Post by Logan on Mar 18, 2016 18:26:48 GMT -6
A Parkersburg resident who made a fortune through the oil and gas industry has donated $10 million to West Virginia University to help future Wood County students pay for college.
The university announced on Friday that Mary Welch, an alumna, donated the money, which will be used to create two endowed scholarships. Part of the money, $9.5 million, will be used for scholarships to WVU. The remaining $500,000 will benefit Wood County’s 4-H program, which is a part of the university’s extension services.
The money will come to the foundation when six charitable remainder trusts terminate in 15 years. The type of trusts Welch established allow the beneficiary to transfer an asset, invest the proceeds in a trust and receive an income each year. Upon death or termination, the remaining trust assets are given to a charity.
In a statement, Welch said giving the money to WVU was a logical choice.
See more at: www.wvgazettemail.com/news/20160318/wvu-alumna-donates-10-million-for-scholarships
The university announced on Friday that Mary Welch, an alumna, donated the money, which will be used to create two endowed scholarships. Part of the money, $9.5 million, will be used for scholarships to WVU. The remaining $500,000 will benefit Wood County’s 4-H program, which is a part of the university’s extension services.
The money will come to the foundation when six charitable remainder trusts terminate in 15 years. The type of trusts Welch established allow the beneficiary to transfer an asset, invest the proceeds in a trust and receive an income each year. Upon death or termination, the remaining trust assets are given to a charity.
In a statement, Welch said giving the money to WVU was a logical choice.
See more at: www.wvgazettemail.com/news/20160318/wvu-alumna-donates-10-million-for-scholarships