Nearly $1.2 million has become available for a new loan fund at the Kansas University Medical Center, Dr. D. Kay Clawson, executive vice chancellor, announced Tuesday.
The late George H. Gray and Ethel Scott Gray, Kansas City, Kan., established a charitable remainder trust at the Kansas University Endowment Association with a $225,000 gift in 1974. While paying the Grays an income during their lifetimes, the fund grew to more than $1,184,000.
When the Grays died, funds from the trust were used to create the George H. Gray and Ethel Scott Gray Medical Student Loan Fund, which will provide loans to deserving KU medical students.
"WITH MEDICAL education increasingly expensive, loan and scholarship funds become necessary for us to make medical education available for students regardless of their socio-economic backgrounds. That's why these kinds of gifts are so important to the future of the KU Medical Center," Clawson said.
Income from charitable remainder trusts is paid to designated life beneficiaries often the donors until their deaths, when the trust assets pass entirely to the Endowment Association for the benefit of KU.
George H. Gray attended KU from 1915 to 1919. He was president and chairman of the board of Victory State Bank of Kansas City, Kan. He also was vice president of the Board of Public Utilities for Kansas City, Kan. He died November 24, 1989.
ETHEL SCOTT Gray received her bachelor's degree in the College of Liberal Arts and Sciences from KU in 1918. While at KU, she was a member of Sigma Kappa sorority and Mortar Board. She died June 4, 1988.
George H. Gray's father, Dr. George M. Gray, was a prominent Kansas City physician who graduated from the Kansas City Medical College in 1879 and also was board chairman of Victory State Bank. He died in 1958.