Former financier's estate endows $1 million to YSU for faculty chair in accounting

The donor's money was set aside in a trust fund when he died in 1999.
By RON COLE
VINDICATOR EDUCATION WRITER
YOUNGSTOWN -- A few years ago, in the waning days of his life, John S. Andrews began thinking about where he wanted his collected wealth to go upon his death.
"He wanted the money to stay in Youngstown," good friend Dr. William H. Bunn Jr. said. "And, though he was self-educated himself, he always really valued higher education."
Today, Bunn announced that $1 million in Andrews' trust fund will be given to Youngstown State University to establish a faculty chair in accounting in the name of Andrews and his wife, Doris.
"He was a man of high intelligence who had the greatest respect for the value of education," Bunn said. "I'm certain he would be very pleased."
Largest gift: It's the largest endowed academic chair in YSU's history, said Dr. Betty Jo Licata, dean of the university's business school.
Annual interest accrued from the endowment will be used to hire a faculty member devoted to the study and teaching of accounting and finance, she said.
Licata said YSU has launched a national search to fill the position and hopes to make an appointment early next year.
"YSU is most grateful," said Paul McFadden, YSU development director.
His background: Andrews, a native of Jamestown, N.Y., died in June 1999 at the age of 95 after a long career in finance in the Mahoning Valley.
His career started as a messenger and teller at the Bank of Jamestown after graduating from high school. He then moved into sales jobs in New York state.
He came to the Youngstown area in 1932 to open an office for Associates Financial Services, a company that underwrites car loans. He retired from AFS in 1959 but continued as a financial consultant and served on the board of Commercial Shearing & amp; Stamping Co. in Youngstown.
Andrews was active in the American Heart Association, serving as treasurer, director, vice president and a member of the board of the national organization. He also was past president of the Youngstown Rotary Club and a member of the advisory boards for the Youngstown Salvation Army, American Red Cross and St. Elizabeth Health Center.
Donations allotted: Andrews, whose wife died in 1993, died with no children or close family relatives, so his money was set aside to be donated to nonprofit organizations, said Bunn, who is one of three trustees charged with distributing the funds.
The YSU gift is the second largest distributed from the Andrews trust, Bunn said. The fund also gave $1.5 million to the Northeastern Ohio Universities College of Medicine to establish a professorship in medicine.
Licata said the new position at YSU will enhance student preparation for careers in accounting and finance and will develop strategic relationships with the business community.
cole@vindy.com