November 9, 2004

Be True to Your School
 — Just Like Alumnus Russ O’Dell

Dr. Francis P. (Russ) O’Dell (CHE ’75) has signed a charitable remainder unitrust valued at approximately $500,000 that will be used to create several undergraduate scholarships and graduate fellowships in the Department of Chemical and Biomolecular Engineering.

The unitrust, created in his name through the NC State Engineering Foundation, is designated as the beneficiary of his 401(k) and 457 retirement accounts. The trust will pay Russ and his wife a guaranteed income for life, with the remainder going to his endowment in the NC State Engineering Foundation.

As a recipient of several scholarships and fellowships during his undergraduate and graduate studies, O’Dell fully understands the impact his gift can have on future students.

O’Dell, who is director of development in chemical engineering for the NC State Engineering Foundation, had previously established an endowment supporting two scholarships for chemical engineering students. Beyond the usual attention to academic achievements, both scholarships emphasize participation in sports or physical education classes, a reflection of O’Dell’s participation on the NC State swimming team and on several intramural teams.

Now O’Dell has furthered his support through a method that he describes as a very easy way to give.

“It is basically painless to give to the university using a remainder trust. The personal benefit is that, after age 55, the donor will receive a guaranteed income stream for life, with the remainder going to NC State. It is a way for NC State to manage my retirement accounts and still provide funds to NC State that will benefit future students that come to the university.”

O’Dell was valedictorian of his class when he graduated from NC State in 1975. He received his doctorate from NC State three years later.

If you would like to learn more about this method of giving, you can contact the NC State Engineering Foundation toll free: (866) 316-4057, or in the Raleigh area: (919) 515-7458, or by e-mail: engr-foundation@ncsu.edu.

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