East Carolina Pirate Club

In the management of funds contributed by these and other succeeding endowment donors, Tom Bennett, a long-time Pirate Club member, then Board of Trustee Member and Chair of its Athletics Committee, and well-respected banker, agreed to take on the responsibility of investing said funds. In order to protect the fund’s principal, Tom invested endowment funds in insured certificate of deposits.

As the endowment fund’s assets grew over time, Tom advised the Educational Foundation in the mid-1990’s, that an investment committee needed to be established and with the establishment of same, that investment policies be developed in managing the fund’s assets moving forward. In conjunction with the establishment of the Endowment Investment Committee, Tom Bennett agreed to be a member of said committee and did so until his passing on July 19, 2011. His knowledge of the securities market and investment opportunities were invaluable over the years, as the assets of the Educational Foundation’s endowment fund grew to more than $10 million as reported on June 30, 2011.

Just as important as the oversight provided by Tom Bennett of the endowment fund’s assets, was the oversight provided by long-time Pirate Club member and a Past Executive President, John P. Hudson. In 1995, with the establishment of the Endowment Investment Committee, John agreed to provide professional consulting services to the Committee. At the time, John was a senior officer with Wachovia Securities. In doing so, John and Wachovia Securities provided transactional, reporting, and other services to the Endowment Fund Investment Committee. Later, John joined the Morgan Stanley firm, and continued providing such services to the Committee.

Without the oversight of the Educational Foundation’s Endowment Fund’s assets over the years, it is safe to assume that these assets would not have grown to the level achieved, had it not been for the efforts of these two dedicated Pirate Club members. As further proof of their dedication to building the Foundation’s endowment fund, both Tom and John and their wives established student-athlete scholarship endowments.

At the Educational Foundation’s Endowment dinner reception on September 9, 2011, Jim Creech, Executive President, announced the Executive Committees’ resolution naming the “Bennett – Hudson Endowment Fund” in recognition and appreciation of the oversight provided by Tom and John of the investments of the Foundation’s endowment fund assets.