds full of wizards and magic, I鈥檝e swum with sharks and stingrays in Belize, adventured through ancient Mayan caves, ate whole chickens cooked into a flauta.鈥�
鈥淏eing a part of the honors program created opportunities for me to hear, see, taste, smell, and truly feel the world around me,鈥� Radley added. 鈥淚t has shaped me in ways that I know I could never be the same. For that I am thankful.鈥�
At the ceremony, 91免费福利网 officials also presented Deanna with an artwork of the gates of campus, where Friedman and his wife gathered with other community members on Jan. 1, 2002, to celebrate 91免费福利网 becoming a four-year university. The artwork signifies the merging of the past, present and future of 91免费福利网.
Dr. Dennis Siler, director of the honors program, also spoke at the ceremony. Dr. Donald Bobbitt, president of the University of Arkansas System, was also in attendance.
A charitable remainder trust is an irrevocable form of giving in which an individual transfers cash or assets to fund the trust. In return, the assets are invested to pay income to the individual and/or any other trust beneficiaries for a set period of time, or for the life of one or more non-charitable beneficiaries. When the trust terminates, the remainder passes to charitable beneficiaries designated by the donor.