Gift Of A Lifetime
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Gift Of A Lifetime
''Gift of a Lifetime'' is a canceled charity program at Oklahoma State University using life insurance on senior-aged alumni. Announced in 2007, the university's athletic department purchased 27 policies using nearly $20 million in premium dollars to Lincoln National Life Insurance Company. By the program's end, OSU Athletics Inc. had spent $33 million. Laws regarding insurance policies for charities required the university's athletic department, not the donors of the policies, to hold the rights of ownership. This prevented the donors from changing the beneficiary, and also avoided any possible tax consequences. Background On March 1, 2007, Oklahoma State University announced it secured a life insurance policy program titled "Gift of a Lifetime," which worked with the OSU Foundation and OSU Athletics Inc. to buy life insurance on its wealthiest alumni. OSU Athletics Inc. was formerly titled "OSU Cowboy Golf" and its board members included influential booster T. Boone Pickens, who ...
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Oklahoma State University
Oklahoma (; Choctaw: ; chr, ᎣᎧᎳᎰᎹ, ''Okalahoma'' ) is a state in the South Central region of the United States, bordered by Texas on the south and west, Kansas on the north, Missouri on the northeast, Arkansas on the east, New Mexico on the west, and Colorado on the northwest. Partially in the western extreme of the Upland South, it is the 20th-most extensive and the 28th-most populous of the 50 United States. Its residents are known as Oklahomans and its capital and largest city is Oklahoma City. The state's name is derived from the Choctaw words , 'people' and , which translates as 'red'. Oklahoma is also known informally by its nickname, " The Sooner State", in reference to the settlers who staked their claims on land before the official opening date of lands in the western Oklahoma Territory or before the Indian Appropriations Act of 1889, which increased European-American settlement in the eastern Indian Territory. Oklahoma Territory and Indian Territor ...
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Beneficiary
A beneficiary (also, in trust law, '' cestui que use'') in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. Most beneficiaries may be designed to designate where the assets will go when the owner(s) dies. However, if the primary beneficiary or beneficiaries are not alive or do not qualify under the restrictions, the assets will probably pass to the ''contingent beneficiaries''. Other restrictions such as being married or more creative ones can be used by a benefactor to attempt to control the behavior of the beneficiaries. Some situations such as retirement accounts do not allow any restrictions beyond death of the primary beneficiaries, but trusts allow any restrictions that are not illegal or for an illegal purpose. The concept of a "beneficiary" will also fr ...
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National Collegiate Athletic Association
The National Collegiate Athletic Association (NCAA) is a nonprofit organization that regulates student athletics among about 1,100 schools in the United States, Canada, and Puerto Rico. It also organizes the athletic programs of colleges and universities in the United States and Canada and helps over 500,000 college student athletes who compete annually in college sports. The organization is headquartered in Indianapolis, Indiana. Until 1957, the NCAA was a single division for all schools. That year, the NCAA split into the University Division and the College Division. In August 1973, the current three-division system of Division I, Division II, and Division III was adopted by the NCAA membership in a special convention. Under NCAA rules, Division I and Division II schools can offer scholarships to athletes for playing a sport. Division III schools may not offer any athletic scholarships. Generally, larger schools compete in Division I and smaller schools in II and III. ...
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Mike Holder
James Michael Holder (born August 17, 1948) is a former American college athletics administrator and former golf coach. He retired as athletic director for Oklahoma State University on June 30, 2021 after having served in that position since succeeding Harry Birdwell on September 16, 2005. His previous position was head coach of the men's golf program, where he served for 32 years. Holder was born in Odessa, Texas. He obtained a bachelor's degree in marketing from Oklahoma State while also playing under Labron Harris on the men's golf team. As a player, he won the individual Big Eight Conference championship in 1970 while leading his team to the team championship, and earned third-team All-American honors. After completing his MBA at OSU in 1973, he took over for his former coach. His teams won 25 conference championships and eight national championships. Holder also was the main force behind the construction of the Karsten Creek Golf Course, designed by Tom Fazio, which was com ...
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Forbes
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also reports on related subjects such as technology, communications, science, politics, and law. It is based in Jersey City, New Jersey. Competitors in the national business magazine category include ''Fortune'' and ''Bloomberg Businessweek''. ''Forbes'' has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide. The magazine is well known for its lists and rankings, including of the richest Americans (the Forbes 400), of the America's Wealthiest Celebrities, of the world's top companies (the Forbes Global 2000), Forbes list of the World's Most Powerful People, and The World's Billionaires. The motto of ''Forbes'' magazine is "Change the World". Its chair and editor-in-chief is Steve Fo ...
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Dallas
Dallas () is the List of municipalities in Texas, third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the List of metropolitan statistical areas, fourth-largest metropolitan area in the United States at 7.5 million people. It is the largest city in and County seat, seat of Dallas County, Texas, Dallas County with portions extending into Collin County, Texas, Collin, Denton County, Texas, Denton, Kaufman County, Texas, Kaufman and Rockwall County, Texas, Rockwall counties. With a 2020 United States census, 2020 census population of 1,304,379, it is the List of United States cities by population, ninth most-populous city in the U.S. and the List of cities in Texas by population, third-largest in Texas after Houston and San Antonio. Located in the North Texas region, the city of Dallas is the main core of the largest metropolitan area in the Southern United States and the largest inland metropolitan area in the U.S. that lacks any navigable link ...
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Texas
Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2020, it is the second-largest U.S. state by both List of U.S. states and territories by area, area (after Alaska) and List of U.S. states and territories by population, population (after California). Texas shares borders with the states of Louisiana to the east, Arkansas to the northeast, Oklahoma to the north, New Mexico to the west, and the Mexico, Mexican States of Mexico, states of Chihuahua (state), Chihuahua, Coahuila, Nuevo León, and Tamaulipas to the south and southwest; and has a coastline with the Gulf of Mexico to the southeast. Houston is the List of cities in Texas by population, most populous city in Texas and the List of United States cities by population, fourth-largest in the U.S., while San Antonio is the second most pop ...
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University Of Oklahoma
The University of Oklahoma (OU) is a Public university, public research university in Norman, Oklahoma. Founded in 1890, it had existed in Oklahoma Territory near Indian Territory for 17 years before the two Territories became the state of Oklahoma. In Fall 2022, the university had 29,705 students enrolled, most at its main campus in Norman. Employing nearly 3,000 faculty members, the school offers 152 Bachelor's degree, baccalaureate programs, 160 Master's degree, master's programs, 75 doctorate programs, and 20 majors at the first professional level. The university is Carnegie Classification of Institutions of Higher Education, classified among "R1: Doctoral Universities – Very high research activity". According to the National Science Foundation, OU spent $283 million on research and development in 2018, ranking it 82nd in the nation. Its Norman campus has two prominent museums, the Fred Jones Jr. Museum of Art, specializing in French Impressionism and Native Americans in the ...
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Morally Bankrupt
Morality () is the differentiation of intentions, decisions and actions between those that are distinguished as proper (right) and those that are improper (wrong). Morality can be a body of standards or principles derived from a code of conduct from a particular philosophy, religion or culture, or it can derive from a standard that a person believes should be universal. Morality may also be specifically synonymous with " goodness" or "rightness". Moral philosophy includes meta-ethics, which studies abstract issues such as moral ontology and moral epistemology, and normative ethics, which studies more concrete systems of moral decision-making such as deontological ethics and consequentialism. An example of normative ethical philosophy is the Golden Rule, which states: "One should treat others as one would like others to treat oneself." Immorality is the active opposition to morality (i.e. opposition to that which is good or right), while amorality is variously defi ...
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Chuck Grassley
Charles Ernest Grassley (born September 17, 1933) is an American politician serving as the president pro tempore emeritus of the United States Senate, and the Seniority in the United States Senate, senior United States Senate, United States senator from Iowa, having held the seat since 1981. In 2022 United States Senate election in Iowa, 2022, he was reelected to his eighth Senate term, having first been elected in 1980 United States Senate election in Iowa, 1980. A member of the Republican Party (United States), Republican Party, Grassley served eight terms in the Iowa House of Representatives (1959–1975) and three terms in the United States House of Representatives (1975–1981). He has served three stints as United States Senate Committee on Finance, Senate Finance Committee chairman during periods of Republican Senate majority. When Orrin Hatch's Senate term ended on January 3, 2019 following his retirement, Grassley became the most senior Republican in the Senate and its ...
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