September 25, 1998: Volume 44, Number 3

Obenzinger Gift Funds Scholarships

The College has received an unusual and innovative gift of a $1 million lead trust from Nathan and Romana Obenzinger in memory of their son, Ronald '61.

Under terms of the trust, the Obenzingers invest $1 million for 24 years, giving Union the income of $85,000 each year. At the end of the term, the family gets the money back with assumed appreciation. This type of trust gained attention when it was included in the will of Jacqueline Onassis.

Ronald Obenzinger '61 was a pre-medical student who became ill during his senior year at Union, and then died of Hodgkin's Disease in his first term of medical school. Ronald's younger brother, Mark '65, helped to organize the trust as part of his parent's estate planning.

The trust income will be split to provide annual gifts and to build an endowment. Most will be used to fund scholarships for pre-medical students, awarded on a competitive basis within the need pool. Funds also will be available for academic enrichment programs for pre-medical students.

Other recent gifts to the College include a $291,000 bequest from William M. Wheeler '36 for an endowed scholarship fund in his name; a $25,000 bequest from Harold L. Saxton '24 for a the general scholarship fund; and a $15,000 gift from the Schering-Plough Research Institute of Kenilworth, N.J., for the support of chemistry department instrumentation, the third such gift from the Institute.

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