$1 Million Life-Income Gift to Establish Discretionary Endowment Fund

George O'Connor with University Librarian Susan K. Martin

George H. O'Connor, Jr., a 1940 graduate o the Georgetown College, recently made a life-income gift of approximately $1 million to Lauinger Library. This generous gift is a charitable remainder unitrust that will pay Mr. O'Connor an annual income based on a fixed percentage of the fair market value of the trust assets valued annually for the rest of his life. The proceeds of the fund will then be used to create the George H. O'Connor, Jr. University Librarian's Discretionary Endowment Fund.

A Washington, D.C. native and resident, Mr. O'Connor has had a distinguished career in government and business. His first gift to the library consisted of the papers, books and other materials related to the life of his father, George H. O'Connor, Sr., a prominent Washington businessman and lawyer, who also was a well known performer who entertained every president from Grover Cleveland to Franklin D. Roosevelt.

"In making my gift to Lauinger--the intellectual heart and soul of Georgetown--I am able to do something that will benefit all Georgetown students and faculty," reported Mr. O'Connor. "A life-income gift appealed to me because it allowed me to make a much more significant gift to Georgetown than I ever thought possible, while increasing my current level of income." Funded with highly appreciated securities, the trust will pay Mr. O'Connor approximately double what he would have earned in dividends from the stock, whle granting him a sizeable charitable tax deduction.

In announcing the gift University Librarian Dr. Susan K. Martin commented, "this is the most significant gift the library has received to date. The entire university community is honored by the confidence and support expressed by Mr. O'Connor and we are deeply grateful for this magnificent gift."