College of Engineering Benefits From $1 Million Planned Gift

FAYETTEVILLE, Ark. – Jack R. Jacobs of Tulsa, Okla., has made a planned gift of $1,000,000 to establish the Dana Jacobs Memorial Endowed Scholarship in the College of Engineering at the University of Arkansas. The gift, which is designated to the department of electrical engineering, will be used to support students in the department who have a financial need and the academic ability needed to succeed.

 “This is an outstanding gift for the department of electrical engineering,” said Terry Martin, interim dean of the College of Engineering and an electrical engineer himself. “We are touched that Mr. Jacobs has decided to memorialize his son with this scholarship.

 “There is a definite need to educate more young engineers in this vital field, and this gift will allow us to do just that. It is exciting to think of the number of students who will benefit from his generosity.”

Jacobs, a 1951 graduate of the Sam M. Walton College of Business, originally came to the university based on a recommendation from a good friend, Louis Shackelford, who was also an alumnus. He calls this gift his “payback” because of his experience on campus and successful career. “I’ve been blessed,” he said. “So, I wanted to help other people.”

The scholarship is named in honor of Jacobs’s middle son, Dana, who passed away in 2000. Dana worked in the electrical engineering field, which is why Jacobs felt compelled to choose that designation. Dana was born in Fayetteville, and Jacobs notes that the doctor who delivered him was the son of a dean emeritus from the College of Engineering.  In 2011, Jacobs made a planned gift to the Dorothy E. King Equine Program, also in memory of Dana, because of his love for horses.

Jacobs chose to make his gift in the form of a charitable remainder trust. David Hall, director of planned giving for the university, worked with Jacobs to ensure they were using the most appropriate planned giving option for his gift. “Jack had specific, very important things he wanted to accomplish. In addition to his desire to make a generous gift to the University of Arkansas, he wanted to honor the memory of his dear son and to know his wife would be receiving income throughout her lifetime. This trust met all Jack’s needs,” said Hall. “To me, it was philanthropy at its best.”

Jacobs is the president of L.A. King Corp. in Tulsa and has two sons in addition to Dana – Michael Jacobs of Jay, Okla., and Randy Jacobs of Oklahoma City. Jack’s wife, Betty, has three daughters – Phyllis Ogilvie of Owasso, Okla., Peggy Reynolds of Oklahoma City and Susan Tschappat of Tulsa. Jacobs is a member of the Arkansas Alumni Association, and he and his wife are members of the Heritage Society.