A gift set in motion over twenty years ago came to fruition with the establishment of the Carol S. Neal Scholarship Endowment Fund on March 2, 2015. The permanently endowed scholarship will provide financial assistance to a worthy full-time student attending Chowan University. It was set in motion in 1984 with the establishment of Carol S. Neal’s revocable trust agreement.

Neal’s trust provided financial assistance for her family, as well as for worthy charitable causes. The terms of the trust provided financial support for Neal’s niece Lelia Simpson throughout her lifetime. Upon the death of Ms. Simpson the remaining principal was divided between Chowan University and The New England Conservatory of Music. Neal specified in her trust that the University’s portion of the trust would be used to establishe a general education scholarship.

An initial gift of $2,500 was made to Chowan through Neal’s estate following her death in 1987. The final gift from Neal’s trust, made in January of this year, was more than enough to fully endow the Carol S. Neal Scholarship. Only the annual earnings from the principal of the gift will be available for scholarship awards, which ensures that Neal’s gift will be a lasting one. It will benefit Chowan students for years to come.

Neal’s trust is one example of the many possibilities available through Planned Giving. Through her careful stewardship, she was able to provide for both family, and the passions that were
dear to her heart.