Park CIO Endows Scholarships to Honor Brother and Benefactor

David Monchusie

David Monchusie

Park Alumnus David Monchusie, '00, grew up in a single-parent household and emigrated from South Africa to the United States. Through his strength of character and the effort of two very special people he was named chief information officer at Park University.

He wanted to pay tribute to two very special people in his life, his brother, Norman Lucas Monchusie, and his dear friend, Carol Patterson, a savior to him and his family. To honor them David created two $25,000 endowed scholarships in their names. David thought funding these during his lifetime would be impossible. But he learned that through life insurance he could afford to make such a grand gesture.

The process was so simple, easy and efficient, David couldn't believe it.

Norman Monchusie was an honorable man who unselfishly sacrificed his own academic opportunities to help raise six siblings. His life was tragically cut short by an automobile accident that took his life. His memory will forever be remembered through the Norman Lucas Monchusie Scholarship.

Carol Patterson was a caring and giving person, who provided David and his family the hospitality, security and love they needed when they arrived in the United States. Carol lost her brave battle with cancer, but her giving and caring nature continues on through the Carol Saunders Patterson Scholarship.

David paid tribute to Norman and Carol by purchasing two irrevocable $25,000 insurance policies. He named Park as owner and beneficiary of the proceeds which will be used to create the scholarships. The scholarship named for Norman will assist a non-U.S. citizen in pursuing their degree at Park University. The scholarship named for Carol will assist a U.S. Citizen in pursuing their degree at Park.

David's gift illustrates the ease with which donors can make "deferred" gifts to Park in amounts that may exceed what they can afford during their lifetime. He simply contributes annually to Park an unrestricted gift equal to or exceeding the amount of the premium payments. Park, in turn, as named owner of the policy pays the annual premiums and receives the policy proceeds on David's death to fund the scholarship.

David thinks about Norman and Carol often. He is very cognizant that his current lot in life is a result of Norman and Carol's sacrifices and gifts. As David puts it "this is my way of saying thank you and passing my good fortune and what has been lovingly given to me onto others."

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in 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. 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. 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. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

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