For nearly three decades, Drs. Rick and Karen Elam have called Oxford, Mississippi, home, building careers defined by leadership, education and service. Now, through a $1 million gift, a charitable gift annuity (CGA) was established with the University of Mississippi Foundation that will help ensure future generations of students benefit from the same opportunities that shaped their lives.
Through this gift, the Elams have provided for the creation of the Rick and Karen Elam Accountancy Endowment in the Patterson School of Accountancy, providing lasting support for one of the nation’s premier accountancy programs.
A nationally respected accounting educator and administrator, Elam served as vice president of education for the American Institute of Certified Public Accountants, dean at Rutgers University-Camden, director of the School of Accountancy at the University of Missouri and later as the Reynolds Chair of Accountancy at Ole Miss. He joined the university in 1999 after being recruited by then-Dean Jimmy Davis and spent years mentoring undergraduate and graduate students.
“The University of Mississippi gave me the opportunity to finish my career doing what I loved most: teaching and working with students,” Rick Elam said. “Karen and I have been incredibly fortunate, and we wanted to create opportunities for future students to pursue graduate education, earn their CPA credentials and make meaningful contributions to the profession.”
Elam has long championed advanced education for accountants, believing that graduate study provides students with the depth of knowledge and professional preparation needed for success.
“The accounting profession continues to grow more complex,” he said. “A graduate degree helps students develop the skills and judgment they need to serve with integrity, lead organizations and strengthen the public’s trust. If this endowment helps even a few students reach that goal, it will have achieved exactly what we hoped.”
Karen Elam’s own distinguished career reflects a similar commitment to leadership and advancing knowledge. A native of Indiana, she earned graduate degrees from Michigan State University and the University of Missouri before spending eight years as a professor at Michigan State and Mizzou. Karen then joined the corporate world, where she served as senior director of consumer and scientific affairs at Nabisco, Inc. for 15 years. In that role, she worked extensively with regulatory agencies, scientific organizations and industry leaders.
Although she initially had reservations about moving to Mississippi, she quickly grew to appreciate the Oxford community and the university.
“Oxford welcomed us from the very beginning,” Karen Elam said. “Over the years, we’ve built wonderful friendships and become part of a caring community. This gift is our way of giving back to a place that has given us so much and helping talented students build bright futures of their own.
“We’ve been blessed with opportunities, successful careers and experiences that exceeded anything we imagined,” she continued. “Therefore, we wanted to make a difference for young people whose education will impact businesses, organizations and communities for years to come.”
Dr. Jimmy Davis, former dean of the Patterson School of Accountancy, expressed gratitude for the couple’s generosity and enduring commitment to the school.
“Rick and Karen have dedicated their lives to education, leadership and service,” Davis said. “Their generosity will create opportunities for students for generations to come and strengthen a school that both care deeply about. We are profoundly grateful for this remarkable investment in the future of accountancy education.”
Beyond the classroom, Dr. Rick Elam served for 20 years on the Mississippi State Board of Public Accountancy, including multiple terms as chair, and contributed nationally through committee service with the National Association of State Boards of Accountancy (NASBA). During his tenure with the American Institute of Certified Public Accountants (AICPA), he helped advance major initiatives in accounting education, CPA licensure and professional standards while serving in key governance and advisory roles.
Karen Elam's commitment to education and public service is evidenced by her serving as a founding board member of the Mississippi Charter School Authorizer Board for six years and as a member of the Mississippi State Board of Education for nine years. During her tenure on the State Board of Education, she led efforts to establish a Departmental dedicated goal for school accountability which ultimately resulted in the “Mississippi Miracle” by increasing Mississippi students' national test scores well above the national average.
Through the Elams’ service to educational institutions, public organizations and their local community, they have demonstrated a lifelong belief in leadership, engagement and the value of investing in others.
The couple’s commitment underscores the vital role planned gifts play in advancing the university’s mission. Through arrangements such as charitable gift annuities, alumni and friends can align their philanthropic and financial goals while creating lasting support that helps the university prepare future leaders, expand opportunities for students and respond to evolving educational needs. Gifts such as the Elams’ ensure that the impact of a donor’s generosity continues for generations.
Distributions from the Elam endowment will support priorities within the Patterson School of Accountancy, with a particular emphasis on graduate education and preparing the next generation of Certified Public Accountants.
A charitable gift annuity (CGA) allows donors to support Ole Miss while receiving fixed payments for life. In exchange for their gift, the Foundation provides annuity payments to the designated beneficiaries. Depending on individual circumstances, donors may also qualify for an immediate charitable income tax deduction and other potential tax benefits. Once the annuity payments conclude, the remaining assets are used to support the donors' chosen area of impact.
For Rick and Karen Elam, that legacy is clear.
“Education changed our lives,” the Elams said. “If we can help future students gain the knowledge, confidence and credentials they need to succeed, then this gift will continue doing good long after we’re gone.”
To make a gift to the Patterson School of Accountancy, contact Jason McCormick, executive director for development, at jason@olemiss.edu or 662-915-1757; or visit online here.
By Bill Dabney/UM Foundation