Terry's fortune escapes High Point
My column today:
Randall Terry was one of the richest men in High Point. And one of the least generous to his hometown.
Leaders in High Point's philanthropic community hope Terry will give more now that he's dead, through his R.B. Terry Charitable Foundation. But it looks like they're going to be disappointed. ...
The foundation, which listed assets of $43 million in 2003 but will grow substantially when proceeds from Terry's estate are added, exists primarily to support two institutions: the College of Veterinary Medicine at N.C. State University; and Woodberry Forest, a private boys' prep school in Virginia.
The foundation's four-member board of directors has little discretion to distribute funds beyond the commitments Terry approved before he died in May 2004, according to High Point attorney Arch Schoch IV, one of the directors.
"We're obligated by the instruments setting up the foundation," Schoch said Monday. "Thus far we've voted as if he's sitting in the room with us."
That's bad news for High Point. Although Terry drew his fortune from local interests -- he was co-owner of the High Point Enterprise and owned a large portion of stock in the International Home Furnishings Center -- he returned very little.
The foremost initial beneficiaries of his will were his six dogs. Terry, who had no close family, left more than a million dollars for their care. No human beings received nearly as much.
As an Enterprise employee for two decades, leaving just before his death, I had many encounters with Terry. Few were positive.
He could be bigoted, once instructing me not to endorse a candidate for High Point City Council because he thought the man was Jewish. He was wrong about that and later retracted his order, but that hardly negated the sentiment.
He could be mean. At a company picnic, employees were allowed to choose two meats from among a hot dog, hamburger and chicken. Terry went down the line collecting his hot dog and hamburger, then asked for a piece of chicken. A teenaged server, who obviously had no idea who he was, explained that she wasn't allowed to grant his request. "Give it to me," he barked at the startled girl. "I paid for this damn picnic."
And he could be cruel, once firing a long-time editor who was recovering from a heart attack. I overheard him boasting about it, quite pleased with himself.
Others may have fonder memories, and I suppose someone who loves his dogs enough to make them millionaires can't be all bad. But I never found him very endearing.
Mostly, I couldn't understand how anyone who had so much could share so little of it. It wasn't as if he was a self-made man. His father, R.B. Terry Sr., was a High Point tycoon during the first half of the 20th century. He bought a 50 percent share of the Enterprise and a stake in the giant furniture showroom building that would grow into the immensely lucrative IHFC. His only son reminded me of what Ann Richards said of George H.W. Bush: "He was born on third base and thought he hit a triple."
Nevertheless, Terry did favor Woodberry Forest, where he graduated in 1953, and the N.C. State vet school, which successfully treated one of his dogs and earned millions in return. The college is slated to receive another $20 million over the next 10 years, Schoch said. It will name a new facility on campus the Randall B. Terry Jr. Companion Animal Veterinary Medical Center.
That leaves out High Point causes, possibly with small exceptions, although local leaders aren't giving up.
"I'm very hopeful that, as time goes by, they would be able to help High Point as they do Woodberry Forest and the veterinary school," said Jim Morgan, a former chairman of the High Point Community Foundation. "It would have a very, very important impact on our community."
It absolutely would. Think of all the Joseph M. Bryan Foundation has done for Greensboro. The Terry foundation, when fully funded, and with continuing income from the IHFC, could approach the Bryan foundation in financial strength -- and make a proportionately greater difference in the smaller city of High Point, where charitable organizations are overwhelmed with needs.
Schoch dispelled the idea. "Little leeway has been left to the board as to distributions that can be made," he said, adding: "The foundation does not accept petitions for grants."
Anyway, the board consists of one member to represent the interests of Woodberry Forest and one to speak for the vet school. They're locked in for funding. The fourth is High Point accountant Charles Odom.
I can't fault Schoch, who's carrying out his client's wishes. "It wasn't my money," he reminded me.
The money belonged to a man who lived in High Point for most of his 69 years but never showed much affection for the town or its people.
And it seems his death didn't change a thing.
Comments (30)
To report abuse of the comment feature on this site, please use the feedback form at the bottom of any page.
All I knew about Terry was word-of-mouth from the Enterprise newsroom, so I hesitated to put much stock in it. Interesting to see that the word-of-mouth is confirmed.
And it goes without saying that this column never would have seen the light of day had you still been working at the Enterprise.
Posted on August 31, 2005 8:40 AM
Interesting question, Lex. Could a column like this appear in the Enterprise? The paper has no connection to Terry anymore. And the column isn't really about the Enterprise. But, I don't know. Would it be considered bad form?
Posted on August 31, 2005 9:08 AM
I have encountered mean-spirited 'scrooges' like Terry many times in my life and make every effort to avoid them like the plague. To me, the "two meat" episode was especially telling about what kind of man he was... and wasn't.
Too bad a few Christmas ghosts didn't visit him in advance of his demise.
Good column, Doug.
Posted on August 31, 2005 9:58 AM
Lex,
I don't recall a lot of stories in the N&R about Frank Batten always appearing on the Forbes list of the world's richest while contributing little to Greensboro causes. Want to prepare one?
Posted on August 31, 2005 10:36 AM
We've run some Jerry; I'm working at home today and don't have access to the archives or I'd pull some. One, in particular, was (in-)famous (a copy was pinned up on the bulletin board in the newsroom for a long time) for a comment from Batten, something along the lines of, "Are they [Forbes] still doing that damn thing?"
Moreover, Jerry, as you well know, Doug's larger point isn't how much of Terry's money he gave away or to whom.
Posted on August 31, 2005 12:26 PM
Oh, and then there's that whole part where Frank Batten lives in Virginia, not Greensboro. You're a reporter, Jerry: How much has he given away up there?
Posted on August 31, 2005 12:33 PM
Lex,
Your point was that a column akin to Doug's likely wouldn't appear in the Enterprise. Mine is that a similar piece about the N&R's living owner likely wouldn't appear in the N&R.
You can avoid hypocrisy by taking the challenge. Tell us how much Frank Batten takes out of Greensboro every year and how much he gives back.
The N&R is the community newspaper. No doubt a lot of people in Greensboro would like to know that.
Posted on August 31, 2005 2:05 PM
As would I.
As you well know, Jerry, the N&R's parent company is privately held. As you might have surmised, I am not a stockholder. Accordingly, I have no idea how much money comes out.
Since you're comparing an article about someone still alive with an article about someone who's dead, I'm not real sure what the basis is for your claim of hypocrisy.
Posted on August 31, 2005 2:59 PM
Does that mean you'll do the story when Frank dies? Something tells me otherwise.
Posted on August 31, 2005 3:41 PM
Well, given that it's hardly certain I'll even still be working for the N&R or Landmark when he dies, the smart money certainly would be on your suspicion. But stranger things have happened.
Now, then: Care to answer my question, or are we done here?
Posted on August 31, 2005 6:05 PM
Frank Batten has given away millions of dollars to charities, including more than $100 million to a variety of educational institutions and foundations in his home state of Virginia.
As for Greensboro and the Triad, each year the Landmark Foundation, which Batten established, gives anywhere from $500,000 to $1 million in charitable gifts to agencies here.
Posted on August 31, 2005 6:27 PM
For more detail on his charitable giving, you can do a google search.
Posted on August 31, 2005 6:29 PM
Thanks, John,
We're getting somewhere. Now tell us how much he takes out. I know the N&R is a private company and has no requirement to report anything. But you're an information company with great power in the community and you look into all kinds of other people's business often in sharply critical ways. Why not your own? I'm sure a lot of people would be curious to know.
Posted on August 31, 2005 7:43 PM
The leaders in High Point need to get over it.
This money was Mr. Terry's and he is disbursing it the way HE wanted it to be disbursed, through a will he had drawn up while he was alive.
Evidently the city of High Point did not hold a special place in his heart if he was not that generous to it while he was alive.
Why should they expect anything different now that he is gone?
Posted on August 31, 2005 11:58 PM
I can't say exactly, Jerry. The company makes a decent profit, some of which is returned to the community in donations, some of which goes to capital expenditures and some of which goes to stockholders. I think the point Doug is making is that Mr. Terry make little charitable contribution in terms of money in High Point. Over the years, Frank Batten has donated millions to Triad causes.
Posted on September 1, 2005 4:58 AM
John,
Let me clear up some things. I had no problem with Doug’s post or his point. I don’t care how much Randall Terry made, or how much Frank Batten has made, or what either has done with their money. That’s their business.
If Doug wants to kick around the old crank he used to work for after his death, that’s for him to decide. I met Terry a few times and didn’t like him either, although he seemed to have lived a sad life, receiving love only from his dogs and rewarding them and those who cared for them accordingly.
There likely would have been only a couple of comments to Doug’s column if Lex hadn’t chimed in to take a whack at your competitor, the Enterprise. It went without saying, he said anyway, that Doug’s column wouldn’t have appeared in the Enterprise. Doug wasn’t sure about that. Maybe so, maybe not. The Enterprise has a new owner.
I attempted to point out the hypocrisy of Lex’s statement by challenging him to write a story about Frank Batten’s great wealth revealing how much he takes out and gives back to the community that the N&R serves. I knew that he wouldn’t do it, and neither would anybody else at the N&R.
You come in to tell us in general terms how much the Landmark Foundation gives. Well and good. But of course you won’t tell us how much Landmark takes out of the community so that people can compare it to the amount given back to determine whether it’s big or small. A decent profit, you say, but you don’t know how much. And you won’t make any effort to find out on behalf of your readers either.
In other words, a story similar to the one Lex claims wouldn’t have appeared in the Enterprise, wouldn’t appear in the N&R either, and you both know it. Point made.
Give my regards to Frank. I always admired him.
Posted on September 1, 2005 11:21 AM
Knowing that JR probably thinks this thread passed its sell-by date a while ago ...
Jerry, my point was, and my belief is, that Doug's column on Randall Terry's personal generosity, or lack thereof, wouldn't have made it into the Enterprise. I also believe that upon Frank Batten's death, a story will appear in the N&R that, among other things, will discuss his personal charitable contributions (as opposed to the corporation's, which is an unrelated subject). Those are my opinions; I can't prove them and never suggested otherwise.
I remain unsure why you think my stating this belief makes me, personally, a hypocrite.
Posted on September 1, 2005 11:32 AM
Gentlemen, I feel like someone peering out from behind his window shades watching a fight in the front yard. You're scaring away the neighbors!
Posted on September 1, 2005 11:39 AM
Jerry, when Frank Batten dies, we will write a story that includes discussion about his contributions to the community. It will be difficult to write one similar to what Doug wrote about Randall Terry because I'm not aware of similar anecdotes about Frank. As Frank has contributed millions to many, many local charities, it would also be inaccurate to write about his parsimony.
Posted on September 1, 2005 2:26 PM
I find it somewhat ironic that the title of Doug Clark’s next blog is the "Ethics of Looting" given that the above article on Randall Terry is, in a sense, the "looting" of a man's reputation that is no longer here to defend himself against such attacks. Growing up, I was always told to respect the dead. It's unfortunate that this wasn't a more widely taught lesson.
Posted on September 1, 2005 4:59 PM
Andy,
Thanks for your comment. I respect your opinion but obviously don't share it. Would you suggest sparing Joe McCarthy, Richard Nixon or anyone else in the past from criticism? Randall Terry has passed away, but he's left a huge amount of money behind. His decision as to its disposal is not beyond criticism. I included in the column some personal observations to give readers some insight into his character. That doesn't explain why he chose not to share his fortune in any meaningful way with High Point -- he's taken that answer with him -- but it does establish a view of someone who could be very callous toward other people. What I should have done better was to convey a sense of sadness that someone who could have left a great legacy in High Point failed to do so. The Terry name will disappear from the city where the Terry family made a huge fortune. No buildings at High Point University, no wing at the hospital, no humanitarian award in his hometown will carry his name. Contrast that with the Millis name, which will endure forever in High Point because of that family's generosity -- probably with no greater resources than Randall Terry controlled.
Posted on September 1, 2005 5:29 PM
Earlier, I honestly considered posting "JERRY! JERRRY! JERRY!"
I have mixed feelings about the criticism of a human being who is no longer here to defend himself/herself.
I've thought of that with regard to Jesse Helms.
I have never been a fan of his, and when he passes away, I wonder if some will be inclined to try to honor his legacy.
I would be against that, for multiple reasons.
Some people earn any harsh judgement aimed their way.
Maybe we shouldn't judge or criticize, but some people--particularly individuals who are in positions of power--almost seem to be begging for it by the way they carry themselves and treat others.
If we can learn from the mistakes of others, dead or alive, that's generally a good thing.
Posted on September 1, 2005 9:27 PM
I don't blame Mr. Terry for not leaving one bloody cent to High Point. In case you haven't noticed, anyone with school age children is trying to flee High Point as fast as we can.
Politicians in High Point are only concerned about "old High Point" and to heck with the rest of us. The GCS Board of Education follows suit.
Cheers!
Posted on September 2, 2005 10:20 AM
Right, Ian. Not a penny for the hungry, the homeless, for the elderly or the sick. There's not a soul in High Point, no matter how needy, who deserves an ounce of charity from anyone because you don't like school board policies.
Maybe you'd like to move to New Orleans.
Cheers!
Posted on September 2, 2005 10:51 AM
Doug,
Certainly no one is above criticism, McCarthy, Nixon, or Randall Terry, though I think we’d both agree the comparison is a bit of a stretch.
But aren’t dead people a bit of an easy target?
I think there is a slight difference between constructively criticizing the decisions a deceased man made regarding the disposal of his estate versus dragging his name through the mud with accusations of bigotry and cruelty as if these alleged incidents you cited offered insight into why he decided not to bequeath his fortune to the High Point Foundation.
The decisions one makes on how they would like to handle their affairs after their death are deeply personal and a private matter in my mind. The only reasons why we’re discussing the distribution of Randall Terry’s estate in a public forum are:
1) Randall Terry was a very wealthy man
2) Doug Clark used to work for Randall Terry at the High Point Enterprise
Given the comments you made regarding your own relationship with Randall, would you hold him in any higher esteem had he given $1,000 to the HP Foundation? How about $10,000? $100,000? What about $10,000,000? How much money would he have had to give to purchase your respect or the respect of the community he lived in and outweigh his terminal callousness?
I think I have a better explanation for why Randall decided not to give any money to High Point – he didn’t want to. Perhaps his legacy in High Point was not all that important to him. Perhaps he sensed how the community perceived him. I don’t know. But the bottom line is this: It was Randall’s money to do with what he pleased - not yours, not mine, not anyone else’s.
Randall gave a lot to the causes and institutions he felt strongly about.
High Point just wasn’t on his list.
Posted on September 2, 2005 12:36 PM
So Doug, how much are YOU leaving for the Crown Jewel City of High Point? And DO tell WHEN we'll all be receiving it--hopefully soon.
Posted on September 2, 2005 1:41 PM
Sad to say, but the "kill the messenger" crowd is alive and well. Don't attack Doug for pointing out the sad truth about Randall Terry: He got a great deal from the High Point community, and chose to give little back to that community. If we all had that attitude, the world would be a much worse place.
Posted on September 2, 2005 2:50 PM
Dang, what's with this Bledsoe guy and the N&R? Did somebody down there lick the red off his candy or did they pee in his cornflakes.
Oh, and "gimme", go crawl back into the slime with the rest of the trolls. You evidently know nothing of Doug or his familiy. Trolls like you need to be gigged.
Posted on September 2, 2005 4:01 PM
Thanks, David and mrp. I think someone means to "kill the messenger," literally.
When I do meet my demise, I don't anticipate leaving a fortune to anyone. I'm spending it as fast as it's coming in.
Posted on September 2, 2005 4:21 PM
Terry had one last chance with his will to at least partially redeem himself after a lifetime of hatred, bigotry and greed. True to his character, he failed. Good for Doug for pointing it out.
Posted on September 8, 2005 4:55 PM