William C. Marks has made a $250,000 gift to Cumberland University 20 years after his death.
Marks, who passed away in 1997, set up a planned gift called a charitable remainder unitrust a month before he died. The William C. Marks Remainder Unitrust matured after a period of 20 years at which point the trust was to be distributed at different percentages to four local nonprofits: Cumberland University, Friendship Christian School, the Lebanon-Wilson County Library and College Hills Church of Christ.
“Everyone at Cumberland University is extremely grateful for Mr. Marks’ thoughtfulness and generosity in planning his estate. His belief in us during his lifetime translates today to a major gift that couldn’t have come at a better time in our history,” said Paul C. Stumb, president of Cumberland University.
William C. Marks was a successful businessman in Wilson County. His business interests included Mark Enterprises, H & M Enterprises, Tennessee Private Storage, Marks Rentals, Wilson County Rock Products, and LoJac Enterprises. He also owned and managed a number of residential and commercial properties and was a substantial shareholder of Commerce Union Bank in Lebanon.
Marks’ son, William David Marks, passed away on January 12 of this year. David Marks was an active supporter of Cumberland University, especially with the Phoenix Ball, Mad Hatter Ball, and a painting restoration project.
“The Marks family has left a legacy of generosity toward Cumberland University that will benefit our students for years to come. That’s the power of a planned gift,” said Stumb.