The University of Mississippi School of Engineering plans to use proceeds from the Michael T. McRee Chair in Engineering Endowment to help attract and retain top faculty members. Photo by Nathan Latil/Ole Miss Digital Imaging Services
Mike McRee’s estate gift expected to establish endowed chair, support UM Foundation
by Bill Dabney
Since graduating from the University of Mississippi in 1966, Mike McRee‘s career has been dotted with disparate ventures. Though his primary business has been asset management, he’s owned radio stations, a blues club, an agricultural business and even a bank in Crystal Springs.
These investments and other opportunities paid off, allowing the Flora resident to commit a $2 million planned gift to the university that’s expected to help attract top faculty to the School of Engineering by establishing the Michael T. McRee Chair in Engineering Endowment.
Potentially, some $3 million more from his estate will establish an endowment designed to provide continuous support for the university.
“You reach a certain age and you start to think more about the institutions and people who have shaped your life and to whom you are grateful” said McRee, president of Investek Inc. in Jackson.
“I certainly enjoyed my time at Ole Miss and have had a great experience working with the (University) Foundation since 1983, and so I wanted to give support to the people and institution that have been a large part of my life.”
The gift is part of the Now & Ever: The Campaign for Ole Miss, which has raised more than $1.5 billion to enhance university programs and facilities.
“The establishing of this chair in the School of Engineering will ensure that top-quality teaching, research and service will be available for future generations of our students,” said Viola L. Acoff, the school’s dean. “Mr. McRee’s generosity will greatly help us minimize the risk of losing exceptionally highly qualified faculty applicants to other engineering schools.”
A graduate of the engineering school, McRee started work as an engineer with Mississippi Power & Light Co. and later as local manager in Marks.
An Army ROTC cadet in college, he was assigned to serve in Vietnam after graduation. But at a time when the application of computers in the Army was expanding exponentially, his engineering degree and knowledge of FORTRAN computer programming resulted in his reassignment to Fort Monmouth, New Jersey, and then to the Data Support Command in the Pentagon for the rest of his tour of duty.
McRee has held leadership positions in Mississippi Power & Light Co., U.S. Army Signal Corps, Lamar Life Insurance Corp., Bank of the South, Metropolitan Bank and several other companies.
The electrical engineering graduate said his degree taught him a certain discipline and analytical process for thinking through decisions.
“I think engineering gives you a business sense for how to look at investments analytically,” said McRee, who also completed an MBA at George Washington University in 1970. “Probably the most useful class I had at Ole Miss was Engineering Economics.”
In designating Ole Miss as the beneficiary of his estate, McRee chose to take advantage of a unique financial vehicle, investing $1 million of the proposed total in a charitable giving annuity.
The CGA provides a fixed income to one or two beneficiaries, and the donor receives a charitable tax deduction for the gift. The annuity then provides a steady stream of income during the beneficiaries’ lifetime and the remaining principal passes to the UM program of the donor’s choice.
An emeritus member of the UM Foundation board, McRee served on the Joint Committee on University Investments for nearly 40 years, 30 of those as its chair.
“It was deeply gratifying and exciting to watch the university’s joint endowment supporting Ole Miss grow from less than $10 million to nearly $700 million,” McRee said.
The endowment has continued to grow and stands at $925 million.
In 2005, the alumnus established the Michael T. McRee Ole Miss First Scholars Award. Recipients of the award are full-time freshmen and selection is based on merit and/or need. Ole Miss First provides scholarships to students who demonstrate outstanding scholastic achievement and leadership.
Over their four years at Ole Miss, scholars meet with mentors and attend monthly dinners to receive support, guidance and encouragement to take chances, explore opportunities and make a difference.
For information on gift strategies that can support Ole Miss while providing benefits to the donor or beneficiary, contact UM Foundation vice president Anna Langley at alangley@umfoundation.com or 662-915-5944.
For information about including Ole Miss in estate plans, click here or contact Marc Littlecott, advancement director for estate and planned giving, at marcplan@olemiss.edu or 662-915-6625.
