Who says alumni don’t give back. At least not Morehouse College, which was the recipient of $100,000 worth of convertible preferred stock, thanks to two former students, Roy and Rudolph Terry (Roy graduated in 1966 and Rudolph in 1969). The alumni of the Roanoke, Alabama-based apparel manufacturing firm, Terry Manufacturing, a BE INDUSTRIAL/SERVICE 100 company, donated the stock to their alma mater to establish the Edwin C. Moses Endowed Scholarship Fund. Moses, himself a 1978 Morehouse grad, gained his fame as an Olympic track star in the late-’70s and ’80s.
“The fact that it’s convertible preferred stock will be advantageous for the school,” says Rudolph Terry. “It provides immediate quarterly dividend income as well as potential for significant appreciation m value as Terry Manufacturing continues its post-Olympic growth.”
Stockholders of preferred convertible stock have no voting power or ownership in the company, but the stock provides an income with the option to convert into the company’s shares at a later date. And with Terry Manufacturing coming off a post-Olympic boom–increasing its annual sales revenues from $17 million a few years ago to over $34 million today–all parties involved have reason to be optimistic.
“The Terrys are setting a high standard by making this gift,” says Morehouse President Walter Massey. “By employing a wide array of creative giving strategies, such as stocks and other assets, we can significantly increase our resource base and enhance the educational viability of Morehouse now and well into the 21st century.”