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Spring 2004 |
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Cover Story
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Like many alums of the depression era, Philip Sproul knows that without the support he received from Iowa's land-grant university, his degree and subsequent career in electrical engineering might not have been possible. That's why he continues to support the College of Engineering to this day. Sproul earned an undergraduate degree in electrical engineering in 1937 and a professional designation in 1955. "Without the state school system in Iowa, I wouldn't have been able to afford college," he said. "The engineering program is tops in my book, and I want to make sure tomorrow's engineers can learn from this great program." His most recent gift not only benefits the college, it also provides him with a regular source of income. Sproul decided to establish a charitable remainder trust (CRT) with the funds from a matured certificate of deposit.  With a CRT, the donor transfers money, securities, or other assets to a trust that will pay an income for life or for a period of years. At the death of the trust's surviving beneficiary, or the end of the trust's term of years, the remaining principal in the trust is transferred to the donor-specified organization. In Sproul';s case, the funds will be used to support the Department of Electrical and Computer Engineering. "Mr. Sproul's gift will help us continue our traditions of excellence," said Dean James L. Melsa. "Future generations of Iowa State electrical and computer engineering students will benefit from his generosity." A CRT is just one of many types of gifts that benefit the College of Engineering while also meeting the financial needs of the donor. For more information on gifts that can benefit both you and the College of Engineering, contact Pat Vickerman at 1-800-621-8515. |
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