Gov. John Bel Edwards announced the Louisiana Economic Development grant during an event Friday that celebrated Waitr’s new downtown headquarters.
A unique planned gift establishing a $1 million endowed chair at the University of Louisiana at Lafayette was officially created during ceremonies on April 22.
Mr. and Mrs. E.P. “Pat” Nalley established an endowed chair in the B.I. Moody III College of Business Administration. While the university has been the beneficiary of many types of planned gifts the Nalley’s gift - a charitable lead trust - is the first of its kind for UL Lafayette.
This type of trust allows donors to retain assets, pass income to a qualified tax-exempt charitable organization for a certain number of years, receive a gift tax charitable deduction and then distribute the trust assets to family.
“ This is a remarkable way for us to help our university and our children,” said Pat Nalley, a 1941 graduate of then Southwestern Louisiana Institute (now UL Lafayette). “All of our children thought very favorably about this charitable gift plan. We wanted to help UL Lafayette and we wanted to make sure our children were taken care of later. This planned gift allowed us to accomplish both objectives.”
The charitable lead trust will distribute $60,000 annually for the next 10 years to the UL Lafayette Foundation. Thereafter, the trust assets will go to the Nalley’s children. Each of the $60,000 gifts from the trust will be matched with $40,000 from the Louisiana Board of Regents Support Fund.
The end result of this $1 million gift will be The Mr. and Mrs. E.P. “Pat” Nalley Endowed Chair in the B.I. Moody III College of Business Administration.
“ We are most fortunate to have alumni and friends like the Nalleys,” said Dr. Ray Authement, UL Lafayette president. “Their philanthropic support for this university has helped bring us to levels of excellence that I always dreamed of attaining.
“ We can never thank them enough for what they have done to help make UL Lafayette one of the finest universities in the state and in the South,” said Authement.
Philanthropic support for UL Lafayette is nothing new for the Nalleys. In 1986, the couple established three $100,000 endowed professorships at the university. Those were established in the College of Applied Life Sciences, the B.I. Moody III College of Business Administration and the College of Education.
Also on Thursday, the couple was inducted along with 14 other members to the Louisiana Heritage Society which honors and recognizes alumni and friends of UL Lafayette who have established a planned gift with a value of $10,000 or more in support of the university.