Pooled Life Income Fund
Bud '55 and Ann Clough '56 Garlock
(From the Fall 2005 Manley Society Newsletter)

Philanthropy cannot be rushed. We all want to make a difference in the world, and it takes time for us to decide what we will do and how we will do it. A good philanthropic plan will take a lifetime to evolve and grow into a legacy that extends well beyond our days. Large or small, simple or complex, our plan becomes a reflection of our life’s priorities and our wishes for the future. Sometimes a good plan spans more than one generation.

When Royal “Bud” Garlock graduated from St. Lawrence in 1955, he wasn’t necessarily thinking about philanthropic planning, but his parents were. Bud’s parents, Royal “Buck” Garlock ’29 and Mary Wells Garlock ’31, met at St. Lawrence and were married by President Sykes in Gunnison Memorial Chapel in 1931. They were long-time supporters of St. Lawrence; Buck also served as a trustee for many years.

“My parents always felt close to St. Lawrence, and encouraged me to support the University as well,” says Bud. “They were wonderful role models who had a clear vision of the need for education.”

In 1974, Buck and Mary took another step in fulfilling their vision when they made their first gift to the University’s pooled life income fund. “The pooled fund allowed my parents to make gifts to St. Lawrence, generate income for themselves, and achieve the capstone of their philanthropic plan,” says Bud. “It was a win-win situation.”

The St. Lawrence pooled life income fund allows donors to make gifts of cash or marketable securities to the fund, where they are commingled with gifts from other donors for investment purposes. The income from the investment of the fund is paid out to donors on a quarterly basis. When the last income beneficiary dies, the remainder in the fund passes to St. Lawrence to be used as previously documented by the donors.

Over the years, Buck and Mary made several additional gifts to their pooled fund account, increasing its value and their income. When Mary died in 1993, the capstone of their philanthropic planning was achieved when the remainder from their pooled fund account went to the University to create a scholarship endowment to support students from New York’s North Country region. As Bud notes, “education was always a priority for my parents, and this scholarship endowment will help promising and needy students from the North Country for generations to come.”

Even if the story ended here, it would be a wonderful example of a belief in St. Lawrence and the need for higher education, but the story continues. Buck and Mary Garlock were such great role models that in 1985 Bud and Ann Clough Garlock ’56 created their own account in the pooled life fund.

“Ann and I share my parents’ belief in the importance of higher education, and their plan was so simple, yet so effective, that we decided to do something similar,” says Bud. “We have made several additional gifts to our account over the years as well. And while receiving an income from the fund is helpful, we most like the fact that someday the remainder from our fund will be added to the same scholarship endowment that my parents created. It’s a way for us to honor them by helping future students get a St. Lawrence education.”

We are all philanthropists. How effective is your philanthropy? Making the most of our giving and volunteering is worth some reflection. Order our Philanthropic Planner to better define your philanthropy, craft your own mission statement, and create your own philanthropic plan.