Jack Wilson Presidential Scholarship Fund Agreement

A planned giving scholarship with more than $2.1 million (in 2011)  targeted to help deserving students at the University of Massachusetts

Jack M. Wilson, Ph.D.,                                                            email id: jwilson address: umassp . edu 

President Emeritus The University of Massachusetts and   
Distinguished Professor of Higher Education, Emerging Technologies, and Innovation   
The University of Massachusetts Lowell       


Dr. Jack Wilson served as the 25th President of the University of Massachusetts system, from September 2, 2003 to June 30, 2011 and is now President Emeritus and University Distinguished Professor of Higher Education, Emerging Technologies, and Innovation. <story>


Dr. Wilson established the Jack M. Wilson Presidential Scholarship Fund with a gift of an Insurance Policy worth $1,775,000 -funded with performance bonuses that he was to have received under his contracts over the years.  To that was added $230,000 from a dinner honoring his retirement as President and another $120,000 raised during his inauguration.  The total value of the Scholarship fund at his retirement as President in July 2011 was over $2.1 million.


-Boston Business Journal:  UMass Prez Wilson chips in for $2.1M scholarship fund in his own name

-Mass Live:                            UMass President Helps Establish Scholarship

-University of Massachusetts:  News Release June 2, 2011.

Endowment Agreement  ->

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 The Agreement is between, Jack M. Wilson, 18 Kendall Drive, Westborough, MA,( the “Donor”)

 the University of Massachusetts, Office of the President, 225 Franklin St., Boston, MA 02110 (the “University”), and the University of Massachusetts Foundation, Inc., ( the “Foundation”) 225 Franklin St., Boston, MA 02110, a Massachusetts charitable corporation.

 I.                    Name and Purpose

 Upon execution of this Agreement by all parties and the receipt of the Donor’s gift as specified in II. below, the Foundation will establish an endowment fund to be known as The Jack M. Wilson Presidential Scholarship Fund.  The Fund will be held by the Foundation and administered by the University and Foundation according to the terms of this Agreement.

 The purpose of the Fund will be to provide scholarship support to undergraduate students at the Amherst, Boston, Dartmouth and Lowell Campuses and UMass Online and to provide scholarship support to a graduate or medical student at the Worcester campus.   To be eligible, a student must be a fulltime student and have earned a minimum of 15 credits at the University of Massachusetts.  The student shall have a minimum GPA of 3.25 at the University.  Preference will be given to the following majors: science, technology, engineering, mathematics and business as well as students studying abroad.  One or more students from each campus will receive the annual award –depending upon available funds.  Eligible students may apply for a second year.


II.                Funding and Financial Administration of the Endowment

 The Fund is to be established with the current funds in the Presidential Scholarship Fund which was created with the net proceeds of the Inauguration of President Wilson in 2004.  This Fund will henceforth be known as The Jack M. Wilson Presidential Scholarship Fund. 

 In addition, the Fund will also be funded by the proceeds from the Tribute to Jack M. Wilson on June 1, 2011 and other funds donated to the Fund at the time. 

 Finally, the Fund will be funded by proceeds of an insurance policy underwritten by John Hancock Life Insurance Company (U.S.A), Policy #59 747 394 and owned by the University of Massachusetts Foundation, Inc. on the Donor’s life naming the University of Massachusetts Foundation, Inc. as the beneficiary. 

 The Fund may be supplemented by any other gifts or bequests that the Donor or others may designate as part of the Fund, subject to approval by the Foundation.

 The Executive Vice President of the Foundation will administer the Fund.  The campuses and UMass Online will select the individual recipients of the scholarship.

III.              Management and Investment of Funds

 The Fund will be established on the books and records of the Foundation as a separate fund for accounting purposes.  The Fund will be managed and invested by the Foundation on a pooled basis in accordance with investment policies and procedures of the Foundation.

 IV.              Distribution of Allocations

 The Foundation will make distributions from the Fund available to the University, not less than annually, in accord with the Foundation’s spending rate policies in effect from time to time.  Any distributions not used by the University at the end of the fiscal year may be returned to the principal of the Fund or may remain in allocations available for later expenditure at the discretion of the administrator of the Fund.  Distributions may only be accumulated for a maximum of three years.  At the conclusion of three years, any remaining distributable allocations shall be returned to the principal of the Fund.   

 V.                 Alternative Applications

 If, in the judgment of the University and the Foundation, it should become impossible or impracticable to fulfill the stated purposes of the Fund due to changed circumstances or operation of the law, then the Fund will be used to support the mission of the University in such a manner as will, in the judgment of the University and the Foundation, fulfill as nearly as possible the original purposes of the Fund as stated in this Agreement.


VI.              Governing Law: Jurisdiction

 This Agreement will be governed by and construed in accord with the law of the Commonwealth of Massachusetts. 

 This Agreement will be effective when executed below by the Donor, the University and the Foundation.




_________________________                                                     ________________

Jack M. Wilson                                                                                   Date


The University of Massachusetts




Its:_______________________________________                   ________________



The University of Massachusetts Foundation, Inc.:




Its:_______________________________________                     __________________






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