Philanthropy is creative! In 2006 oil tycoon T. Boone Pickens made a $20 million gift to Oklahoma State University with the stipulation that the university must find 25 alumni ages 65 to 85 who would agree to have the institution take out a $10-million life-insurance policy for them, naming the university as beneficiary. The university found 27 such participants, and the first policies went into effect in February, 2007. Source: The Chronicle of Philanthropy
Posted on: Thu, 01 Aug 2013 00:44:39 +0000
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