Skip to Content

Alumnus Provides STEM Support

Planned Gift Will Award UM Math and Science Departments Over $2 Million

Ken and Carol Lackey

Ken and Carol Lackey at home with Hunter

Photo courtesy of Carol Lackey

Having served as a university president among other high-level positions in the state of Oklahoma, University of Mississippi alumnus Ken Lackey of Tulsa, Oklahoma knows firsthand the importance of private support to public institutions of higher learning.

"I'm at a point in my life where I needed to make decisions about my estate, so after a thorough review of my plan and provisions for my wife and daughter, I thought of Ole Miss," says Ken, who with his wife, Carol, recently designated UM as the beneficiary of a planned gift estimated at more than $2 million. The gift will support the departments of mathematics and science within the College of Liberal Arts.

"Science and mathematics have played an important role in my life, and today, science, technology, engineering and mathematics (STEM) are both the current underpinning and future of our society," says Ken, who earned a bachelor's degree in mathematics from Ole Miss in 1965 followed by a master's degree in business administration from the University of Texas in Austin.

"Ole Miss is lucky to have a chancellor who is grounded in and committed to STEM. I wanted to make a commitment which would place my goals parallel with his vision for the university," he continues.

Ole Miss Chancellor Jeffrey Vitter says the feeling is mutual: "We are fortunate to have esteemed alumni like Ken Lackey who know how private support strengthens our academic programs as well as our standing among our peer institutions nationwide. We greatly appreciate the Lackeys' passion in designating this generous gift to our great university."

The Lackeys hope their gift will encourage more individuals to select Ole Miss for the quality of STEM offerings.

"A gift of this magnitude will help transform our math and science departments by making them more competitive. Specifically, we will be able to better attract outstanding faculty members. Growing the strength of our faculty will help both our research and teaching missions," College of Liberal Arts Dean Lee Cohen says. "We are extremely grateful to Ken and Carol for their generosity and support."

A Jackson, Mississippi native, Ken enrolled at Ole Miss in 1962 and moved into Barr Hall (B).

"Barr B was a subculture within the university and we had lots of fun. Even though I joined a fraternity, some of my best personal relationships were made at Barr B," states Ken, whose dorm buddies include Netscape founder Jim Barksdale of Jackson and Palm Beach, Florida, and attorney John Gary.

At Ole Miss, Ken received a U.S. Army commission through the Ole Miss ROTC and, after graduate school, served two years on active duty from 1967 to 1969. For his service, the first lieutenant was awarded the Army Commendation Medal.

Now, Ken is chairman of the board and the former CEO and president of the Tulsa-based NORDAM Group, which provides a range of aerospace components, manufacturing and repair services for private, commercial and military aircraft.

Previously, Ken served as president of the University of Oklahoma in Tulsa and senior vice president of the OU System from 1999 to 2001. He was a member of Governor Frank Keating's administration, serving as his chief of staff from 1997 to 1999. From 1995 to 1997, he served as the Oklahoma Cabinet Secretary of Health and Human Services.

Before his service in state government, Ken held the position of president of Flint Industries, a privately-owned, international company with interests in oil and gas services as well as manufacturing and commercial construction. Earlier, he held management positions with Skelly Oil (NYSE) and Kin-Ark Corp. (ASE). He continues to serve on a number of business and community boards in Tulsa.

Carol Lackey, a native of Columbus, Nebraska, graduated from the University of Nebraska and has enjoyed a successful computer career, working for Apple and subsequently Sun Microsystems.

In their spare time, the couple enjoys easy weekends at their lake home in northeastern Oklahoma as well as traveling extensively. A fifth trip to Africa is next on the calendar.

The Ken and Carol Lackey Excellence Fund, a scholarship established by the Lackeys in 2012, is open to gifts from individuals and organizations. To contribute, send checks with the endowment name noted in the memo line to the University of Mississippi Foundation, 406 University Ave., Oxford, MS 38655; or make your gift online.

For information on supporting STEM at Ole Miss, contact Denson Hollis, executive director of development, at 662-915-5092 or dhollis@olemiss.edu.

Planned gifts award donors membership in the 1848 Society, named for the year the university welcomed its first students. The society recognizes those who thoughtfully provide for the university through bequests and deferred gifts. For information on including Ole Miss in long-term estate planning, contact Sandra Guest at sguest@olemiss.edu or 662-915-5208.

eBrochure Request Form

Please provide the following information to view the brochure.

A charitable bequest is one or two sentences in your will or living trust that leave to the University of Mississippi a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest Language

"I, [name], of [city, state, ZIP], give, devise and bequeath to the University of Mississippi Foundation [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Ole Miss or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support its mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Ole Miss as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Ole Miss as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Ole Miss where you agree to make a gift to Ole Miss and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.