DALLAS -
May will deposit $100 into credit union savings accounts for 24 high school students who qualify by submitting an essay on "What a Savings Account Means to Me" and complete an application that includes a letter of recommendation, a list of scholastic activities and extracurricular and/or volunteer activities. May also wants to know what special skills or talents the students have and if they've ever held jobs.
The negative savings rate in America prompted May to commit his money as an incentive to students who otherwise might be tempted to spend all their ready cash. May is hoping that the students will learn that "paying yourself first" can lead to sound financial habits and, through compound interest, start a nest egg.
"They have the power to take the money and run," admitted May. "But if I get 50% of them to keep it and add to it I'd consider that worthwhile. The savings accounts are a tool for me to provide students who have vision, yet lack financial security, the ability to start a lifetime commitment to financial independence through a consistent habit of saving," he said.
Each year, May said he would personally deposit $100 to 24 new savings accounts. "I'll do it for as long as I live," said the 68-year-old. "I can afford it because God has blessed me and I want to give something back."
May elaborated that he is a survivor of both a heart attack (15 years ago) and cancer (10 years ago) and that his family has strong ties to the value of education and community service. His father-in-law was a student of George Washington Carver and went on to become a professor of anatomy at Tuskegee University. "He passed away last year at the age of 87, and don't you know that among the attendees at his funeral were some of the original Tuskegee Airmen," he noted proudly.
May has made his contribution as well. As the former Quality Manager for the City of Dallas, City Manager's Office, he was responsible for the overall management, development, and implementation of programs and processes to improve the quality of city services. May co-authored the International City Management Association's participant handbook on "Total Quality Management Strategies for Local Government." He has also published articles on training, motivation and planning and evaluation systems and has written an implementation manual on Total Quality Management.
He was a devotee and student of the father of TQM, W. Edwards Deming, and has worked with author Steven Covey. He's put his mark on the CU world as well, by authoring City Credit Union's CEO Evaluation System and a Credit Union Board Succession Plan, both of which received national recognition by CUNA. He has also served as a visiting professor for Southern Methodist University and the University of Dallas.
"I did this because I want to provide economic opportunity to students who do not have the financial security of a savings account, yet have the drive and ambition to succeed. The student's membership to City Credit Union will also allow them access to low-cost financial services and I believe credit unions are best equipped to serve those of modest means," May said.
