When it comes to giving, Elon parents Bowie and Adele Gray like to spread their generosity around.
That’s why the Wilson, N.C., couple chose to fund a charitable remainder trust, which gives them the flexibility they need to meet their philanthropic and estate planning goals.
“It was a way that we could honor giving to more than one of our favorite charities,” Bowie says. “Of course, Elon is number one on our list!”
In the future, proceeds from the trust will establish scholarships to assist students in Elon’s Martha and Spencer Love School of Business and the School of Communications. The scholarships, which will be awarded based on talent or financial need, are named in honor of the couple’s children, Alison Gray Wille ’05, an accounting major, and J. Bowie Gray VI ’00, a communications graduate.
The Grays can continue to add assets to the trust and receive lifetime income as well as tax benefits. They look forward to growing the trust, which is managed by their financial adviser.
“From the first day we set foot on campus, Elon has been special to us,” Adele says. “It was a smaller school and a nurturing place, and it was beautiful. Elon has done so well with both our children that we think it’s a wonderful place for everyone to go.”
The Grays have generously supported Elon through the years, making gifts to Rhodes Stadium and the Ernest A. Koury, Sr. Business Center, and are members of the Order of the Oak, the university’s planned giving recognition society. Bowie Gray V is owner and president of Wilson Hardware Co., while Adele has volunteered for 40 years with the American Heart Association.
“We realize that not every family is as lucky as we are,” says Adele, who credits scholarships with helping her earn a college degree. “Those of us who are able need to dig into our hearts and help those students get on with their education.”
The Grays know their support of Elon students is more important than ever before.
“We hope that the scholarships will make it a little easier on students so they can concentrate on their studies,” Bowie says. “Every little bit helps.”
Attracting new talent- and need-based scholarship support is one of the goals of the $100 million Ever Elon Campaign, a comprehensive campaign to build the endowment, increase annual and planned gifts, and preserve and build the campus.