Western Courier

Issue date: 10/23/06 Section: News

Dr. Norman Teeter, Western alumnus, and his wife Carmelita have developed a trust fund of $20 million for Western Illinois University, which will be received upon the Teeter's deaths.

Western Illinois University alumnus Dr. Norman Teeter and his wife, Carmelita, are planning a major donation that is being called the university's largest planned gift in history.

Following the announcement, President Al Goldfarb said he is in no hurry to collect on the $20 million trust.

"I hope we do not get it for a long time," he said.

Goldfarb was referring to the terms of the planned gift which state the trust will be transferred into Western's control upon the deaths of both Teeters over a 20- year period. Western will not be allowed to touch the principle $20 million, but the interest the trust produces is a guaranteed income stream of at least $1.6 million, and that number is expected to rise.

"The current value is just over $20 million and it is guaranteed to pay 8 percent annually over that 20-year period," Goldfarb said.

Teeter has amassed his wealth through eight clinics in Kentucky and Tennessee, operated by himself and his wife. The clinics work to help people with addictive disorders.

According to Teeter, this would not have been possible without the education he received. He and Carmelita now wish to help others gain knowledge and power through education.

"If one is fortunate enough to accumulate some wealth over his lifetime, you have to begin to think about what's going to happen to that wealth when you are gone," Teeter said. "Our education led to our success ... so we want to support education."

While this is the largest donation Western has ever received, it is not the first time the Teeters have contributed monetarily to the university. They have supported scholarships, graduate assistance, internships and research projects for the psychology department, in particular.

Katerina Koscova, a 23-year-old psychology graduate student from the Czech Republic, is being sponsored by the Teeters.

"For international students (this donation will be) really helpful," Koscova said. "They have helped me so much already."

Because of their extensive background in psychology, the Teeters said they hope that much of the trust's profits would go toward Western's psychology department. The possibility of supporting the pending nursing program has also been discussed greatly by Carmelita Teeter.

Continued...

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