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Home / News and Information / News - July 2005 / Statesboro Banker Names BPC as Beneficiary in Trust

Statesboro Banker Names BPC as Beneficiary in Trust

A long-time banker and supporter of Brewton-Parker College from Statesboro named the college in his Last Will and Testament as an income beneficiary of a trust held by the Georgia Baptist Foundation.

Wallis G. Cobb Sr., who died just shy of his 102nd birthday in May, left assets that were held in a revocable trust in his estate and were transferred to the GBF as additional endowment for several Baptist ministries.

The Mary Virginia Cobb Memorial Fund B was established to administer the new funds. This trust, whose market value on June 30 was $2.8 million, was funded effective June 30 and has already yielded more than $13,000 to Brewton-Parker this year.

The annual payments are for general educational purposes and will continue to be part of Brewton-Parker’s total distribution from the foundation on June 30 each year. Brewton-Parker has previously received a portion of the income from Cobb’s previous gifts, paid annually from the Mary Virginia Cobb Memorial Fund A.

“Christian colleges like Brewton-Parker College are able to attract and retain quality students only because of generous gifts like this one from the Cobb Memorial Fund,” said Dr. David R. Smith, Brewton-Parker’s president.

“Such funds memorialize the noble pursuit of evangelism and missions while strengthening BPC so that we can continue to fulfill our mission of providing the very finest higher education in an unapologetically Christian context. We are very grateful to this fine gentleman for remembering the college and its important work in south Georgia.”

The funds are named in honor of Cobb’s deceased daughter, who served three five-year terms in Lebanon beginning in 1953 at age 25.

“It was around that time that I first met Harry Smith of the newly formed Georgia Baptist Foundation,” Cobb said in a feature story in VISION95, a GBF publication in the spring of 1995. “He convinced me that starting a small trust would pay great dividends for my family and later for the Lord’s work.”

For a period of 15 years, the first $25,000 of earned income credit each year from Fund B will be sent directly to Cobb’s church, First Baptist Church of Statesboro, where he taught Sunday school for 43 years.

The other charitable beneficiaries, including Brewton-Parker, will receive their designated percentage of the remaining income balance. After the specified time, each ministry will received the designated percentage on the full amount of annual income earned by the trust.

“It is our privilege to have known this fine Christian gentleman and to be of service through the administration of these trust accounts that benefit the ministries he held so close to his heart,” said Pamela Mills, trust services manager of the GBF.

A banker for 49 years, Cobb made numerous gifts to the GBF during his lifetime for the benefit of Baptist ministries and educational institutions.

“The careful management of trust funds by the Georgia Baptist Foundation, and later a well-planned memorial trust in my daughter’s named, has really helped me to lend support to the Lord’s work in the ways that I do,” Cobb said in the 1995 feature.


-BPC-

Brewton-Parker College News & Information
Brewton-Parker College | Located on U.S. 280 at 201 David-Eliza Fountain Circle, P. O. Box 197, Mount Vernon, GA 30445
with a site in Newnan
912-583-2241, 1-800-342-1087
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The mission of Brewton-Parker College, a Georgia Baptist college, is to develop the whole student through the application of Biblically-centered truth to a liberal arts curriculum in a community of shared Christian values.
 
Brewton-Parker College is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools to award associate and baccalaureate degrees. Contact the Commission on Colleges at 1866 Southern Lane, Decatur, Georgia 30033-4097 or call 404-679-4500 for questions about the accreditation of Brewton-Parker College.
 
Updated on: April 15, 2010 8:26 PM