Gary and Cynthia Holloway’s family roots run deep in north Texas. The couple has ensured that the family names will remain a part of future generations by establishing, through their estate, an endowed Austin College scholarship in memory of James Truett Holloway, Gary’s father, and Prentiss Virgil Compton, Cynthia’s father.
Cynthia’s father moved the family in 1950 from a small farm in Grayson County to open Compton Lumber in Sherman on Walnut Street. Cynthia’s mother’s family was among the early settlers in Collin County. Her great-grandfather was an itinerant preacher who founded Crossroads Presbyterian Church in Desert. Cynthia’s grandmother and aunts lived in Whitewright.
Gary’s family – the Sears on his mother’s side as well as the Holloways – helped establish Whitewright. The Sears were the founding family of First Presbyterian Church in Whitewright. Gary’s dad owned a fertilizer company and held several patents for his mechanical inventions.
Cynthia’s and Gary’s mothers were best friends as high school girls. Cynthia and Gary knew one another during their teen years and both attended Grayson County College. Thirteen years after graduating from GCC, they bumped into one another at a social gathering and were married within the year.
Cynthia’s mother, Dorothy Tate Compton, is well known to many Austin College graduates, faculty, and staff. Dorothy managed the Austin College bookstore from 1968 through 1991. She joined the staff with the intention of providing an opportunity for Cynthia to attend Austin College. Though Cynthia took another path, Dorothy remained at the helm of the bookstore for over 20 years.
Though Cynthia did not attend Austin College, she is a long-time member of the College community, having worked as the Director of Mailing and Printing Services for 25+ years until her retirement in 2010.
In addition to honoring their fathers, the Holloway’s see the scholarship as giving something back to the College for the experiences Dorothy Compton and Cynthia enjoyed on the staff. Cynthia’s daughters, Jayne Patterson Willman ’91 and Joanna Patterson Blanton ’93, took advantage of the Austin College experience their grandmother wanted for Cynthia.
“My father always stressed the importance of education, so a scholarship is a perfect way to honor him,” Gary said. “Though he had begun a family business, he would not allow me or my brothers to join the business until we completed our degrees. I wanted to establish the scholarship at Austin College because of the Presbyterian connection and the many benefits to Grayson County of a solid, respected higher education institution like Austin College in our community.”
“The College has taken care of me over the years and my mother until she retired at age 74,” Cynthia said. “I have watched the College change and grow over many years. Dr. Page has done marvelous things to bring us to higher standards of professionalism and aesthetics. When I attend professional meetings, people know of Austin College and its reputation – prestige is the word to describe it.”
The language below shows how a bequest to establish a scholarship can be included in your will. We encourage you to select the “print” button on the top of your screen, print this page, and share it with your attorney. If you or your attorney have any questions, please contact us at 903.813.2336 or plannedgiving@austincollege.edu.
SAMPLE LANGUAGE FOR A CONTINGENT BEQUEST
“Should all previously referenced heirs to my estate precede me in death and the payment of all legally enforceable debts, I/We hereby give, devise, and bequeath all remaining assets held by my estate, real and personal, to Austin College, a Texas corporation located at Sherman, Texas, to benefit the College’s previously established unrestricted endowment fund. It is my/our intention that income from this fund be used for the purpose of providing ongoing support for excellence in higher education, and utilized in accordance with the endowment policies established and approved by the Austin College Board of Trustees and the parameters of the fund, without further restriction.”
SAMPLE LANGUAGE FOR A BEQUEST OF A SPECIFIC AMOUNT
“As means of honoring ____________ I/We hereby give, devise, and bequeath to Austin College of Sherman, the sum of $__________ /or/ _____ percent of the residuum of my estate, to fund or build the permanent endowment of the ____________ Endowed Scholarship/Fund, to be governed by an agreement with Austin College, dated __________. It is my/our intention that income from this fund be used in accordance with the endowment spending policy established and approved by the Austin College Board of Trustees and the parameters of the fund, without further restriction.”
SAMPLE LANGUAGE FOR A BEQUEST OF A PERCENTAGE OF AN ESTATE
“As means of honoring ____________ I/We hereby give, devise, and bequeath to Austin College of Sherman, _____ percent of the residuum of my estate, to fund or build the permanent endowment of the ____________ Endowed Scholarship/Fund, to be governed by an agreement with Austin College, dated __________. It is my/our intention that income from this fund be used in accordance with the endowment spending policy established and approved by the Austin College Board of Trustees and the parameters of the fund, without further restriction.”
SAMPLE LANGUAGE FOR A BEQUEST OF ART, BOOKS, JEWELRY
OR OTHER PERSONAL PROPERTY
“As means of honoring ____________ I/We hereby give, devise, and bequeath to Austin College of Sherman, __(list object here)_______ , to enhance the opportunities for study and research afforded by the Abell Library College Archives and to increase the reputation of Austin College. This bequest subject to all policies established and approved by the Austin College Board of Trustees.”
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