Paul Summitt

Paul Summitt, former resident of Searcy, Arkansas, and graduate of Harding College in 1961, honored his parents, Harding Professor Dr. William Knox and Maurine Summitt, by establishing the Summitt Family Endowed Scholarship Fund of Harding University in the fall of 1995. Since then, Paul has sought the most tax efficient methods for funding this scholarship program.

Congress, as part of Hurricane Katrina relief legislation, enacted a two year authorization for Individual Retirement Account (IRA) Charitable Rollovers that permitted charitable contributions to Harding that would not be included in gross income or affect the 50% gross income limitation for charitable contributions.

Harding's Advancement office brought these provisions to Paul's attention, explaining that he could make tax free rollover gifts from his IRA of any amount up to $105,000 without increasing his income or paying additional tax because those gifts are not considered part of his income. This IRA charitable gift could be made "over and above" his other charitable gifts. These provisions have been extended several times and will expire on December 31, 2011 unless further extended by Congress.

Paul has made substantial IRA rollover gifts to Harding for the benefit of the Summitt Family Endowed Scholarship Fund, including gifts in 2007, 2009 and 2011. Actually, Paul was totally unaware of the extension of this program into 2011 until enlightened by the Advancement office. The help of this office has been invaluable.

The Summitt family has a long tradition of service with Harding. William Knox Summitt joined the faculty of Harding College after graduating from the University of Missouri in 1933 with a doctorate in education. Dr. Summitt continued in that position the rest of his life, except for a short depression era stint with the CCC. He taught in the fields of education and psychology, served as Registrar from 1940 to 1960 and became chairman of the Department of Education at Harding in 1960. Dr. Summitt's life was cut short in 1965 when he was struck and killed by a hit and run driver in New Orleans while attending a regional meeting of the Quapaw Area Council of Boy Scouts.

Maurine Summitt, wife of William Knox Summitt, in addition to raising three sons, was a school teacher much of her adult life. She graduated from Harding at the age of 53. She taught elementary school both as a young woman in Missouri and later for about 20 years in and around Searcy, Arkansas.