Drs. Wally and Fay Quanstrom have placed lifelong significance on the value of education. Both have earned doctoral degrees and provided significant philanthropic support for education.
The Quanstroms' affiliation with Olivet began when Wally joined the faculty as a young professor in the late '60s. After serving in a Christian college setting for six years, he chose to pursue a career with Amoco. The Lord blessed Fay and Wally's efforts with a capacity support the University on a number of levels.
One of the ways they have chosen to further Olivet's mission is through establishing Olivet's first endowed chair. A gift for an endowed chair helps cover expenses for a faculty member and the University's operational costs for a specific academic program.
Rather than sell their property in Big Rock, Illinois, when they decided to relocate, the Quanstroms donated about one-third of it to establish the Rev. Dr. Fay Quanstrom Chair of Pastoral Ministry.
The remaining two-thirds of the property funded a Charitable Remainder Flip Unitrust. This Trust does not pay anything to the Quanstroms until the property sells. However, upon the eventual sale, the funds will merge with Olivet's endowment funds and Wally and Fay will receive a percentage each year for the rest of their lives.
After their passing, the full remaining Trust balance will be added to their endowment in order to complete the gift.
The Quanstroms are dedicated to preserving the Olivet experience. "We believe in Olivet and we want to reduce the cost to students," explains Fay. "It is very important for the sustainability and long-range viability of the University. Establishing an endowed chair is our way of contributing to that endeavor."