ALUM'S CHARITABLE GIFT ANNUITY TO FUND SCHOLARSHIPS

It pained alumnus Dale O'Hara to see his friend Carol Ann Weber, a single parent, struggle to complete nursing school while juggling other responsibilities in her life. When she died before she could get her nursing degree, he vowed that when he could, he would establish a scholarship in her memory to lessen the struggle for others in similar situations. He followed through.

In 2007 O'Hara established the Carol Ann Weber Scholarship Endowment for a student in the School of Nursing (SON) that will generate a $1,000 award for tuition to a deserving nursing student every year.

Touched by the difference it has made for recipients he meets when the scholarships are presented each year, O'Hara has taken his generosity and affection for OU to the next level. The business analyst for a Detroit-area manufacturer made a gift of $200,000 toward a charitable gift annuity (CGA) to support a scholarship endowment.

"I don't have any children, so I thought I would help other people's children attend my alma mater," he said.

With a CGA, the donor makes a financial gift to the University through a transfer of assets such as cash or stocks and then receives a guaranteed payment quarterly for life. The donor also receives a charitable tax deduction, which makes this option especially appealing. Specifics that include the rate of return on fund investments and start date for payments to the donor are locked in when the donor and the University sign the contract.

"This means donors can plan for their future knowing exactly how much their fixed payments will be for the rest their lives," said Colette O'Connor, senior director of planned giving.

"It's a win-win-win," O'Hara said. "I can plan for my retirement knowing exactly how much I will receive from the annuity and when, the school benefits from investing the funds, and students will get help paying their tuition."

Upon his death, OU will begin awarding the Dale R. O'Hara Nursing Scholarship from the remaining CGA funds.