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Kenneth E. Boring's gifts to Maryville began with loan
FOR IMMEDIATE RELEASE
Dec. 8, 2008
Contact: Karen B. Eldridge, Director of News and Public Information
865.981.8207; karen.eldridge@maryvillecollege.edu
Ask Kenneth Boring about his interest in the growth and continued success of Maryville College, and he might share with you a little story about a different kind of interest. (The money kind.)
In 1998, Kenneth made a gift of $250,000 for the renovation and expansion of the College's Bartlett Hall Student Center – a figure he arrived at by calculating the interest a loan of $15,000 would have amassed since August of 1955.
"Fifty-three years ago, my father, J. Marcus Boring, mortgaged the family farm in Happy Valley, and we borrowed $15,000 to buy a quarry down here," Kenneth said recently during an interview at his Dalton, Ga., business.
The lender was Maryville College.
"The College founded and, for many years, operated the Bank of Maryville," explained Dr. Gerald W. Gibson, Maryville College president. "From what I've read and heard from other people, it was hard to tell where the College stopped and the bank started."
Kenneth was born in Blount County on Oct. 19, 1924. He served in the military during World War II. In the late 1940s, he enrolled at the University of Tennessee, graduating with a degree in civil engineering in 1950.
Kenneth's mother, Annis Alger Lambert Boring, was a sister to the five men who founded Lambert Brothers, one of the nation's largest quarrying firms headquartered in Maryville. J. Marcus Boring joined his brothers-in-law in the rock business following the Great Depression and the Flood of 1931 that "wiped out" – physically and financially – his dry goods business in the Calderwood area of Blount County. When they were old enough, Kenneth and his older brother, Jim, worked for their uncles' rock quarry in Chattanooga.
In 1955, the Boring family had gotten enough money together to buy one-half in a quarry venture and had an option to buy the other half.
"We used the $15,000 loan from the College to exercise the option to buy," Kenneth explained, adding that the College was the only place to go to for the loan.
His father was already well-acquainted with the campus. Marcus had attended the Preparatory School prior to leaving for service in World War I, and one of his best friends was prominent businessman D.W. Proffitt, who was serving on the Maryville College Board of Directors at the time.
"Dad always felt close to the College," Kenneth said.
Kenneth, James and Marcus built Dalton Rock Products from one plant in Georgia to five plants in Georgia and Tennessee. They operated them until 1985, when Vulcan Materials began leasing the quarries.
In 1976, the brothers bought Hardwick Bank & Trust as part of an investment group. They later acquired First National Bank of Northwest Georgia, eventually selling both to BB&T.
Today, the two work in a real estate investment partnership, JKB&B Limited, LLC.
Marcus repaid the loan in November of 1958, but Kenneth said considering the interest accrual when making the 1999 pledge to the Bartlett Hall project gave him a "lot of satisfaction." He added that he thought his father would deem it "the right thing to do" to remember the loan. After all, the College was instrumental in their success.
"You can do more if you own all of a company than if you've got half," Kenneth said.
Boring makes additional gift to CAC
Kenneth Boring
Last year, Kenneth made another $250,000 pledge to the College for the Civic Arts Center.
"I've always felt close to Maryville College," he said, adding that he appreciates the positive impact the higher education institution has in his native Blount County.
"And that Civic Arts Center is going to be a great asset to that community," he said. "We wanted to participate in the campaign."
According to Michael Robinson, president of JKB&B Limited, L.L.C. Management Services, education and educational opportunities have been passions of the Boring brothers for decades.
"Ken has made education a priority for his own children, offering incentives for them to earn advanced degrees," Robinson said. "He places a lot of value on education and wants his children to be as educated as they could be – for their own personal satisfaction and also so that they can help their communities."
Kenneth and wife Dottie have two daughters, Laura Boring and Leah Hill, and one son-in-law, Jay Hill.
Generous supporters, model leaders
Jim Boring
In 2001, Jim Boring established a charitable remainder annuity trust with the College as a beneficiary. Eventually, the gift will support the James M. Boring, Jr., and Syble E. Boring Endowed Scholarship Fund.
Generous supporters of various educational institutions and initiatives in Georgia and Tennessee, the Boring brothers have supported numerous worthy causes in their community. For their contributions, both were inducted into the Northwest Georgia Business Hall of Fame earlier this year.
Of the brothers, the Northwest Georgia District of Junior Achievement of Georgia Inc. said: "They are among our most esteemed leaders. [They] have experienced a lifetime of business success and have established a legacy of leadership within their industries and the community. Through their actions and accomplishments, they serve as role models for our young people."
In addition to Maryville College, the Boring brothers have supported, collectively, the University of Tennessee School of Engineering, Dalton State College, Reinhardt College, Big Brothers Big Sisters of Northwest Georgia, the Hamilton Medical Center, the Whitfield Healthcare Foundation and the Salvation Army.
President Gibson commended the Boring brothers' example to current MC students.
"We at Maryville College feel both gratitude and admiration for Kenneth and Jim Boring," he said. "They have been highly successful businessmen, but also people whose generosity has had a great impact on others—including this College."
Maryville College is ideally situated in Maryville, Tenn., between the Great Smoky Mountains National Park and Knoxville, the state‘s third largest city. Founded in 1819, it is the 12th oldest institution of higher learning in the South and maintains an affiliation with the Presbyterian Church (USA). Known for its academic rigor and its focus on the liberal arts, Maryville is where students come to stretch their minds, stretch themselves and learn how to make a difference in the world. Total enrollment for the fall 2011 semester was 1,078.