From GI Bill to Ph.D.

"When you are young, you're still developing your own ideas about life. I don't think you really realize what a wonderful thing it is to learn, to get an education."
—James E. Masterson '49, M.S. '51

Like many young men in the 1940s, James E. Masterson's college education was interrupted by World War II, when he was drafted into the Army Air Corps. He entered the service in 1944 after completing his freshman year at the University of Rhode Island. When the war ended, James came back to campus, becoming among the first to benefit from the new GI Bill that provided financial assistance to returning veterans.

"My family was not wealthy," says James, who earned a B.S. in chemistry in 1949 and then completed his master's degree in 1951. "The GI Bill helped pay for me to finish college, and URI gave me the tools I needed for a successful career."

After a lifetime of supporting students through the URI Annual Fund, James decided to increase his commitment 15 years ago by including the University in his estate plan. Now, at age 92, James is accelerating his gift plans by pre-paying his pledge using IRA assets. That decision offers multiple benefits for James and for URI:

- Avoids tax liability by using assets from an IRA
- Provides immediate support to students
- Signifies the largest gift to the Rhody Scholars Program through the URI Annual Fund

"It appealed to me to help students directly," James says. "I know what it costs to go to college these days. Most students are leaving college with debt that will take them years and years to pay back. I wanted to help those students."

A Pennsylvania resident for many years, James has fond memories of his hometown of East Greenwich and his time at URI. When he returned from the war, James and many of his fellow veterans lived in Quonset huts that were quickly constructed on campus to address housing needs.

Quonset huts served as dormitories for returning veterans.

"All of the returning veterans, including me, lived in those Quonset huts," says James, describing them as a little "grim" with plywood floors and only one bathroom. James eventually joined Alpha Tau Gamma and moved into the former fraternity's building (now the home of the URI Foundation).

"I joined the fraternity just to get out of the Quonset hut," he says with a laugh.

James also has fond memories of his favorite chemistry professor, Eugene Winslow, as well as another professor, G. Griffin, who encouraged him to pursue a Ph.D. in chemistry.

"He said it was a good investment, and I would be able to get much more interesting and better-paying jobs," James recalls.

James went on to get his Ph.D. at Penn State University, where he met his late wife, Carolyn, who was finishing her master's in history. Recently, James decided to change his estate plan to make sure that students were directly benefiting from his bequest.

"Rather than give to a general fund, I wanted to help students. When you are young, you're still developing your own ideas about life. I don't think you really realize what a wonderful thing it is to learn, to get an education," he says.

He hopes his gift will inspire others to support the Rhody Scholars Program as well.

Rody Scholars: Investing in Student Success

James Masterson's generous estate gift represents the largest gift to URI's new Rhody Annual Fund Scholars Program. The Rhody Scholars Program was designed to provide just-in-time financial support to deserving students, says Dean Libutti, vice provost for enrollment management.

A minimum gift of $40,000, made payable over four years, will create a current-use scholarship for a URI student. Libutti says James' estate gift to Rhody Scholars will help support several students over the next four years. The Rhody Scholars Program allows the University to address the most current financial aid needs, while enhancing the academic experience across campus.

"We are extremely grateful for this amazing gift that will be put to immediate use," Libutti says. "Scholarships are given to hard-working and deserving students who need help throughout the academic year. The impact is real—and lives are truly changed."

Learn more about supporting a Rhody Scholar by including a gift in your will or other estate plan. Contact Office of Gift Planning at plannedgiving@uri.edu or 401.874.7900 for details.

Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.