ISU, U of I given $22 million gift
October 4, 1995
F. Wendell Miller was not an Iowa State alumnus, professor or even an Ames resident. Still, he shared the same educational philosophies with both ISU and the University of Iowa, enough so to leave the two schools an estate worth $22 million, said John Anderson, director of university relations.
F. Wendell Miller, 97, was from Rockwell City. He died March 29, 1995. After graduating from Grinnell College, he went to Harvard Law School where he received his degree in 1923.
Miller had been communicating with both universities over the years, so the will was not a total surprise, Anderson said.
Miller left the estate to be used for scholarships, concerts and lectures and for any special expenses “contributing to the knowledge, educational attainments and the standards” of each university.
According to the will, a Miller Endowment Trust is to be established. The interest income from the $22 million is to be divided equally between Iowa and ISU annually.
“This is such a massive gift, the universities are still working through this,” Anderson said.
Before any of the money can be distributed to various individuals and campus groups, the assets of the estate must be sold.
When Miller’s father died in 1944, he took over the family farm while continuing to practice law.
The family business expanded to 31 farms, which occupy nearly 7,200 acres with a value estimated at $14.3 million. Miller also had numerous stocks and bonds, oriental rugs, artwork and other assets to be sold.
“This is a most generous gift that will help our two universities achieve their individual educational goals,” ISU president Martin Jischke said in a prepared statement.
The presidents of the universities are the trustees of the estate and are still working to establish the trust fund.