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''Gift of a Lifetime'' is a canceled charity program at Oklahoma State University using life insurance on senior-aged alumni. Announced in 2007, the university's athletic department purchased 27 policies using nearly $20 million in premium dollars to Lincoln National Life Insurance Company. By the program's end, OSU Athletics Inc. had spent $33 million.() Laws regarding insurance policies for charities require the university's athletic department, not the donors of the policies, hold the rights of ownership. This prevents the donors from changing the beneficiary, and it avoids any possible tax consequences. == Background == On March 1, 2007, Oklahoma State University announced it secured a life insurance policy program titled "Gift of a Lifetime," which works with the OSU Foundation and OSU Athletics Inc. to buy life insurance on its wealthiest alumni. OSU Athletics Inc. was formerly titled "OSU Cowboy Golf" and its board members included influential booster T. Boone Pickens, who gave $165 million to OSU Athletics in January 2006, the largest gift in National Collegiate Athletic Association history. The athletic department credits Pickens with the idea. ''The Oklahoman'' reports Athletic Director Mike Holder, the former golf coach and chairman of OSU Cowboy Golf, "devised the cutting edge method to raise funds" on the advice of Pickens, one of the 400 richest people in the world (according to Forbes Magazine). The ''Los Angeles Times'' reports Pickens discovered the idea to insure people his age three years ago after a doctor gave him a physical and said he is insurable for life insurance. Pickens told ''Playboy'' magazine in the January 2007 issue, "I took this physical, and my doctor called and said, 'I've got good news and bad news.' He said, 'You're going to live to be 114, but you won't be able to hear or see.'" All 27 donors in Gift of a Lifetime are alumni required to pass a physical. The average premium is an estimated $357,000 paid by OSU, and each policy returns $10 million upon each person's death. Larry Reece, the executive for major gifts and development at OSU, told the ''Associated Press'' that "most of the 25 in the initial pool are donors and season ticket holders. All are between the ages of 65 and 85."() "To a layperson like myself, it's amazing insurance companies make money on this, too, but they know their business," Reece told ''The Oklahoman''. The beneficiary initially mentioned is OSU's athletic department, but OSU Communications indicated from the beginning the foundation intended to expand the program for academics. Management Compensation Group in Dallas, Texas, approached OSU with the program. John Ridings Lee, the company's executive, said the company is meeting with other colleges to establish similar programs, according to ''The Chronicle for Higher Education.''() A statute in Oklahoma allows the program to exist. Under Title 36, Chapter 1, Article 36, Sec. 3604, part A, 1: "Any individual of competent legal capacity may procure or effect an insurable contract upon his own life or body for the benefit of any person." () In part D, the statute states: "Life insurance contracts may be entered into in which the person paying the consideration for the insurance has no insurable interest in the life of the individual insured, where charitable, benevolent, educational or religious institutions, or their agencies, are designated as the beneficiaries thereof. In no event shall an individual be named as a beneficiary." Another legal aspect to the program is Oklahoma state House Bill 1384, which grants universities the right to keep all donor information confidential. The OSU Foundation worked with the University of Oklahoma and Mark Thomas, president of the Oklahoma Press Association, to craft the legislation presented to the state house by Rep. Terry Ingmire, R-Stillwater (Okla.). Joey Senat, the state's Freedom of Information director, is against the bill, saying secrecy could lead to corruption, perhaps not with "Gift of a Lifetime," but other donations for the state's institutions of higher education. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Gift of a Lifetime」の詳細全文を読む スポンサード リンク
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