The University of Alabama recently received a bequest of $5.3 million from the estate of John Deramus, a 1956 graduate of The University of Alabama. The planned gift by the Clanton native created the John B. Deramus Fund, an endowment that provides support for the University’s priority needs, including scholarships.
“John was a very caring, generous person, and he was a very private person,” says Richard Moore, John’s cousin and a 1973 graduate of UA. “I didn’t have any idea what he was planning, but I am not surprised that he was generous to the University. He was always fond of the University.”
While John made the University aware of his long-range plans to remember his alma mater, he did not reveal the value of his planned gift. The amount of John’s gift is indeed significant, but his greatest gift was giving the University discretion as to how it would be used.
“We are astounded by the generosity of Mr. Deramus, and we appreciate the faith he has placed in us to allocate these funds in a way that most appropriately meets the needs of our growing University,” says UA president, Stuart R. Bell.
“His remarkable contribution establishes a legacy that will continue to change lives for many years to come.” John graduated from Chilton County High School before attending UA, where he was a member of Sigma Alpha Epsilon fraternity. After earning his Bachelor of Science degree in the College of Commerce and Business Administration, he served as an officer in the U.S. Air Force.
Following his tour of duty in Japan, he worked for an investment firm in Montgomery—Thornton, Mohr and Farish. He later worked at the First National Bank of Atlanta, the Birmingham Trust National Bank and SouthTrust Bank in Birmingham. Following his retirement, he returned to his family home in Clanton. Daniel Bass was a close friend and former colleague of John’s, having worked with him for more than 20 years at SouthTrust Bank.
“John was easygoing all the time. He was always laughing. He was one of my favorite people, and I miss him,” Daniel says. “He told me that he was going to give some of his estate to The University of Alabama, but he never told me how much.”
A collector of art, John also enjoyed music and, according to friends and family, often traveled to visit museums and galleries and attend concerts. He died at his home Feb. 6, 2015, at the age of 81.
“Although I never had the opportunity to meet Mr. Deramus, I am grateful for his incredible dedication to The University of Alabama,” says Bob Pierce, UA vice president for advancement. “He not only made a significant contribution that represents the culmination of his life’s work, he also gave the gift of trust in the University’s administration to use the bequest for the institution’s best interests.”
The full amount of the gift will create the corpus for an endowment that, per the guidelines of The University of Alabama System, typically generates an amount equal to 4.5 percent of the endowment’s market value on an annual basis. That means approximately $238,500 will typically be made available in perpetuity to further the institution’s mission under the leadership of the University president.
“Undesignated donations provide the most flexibility for campus leadership to best maximize the impact of a gift,” Bob says. “It will be wonderful to see Mr. Deramus’ generosity used for the benefit of the University, including scholarships for future generations of students.”
If you want to include a gift to The University of Alabama in your estate plan—like John Deramus did—please contact W. Vance Bristow at 205-348-4770 or firstname.lastname@example.org to get started.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.