A Legacy That Reaches Every Corner of the University
Pat Murray was the first in his family to attend college, earning an accounting degree in 1964 and an M.B.A. eight years later. He was a determined student who commuted daily from his Elizabeth, NJ home to campus. When he was not studying accounting or training in the ROTC program, he spent his free time cheering for the men's basketball team at Walsh Gymnasium.
After serving as a commissioned officer in the U.S. Army, he turned towards Seton Hall's career services office to help him find an accounting position at Exxon which became the springboard for a distinguished career. He served as controller of NL Industries in 1987, president of Sperry-Sun Drilling Services from 1988 to 1996, and president of the Dresser Equipment Group (a subsidiary of Halliburton Company) until 2001. At that time he led a leveraged buyout of Dresser, Inc, a leading equipment provider to the energy industry, where he served as chairman and CEO until his retirement in 2007.
Over the years, Pat and his wife Mary Ann's philanthropy has supported a wide range of University priorities, such as need-based and merit-based scholarships, a faculty position, athletics programming, and capital projects including the Science & Technology Center, University Center, and a new state-of-the art basketball practice facility. Pat also served on the Seton Hall University Board of Trustees and served as the Chairman of the Board of Regents. He now holds the honor of Chair Emeritus.
Pat and Mary Ann's support will continue for many years to come since they decided to sustain their legacy here at Seton Hall when they established a Charitable Lead Trust (CLT). This planned gift vehicle distributes money to Seton Hall for a set period of time. After the CLT terminates, it will tax-effectively allow them to pass assets to their daughter and granddaughter.
Pat and Mary Ann show us what can happen when you combine loyalty, vision, and action. Pat entered Seton Hall as a first-generation college student, worked hard and achieved extraordinary professional success. He and Mary Ann have come back to help the next generation by investing in students, faculty, academics, athletic and facilities. We are tremendously grateful for their investment in the future of Seton Hall and our students.
At A Glance: Charitable Lead Trusts
- You contribute securities or other appreciated assets to a Charitable Lead Trust. Our suggested minimum gift is $500,000.
- The trust makes annual payments to Seton Hall University for a period of time.
- When the trust terminates, the remaining principal is paid to you or heirs.
- Income payments to us for a term reduce the ultimate tax cost of transferring an asset to your heirs.
- The amount and term of the payments to Seton Hall University can be set so as to reduce or even eliminate transfer taxes due when the principal reverts to your heirs.
- All appreciation that takes place in the trust may go tax-free to the individuals named in your trust.