MARYVILLE (WATE) – Maryville College received their largest gift in the college’s history.
The estate of Dan and Elaine McGill donated $15 million to the college. Maryville College President Tom Bogart said one million will go toward Anderson Hall in their honor. The first floor will be renamed “The McGill Family Floor.” He said the remaining $14 million will go towards scholarships.
“The McGills made this legacy gift so that the College could help talented and deserving young people earn a Maryville College degree,” said Bogart.
The scholarships will carry Dan McGill’s name and that of the couple’s daughter, Melanie, and will be awarded during the College’s Bicentennial Year in 2019.
“Dan and Elaine originally established this scholarship in memory of Melanie, but Elaine requested that the scholarship memorializes her husband’s commitment and service to Maryville College, as well,” Bogart explained. “Throughout their marriage and Dan’s demanding career, Elaine, a native of Colorado, was an incredibly supportive wife and mother. In fact, Dana and Elaine enjoyed 60 years of marriage.”
Elaine McGill died in June 2016. Dan McGill died in 2013.
Dan McGill, a native of Greenback, Tenn., and graduate of Friendsville High School, majored in economics at Maryville College and graduated with the Class of 1940. A year later, he received his master’s degree from Vanderbilt University. After serving in the Army Air Corps during World War II, McGill earned a doctorate from the University of Pennsylvania, where his research focused on life insurance.
“In fact, he began his research on risk and insurance as an undergraduate here,” Bogart told the crowd. “His Senior Study, which was optional at that time, focused on state programs for insuring bank deposits that were precursors to the FDIC created by [U.S. President Franklin Delano Roosevelt].”
McGill began his career at the University of Tennessee, Knoxville, and then joined the faculty at the University of North Carolina at Chapel Hill. After three years in Chapel Hill, he resumed active military duty during the Korean War. Following his service, he began teaching at the University of Pennsylvania and was named the first Frederick Eckert Professor of Life Insurance in 1956.
The MC graduate chaired the Insurance Department for the Wharton School of Finance at the University of Pennsylvania for more than 24 years. He served as a consultant to the Board of Governors of the Federal Reserve for almost 20 years, in addition to serving on multiple corporate and organizational boards. McGill was a prolific researcher and authored seven books. He was considered an authority in the pension industry.
“Dan was respected and admired by all who knew him,” the MC president said.