Investing in flexibility: Richard and Pamela Lafferty champion unrestricted giving to W&M’s VIMS & Batten School
“From my perspective as a graduate of William & Mary, there's no other school that has such a broad, national impact as does VIMS & the Batten School,” said Richard Lafferty ’74. “There's no comparison, in my opinion. So, it’s an easy thing to get excited about.”
Lafferty quickly becomes animated when discussing William & Mary’s VIMS & Batten School, and that enthusiasm was recently exemplified in the creation of a $100,000 unrestricted endowment. For Lafftery and his wife, Pamela, the gift is a continuation of their ongoing philanthropy, volunteer leadership and belief in the institute’s trifold mission of research, education and advisory services.
The new endowment will help ensure future generations of marine scientists have the resources needed to respond to emerging challenges and opportunities, according to Ellen Leverich, executive director of advancement at VIMS & the Batten School of Coastal & Marine Sciences.
“Through this endowment, Rich and Pam have created a lasting source of flexible support for generations to come, ensuring VIMS & the Batten School can respond to both emerging problems and future possibilities,” she said. “We are deeply grateful for their vision and commitment.”
The importance of unrestricted giving
The Laffertys have supported VIMS & the Batten School for more than 15 years, but recently they decided to take the more substantial step of creating an endowment. By designating it as an unrestricted fund, the Laffertys ensured that the endowment will empower the institute to quickly respond to its most pressing needs. In fact, the unrestricted designation was inspired by another charitable couple.
“I was impressed by Lynn and John Dillon creating a similar endowment, which was covered in Impact Magazine,” said Lafferty, who serves alongside Lynn Dillon on the VIMS Foundation (VIMSF) Board. As the Laffertys got to know VIMS & the Batten School more intimately, they came to share the Dillons’ conviction that unrestricted support is one of the most effective ways donors can make a difference.
“Unrestricted giving is critical to bridge the gaps that can happen in funding for VIMS & Batten School activities. They need to be free to solve our biggest problems, and I trust the leadership to do what's right,” continued Lafferty. “I think it’s incumbent upon those of us who can contribute that we help in this way.”
Leadership beyond philanthropy
A love for the Chesapeake Bay — and its flavorful seafood — inspired the Laffertys to make their first gift to VIMS & the Batten School in 2010.
“I've had a boat in the Chesapeake Bay for decades and, being a William & Mary graduate, I was generally aware of VIMS & the Batten School and some of their projects, like the blue crab survey,” said Lafferty. “I'm very much in favor of the crab population being successful in the Bay, so that may have been the most persuasive single tidbit, but everything they do is important.”
Lafferty became even more involved when he joined the VIMSF Board in 2021, leveraging a distinguished career in financial services in which he built a reputation for cultivating long-term relationships and helping clients achieve lasting financial success. Though Lafferty recently retired from UBS Financial Services in the role of senior vice president - wealth management, he continues to bring his expert perspective to the VIMSF Board, including current terms as both treasurer and chair of the Budget & Finance Committee.
“The VIMS Foundation Board is exceptionally fortunate to have Rich,” said Leverich. “His dedication to the mission of VIMS & the Batten School — advancing research and education — is truly extraordinary.”
Lafferty says that serving on the VIMSF Board has given him an even greater appreciation for the scope and significance of the institute’s critical research, as well as its essential role as a nonpartisan advisor to the Commonwealth of Virginia.
“I’ve found it to be a totally enjoyable experience,” he said. “The meetings are fantastic. Learning about the research that’s going on is fantastic. And with the Virginia Institute of Marine Science as a state agency, they're unbiased, which enhances their credibility when advising the public and policymakers. I love VIMS & the Batten School's credibility, and I think about this work all the time; literally every day.”
Encouraging others to give
VIMS & the Batten School’s wide range of coastal and marine research and advisory efforts are what Lafferty believes will inspire more people to make unrestricted gifts.
“I’m especially impressed by their vital work on flood forecasting, natural shorelines and coastal resilience; and that’s just a small part of what VIMS & the Batten School do. From shark surveys, seagrass restoration, and scallops coming back to the coast of Virginia to studying water flows and developing the SCHISM model, there’s so much going on,” said Lafferty. “I'm hoping people see that and contribute. And giving is easy to do; Ellen’s team makes it a seamless process.”
Through their generosity and advocacy, the Laffertys are models for making a meaningful impact. By providing unrestricted funding, their new endowment will help provide the flexibility needed to meet tomorrow’s challenges and inspire others to invest in the future of coastal and marine science. It’s an opportunity that Richard Lafferty feels is not only a regional need, but also a generational responsibility.
“I think that supporting VIMS & the Batten School is so important,” he said. “There is incredibly important research happening that can inform environmental conservation decisions, and it would be a crime for our generation to abandon that prospect, so I hope people join us in giving.”
If you’d like to make a gift to VIMS & the Batten School, visit vims.edu/giving.