Remembering Lee Bodenhamer

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The U of A community mourns the loss of Lee Bodenhamer, ’57, B.S.B.A., accounting; ’61 M.B.A., finance; ’68 D.B.A., who passed away on Feb. 20, 2025.  

Bodenhamer is remembered for his generous spirit, offering his time, service and resources to programs across the U of A and to the University of Arkansas for Medical Sciences. He was passionate about supporting the state’s public university and keeping future generations of students in Arkansas. 

“Lee Bodenhamer understood firsthand the transformative power of education and dedicated his life to ensuring others had the same chance to succeed,” said Chancellor Charles Robinson. “His vision, generosity and commitment to young Arkansans helped shape the University of Arkansas into what it is today, and his legacy will continue to uplift future generations for decades to come.”  

Bodenhamer’s commitment to philanthropy was deeply personal. His father, O.L. Bodenhamer, passed away before his son’s birth in 1934 in El Dorado, Arkansas. Lee Bodenhamer was raised by his mother, Irene Richardson Bodenhamer, who valued education and despite their limited means, instilled in him the idea of giving back. At age 18, Bodenhamer enrolled at the U of A’s College of Business Administration. While his mother had set aside $4,000 from his father’s estate for his education, he resolved to save it for graduate school. Instead, Bodenhamer waited tables and washed dishes to pay his way through the U of A.

After earning his B.S.B.A. and M.B.A. at the U of A, Bodenhamer became an investment analyst for finance professor Harold Dulan, who had founded the Participating Annuity Life Insurance Company. Bodenhamer later earned his doctorate of business administration and taught at Harvard University’s Graduate School of Business. During a summer break in 1968, he started his own firm, First Variable Life Insurance Company, which was the first life insurance company in the U.S. to offer policies that included an investment component.

First Variable ranked consistently high in investment returns, thanks to Bodenhamer’s penchant for thinking, and investing, for the long term. When he sold the company in 1985, it numbered 75 employees, over 2,500 agents and $331 million in total assets. Bodenhamer continued to work at a second investment company he started, Meridian Management Company, until he retired in 2001. 

Perhaps remembering those late nights washing dishes, Bodenhamer had decided that a scholarship would be a good way to give back to the U of A. In 1998, Bodenhamer established the Bodenhamer Fellowship for incoming freshmen, in partnership with Chancellor John White and the late Gary Standridge. The prestigious fellowship, which now awards $80,000 over four years’ time to the state’s top students, has since supported 174 students, affectionately known as “Bodies” (pronounced boh-dees). Alumni fellows include doctors, lawyers, teachers, architects, authors, software developers and biomedical researchers.  

Through this fellowship, Bodenhamer provided a prestigious in-state opportunity for Arkansas’ best and brightest students. By doing so, he hoped to better the state for all Arkansans. “Supporting an in-state public university and keeping our kids in Arkansas illuminates the hopes for our future and buoys up the economic health of our state,” Bodenhamer said in a 2017 Inviting Arkansas profile.   

“To say that Lee Bodenhamer is my hero is not to say enough,” said Lynda Coon, dean of the Honors College. “His selfless gift of the Bodenhamer Fellowship has transformed the lives of more than 170 young scholars to date, with more talented researchers to come. I shall miss him greatly.” 

The impact of Bodenhamer’s generosity reached far beyond his student fellows. The strength of the Bodenhamer Fellowship Program helped pave the way for the historic $300 million gift from the Walton Family Charitable Support Foundation, a portion of which was used to establish the Honors College.  

“Thanks to the generosity of Dr. Lee Bodenhamer, his wife and his family, I along with other Bodenhamer Fellows had the opportunity to learn unencumbered by financial stress or barriers,” said Beth Bowen Schrock, D.D.S., a Bodenhamer Fellow who graduated in 2007. “On a personal note, Dr. Bodenhamer was invested in the lives of his Bodies. He was a patient listener, offered sage advice and was always quick with a smile and word of encouragement. He taught us all that impacting the world has little to do with grandiosity — we all have a unique set of gifts and talents that, even when they seem small, can be used to impact our communities and the world around us. Dr. Bodenhamer’s name is worn with pride among Bodies both on campus and as we venture throughout the globe. We are forever thankful for his life and his impact.” 

He was preceded in death by his wife, Beverly, in June 2024, and by Eleanor Bodenhamer Frank, the mother of his children. He was also predeceased by daughter-in-law Melissa Greer Bodenhamer and sons-in-law Justin “Jud” Ternes and Stuart Rosso. 

Bodenhamer is survived by his sister, Nancy Rosser (Jim) of Kerrville, Texas; his children, Ann Ternes Rosso (Wayne Britt) and Bob Bodenhamer of Fayetteville; Jim Bodenhamer (Sue Golden) of Parker, Colorado; John Bodenhamer (Nina) of Fort Collins, Colorado; and stepson Gary Apple (Marsha) of Eureka Springs. He also leaves behind his grandchildren: Erin Ternes (Seth McIntosh), Justin Ternes, John Michael Ternes, Lauren Rosso (Turner Tomlinson), Elle Ternes Wood (Sam), Hannah Riley (Ben), Leah Bodenhamer (Scotty), Eliza Bodenhamer, Gigi Golden, Brock Golden, Sarah Bodenhamer, Abby Jo Bodenhamer, Katherine Bodenhamer, Emily Bodenhamer, Elizabeth Bodenhamer, Lena Bodenhamer, Ashley Apple, Shawn Apple, Andrew Apple, Justin King, Bryan King and Corey King; nephews Jim Rosser (Leanne) and Jack Rosser (Kim); and niece Barbara Kline (Ron). He also leaves behind seven great-grandchildren. 

A private memorial service will be held, and the family invites you to share a brief story or anecdote in his memory at familyofBodie@gmail.com. In lieu of flowers, donations may be made to the Bodenhamer Fellowship Program at the U of A or to a charity of your choice.