Three Major Donations Launch Trust Program
While many universities offer charitable remainder trusts, USC’s new program is one of very few that allows trust principal to be invested in the university’s endowment.
The USC endowment consistently has realized much higher returns than most private investors, an average of more than 12 percent per year over the past two decades. While much of the endowment is invested in traditional securities such as stocks and bonds, greater diversification is achieved through investments in private equity, real estate and emerging markets.
A recent Internal Revenue Service private-letter ruling authorized USC’s modified program after a substantive review process. The new trusts provide attractive payouts to donors, with growth in future payouts dependent on the performance of the overall endowment. Each trust’s entire remainder value ultimately will revert to USC’s endowment.
“This new program, thanks to the IRS ruling, allows our donors to show their strong support now for USC Marshall and the university, while receiving income with the likelihood of a much higher return during their lifetimes,” said Courtney Surls, USC Marshall senior associate dean for external relations.
“It’s a wonderful win-win for everyone, and we’re delighted that some of our savviest, most prominent backers are using this as a way to endorse USC Marshall’s strong new direction under Dean Jim Ellis,” Surls said.
The contributions were made by:
• Elaine and Kenneth Leventhal, naming donors of the USC Leventhal School of Accounting, which is part of USC Marshall. They have contributed another $3 million toward their $25 million naming pledge;
• Robert R. Dockson, former USC Marshall dean and former chairman of California Federal Savings & Loan Association, contributed more than $1 million; and
• Steve and Maggie Judson, whose donated interest in a property is expected to generate more than $1 million when it is sold.
USC Marshall’s three gifts are among the first under the new charitable remainder trust program. USC College recently announced a similar arrangement with Los Angeles Lakers owner Jerry Buss.
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USC in the News
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The Chronicle of Higher Education mentioned USC’s $6 billion fundraising campaign. The story noted that USC had already raised $1 billion in a “quiet phase,” including the $200 million naming gift from USC Trustee and alumnus David Dornsife and wife Dana Dornsife to the USC Dornsife College.
The Guardian (U.K.) highlighted two major gifts to USC in a list of the 10 biggest philanthropic benefactors in America. The list included the $200 million naming gift from USC Trustee and alumnus David Dornsife and wife Dana Dornsife to the USC Dornsife College, and the $110 million gift from USC Trustee and USC Viterbi School alumnus John Mork and wife Julie to create the USC Mork Family Scholars Program.
The New York Times featured the USC U.S.-China Institute documentary “Assignment: China — The Week that Changed the World.” The documentary, part of a series, examines media coverage of the 1972 Nixon trip that reshaped U.S.-China relations after a quarter century of isolation and hostility. “People look back now and take it for granted that the outcome was preordained,” said the institute’s Mike Chinoy, who produced the documentary. Voice of America also featured the story.
Los Angeles Times featured the Oscar Senti-meter, a tool developed by the USC Annenberg School, Los Angeles Times and IBM that analyzes thousands of tweets about the Academy Awards nominees. The story noted that Mexican actor Demian Bechir received an enormous boost on Twitter the day of the nominations, with a total of 6,893 tweets mentioning him, a 47-fold increase from the day before. The story noted the tool uses language-recognition technology developed in collaboration with USC Viterbi School’s Signal Analysis and Interpretation Lab.
The Times of India (India) featured a three-day medical emergency training workshop organized in association with USC. At the workshop, held at GCS Medical College in India, 50 doctors and more than 100 paramedics learned how to improve emergency support systems. William Mallon of the Keck School of USC said that discussion topics included the use of portable ultrasonic devices to scan patients. “The ultrasound applications help physicians make accurate and timely decisions,” he noted. Daily News & Analysis (India) also featured the workshop.
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