Waco Tribune-Herald: Baylor alum's estate gives $7 million for endowed scholarship

Aug. 15, 2012

Reprinted by permission of the Waco Tribune-Herald

By REGINA DENNIS

Wednesday August 15, 2012

A more than $7 million gift from a Baylor University alum's estate will give a big boost to the school's aggressive scholarship fundraising efforts.

The university Tuesday announced the gift from Baylor graduate Richard Goode, which will benefit the Richard and Liesel Goode Endowed Academic Scholarship Fund.

The endowed scholarship, named in honor of Goode and his wife, was created in 1999.

Goode, an economist who worked for the U.S. Bureau of Budget and also served as a consultant to the U.S. Treasury Department and the United Nations, died in 2010 at the age of 93.

The gift is the largest scholarship contribution made since Baylor President Ken Starr kicked off the President's Scholarship Initiative in 2010.

The three-year effort aims to raise $100 million for scholarship support.

The university has raised more than $52 million in the campaign, according to Bill Dube, director of Baylor's endowed scholarship program.

"As we have often said during this time of dedicated focus on raising support for Baylor students, endowed scholarships are vital to the future of Baylor," Starr said in a press release.

"Generations of Baylor students will be blessed by (Goode's) generosity, and his legacy will live on through this magnificent gift."

With endowed scholarships, the principal contribution is not spent, but interest earned is divided annually for scholarships.

The Goodes' scholarship endowment will award need-based scholarships that are available to students across any study area at Baylor.

Dube said the award amounts may vary each year based on the returns and individual student needs, but he expects Goode's gift can support 35 to 40 scholarships annually worth $10,000 on average.

Goode graduated from Baylor in 1937 with a bachelor of arts degree in economics, and later earned a master's degree from Kentucky State University and a Ph.D. in philosophy from the University of Wisconsin.

He also taught economics at the University of Chicago and as a professional lecturer at Johns Hopkins University for seven years before retiring in 1988.

Susan Wommack is Baylor's gift-planning legal counsel and was a close friend of Goode for more than 10 years.

She said Goode was a first-generation college student from a working-class family, and that he credited Baylor professors with offering him financial help, work-study opportunities and encouragement to further his education.

"He was very poor, from the picture he painted, and came down to Baylor with just a suitcase, didn't own much or know a lot about higher education," Wommack said.

"He credited Baylor with launching his career, and he really wanted other students to have that same experience. He really wanted to make it affordable."