Where Most Needed

The business and general press is abuzz with discussions about the status of the Kenneth L. Lay Chair in Economics at the University of Missouri-Columbia.  Business Week, Motley Fool, even Time weighed in:  they noted a request by Mr. Lay to have his $1.1 million donation redirected to the relief of hurricane Katrina victims and comparing that to the philanthropic blitz by Richard Scrushy of HealthSouth Corp., who donated over $700,000 into Birmingham, Ala., faith-based charities during his felony trial in 2004 (he was acquitted). 

Showing something of the dynamics of large gifts, the university press release reports that the request for redirection of the gift went from Mr. Lay to the chancellor of the university, Dr. Brady Deaton, who passed it on to university president Elson Floyd.  But university counsel, outside counsel, and the State Attorney General's office advised against the release of the donation.  This admission that the administration was prepared to acceed to the request demonstrates how critical checks and balances are to the process of stewardship. 

There is some disagreement over the University is having trouble filling the chair, though.  The university itself says that  three offers have been made and turned down after receiving counteroffers from their current employers.  The Business Week/AP story says that there are currently two finalists for the position, which will pay $150,000 to $200,000 a year.