"It's more than just a gift, it's a vote of confidence in the institution," said Dr. McCrone.
Dr. McCrone's gift is a charitable gift annuity and is the first of its kind at Humboldt State. The funds are, in this case, money donated to the university without a specific designation. They might be used to fund a new research lab, purchase equipment or fill a need that may have been missed in the yearly budget process.
"An unrestricted gift of this nature allows the university to take prompt advantage of an opportunity that could not have been planned or even expected," he added.
A charitable gift annuity allows the donor to provide significant support to the university and receive generous fixed payments, partly tax-free income, and a charitable tax deduction. The U.S. Treasury sets the rate of the deduction based on the annuitant's age, the annuity rate and the date of the gift.
This system benefits both the donor and the university and helps to continue the tradition of academic excellence at Humboldt State. Dr. McCrone, for example, intends to use the annual paychecks from his annuity to benefit departments, students and scholarships that are in need of additional support.
The residuum of Dr. McCrone's gift will benefit the Alistair and Judith McCrone Graduate Fellowship, which they established in 2001 to support graduate students at HSU.
Citing the role of higher education, Dr. McCrone underscored the reasons for giving to HSU. "I think people recognize that universities, as institutions, have a durability you can count on and respect. HSU is a unique institution and there is a cultural integrity in what we do here," he said.
The culture is something that drew Dr. McCrone to HSU after working with the University of the Pacific in Stockton, Calif. "Humboldt State is not merely a replica of the 22 other campuses in the CSU," he said, adding "The atmosphere here is more that of a top tier private school where academic excellence is at the very core of what you strive for."
While Dr. McCrone's gifts, both through the annuity and the graduate fellowship, will continue to benefit the university for years to come, he stresses that small, unrestricted gifts are often catalysts for something bigger.
"People adjust to hardship and cope with budget cuts. That's why a small donation can start in motion something that can lead toward greatness. Unrestricted gifts can be used to buy instructional equipment or create educational partnerships that can have a lasting impact."
Dr. McCrone feels that higher education provides endless benefits to society, whether from the perspective of the graduate who has gained valuable educational experience, or to society as a whole, which benefits from having an educated, skilled and intelligent citizenry.
"Somebody asked me 'why should I give to a public university when a private school depends on donation for its very survival?' Well, a donation to a public university goes further. I can take you into a classroom and show you a new microscope or to the library and show you a special book your donation bought."