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Your Gifts at Work

A Scholarship Based on Character

Bracey and Flagg

Many scholarships are based on financial need or academic excellence; the College of Business Merit Scholarship is based on those criteria, plus character - integrity, work ethic and commitment to finish a degree.

Hyler Bracey, his wife, Cass Flagg, and Aubrey Sanford are all alumni and/or former professors at Southern Miss, and are committed to a scholarship based on integrity, willingness to work hard, commitment to finishing a degree, financial need and strong academic performance. Rather than putting their names on the scholarship, they wanted the College of Business Merit Scholarship to give everyone the opportunity to make a difference in someone else's life.

Not only did Bracey and Flagg provide some of the initial funds to endow the scholarship, they have also included a bequest in their wills that will enrich the College of Business Merit Scholarship fund in the future so that more deserving students will be able to receive support.

All three donors know the difference a scholarship can make in the life of a student. "While attending Lamar University in Beaumont, Texas, I was married, had a child and was struggling financially to stay in school," Bracey recalled. "With the help of a Lamar professor, I received a scholarship that paid for my tuition and books. If not for that help, I would not have been able to stay in school."

The scholarship, which provides full tuition and a book allowance, was first awarded in the spring semester of 2011 to Andrew Slemaker, a finance major from Columbia, Miss. "This scholarship has given me the opportunity to meet a lot of people," Slemaker said. "I am grateful for the relationships I have been able to form with people like Dr. Bracey. They have dedicated much of their time to me and offered valuable advice that will really help me in my future career."

Bracey and Flagg encourage others to give back. Bracey said: "You can make a difference in students' lives by helping fund scholarships. There will be fine students that will be able to stay in college because of your help."

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A charitable bequest is one or two sentences in your will or living trust that leave to The University of Southern Mississippi Foundation 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

"I give to The University of Southern Mississippi Foundation, a nonprofit corporation currently located at Hattiesburg, MS, or its successor thereto, ______________ [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 the USM Foundation 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 our 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 the USM Foundation 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 the USM Foundation 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 the USM Foundation where you agree to make a gift to the USM Foundation 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.

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