Sharing Their Good Fortune
Albuquerque couple truly enjoys their tradition of philanthropy
By Michelle G. McRuiz
People who give their money and time to a cause do so not only to make a difference, but also for the feeling of pleasure it brings. For Carol and John Cochran, that pleasure has created a decades-long tradition of philanthropy. They are as thoughtful about their giving as they have been about their lives, and their intention is to make a meaningful impact on the community.
A calling to give
Carol and John’s connection to UNM began as students. John worked towards a master’s degree in geography and Carol earned her bachelor’s degree in business administration and executive MBA there. Her parents, Richard and Virginia Mayo, graduated from UNM as well, and Carol and John’s daughter, Rachel, holds a JD from the School of Law.
After graduating from the Anderson School of Management in 1984, Carol launched what would become a long and successful accounting career at Ernst & Young in Roswell, New Mexico, and Hondo Oil and Gas Company, where she became the youngest corporate officer. Two other significant things happened to Carol in Roswell: She met John, and she learned about the importance about giving back. The latter was like a calling to her.
“The partners of the CPA firm had a message to employees: We make a good living from the community, and we expect you to give back to the community,” Carol says.
Starting with students
The couple moved back to Albuquerque in 1992. Carol began working at REDW, LLC, where she now is a principal in human resources consulting. John, now retired, spent his career with the New Mexico Office of the State Engineer as a water resource specialist and with the New Mexico Environment Department as an environmental specialist.
Carol took her former employer’s message to heart. A couple of years after returning to Albuquerque, they began giving to the Presidential Scholarship Program. They had made gifts to UNM before, but “really got serious” with this program, which helps exemplary New Mexico high school students attend UNM. More than 30 years later, they’re still giving to that fund.
Out of all of the support they provide to UNM, “I get the most pleasure from giving money to the Presidential Scholarship Program,” says John. “The funds go to specific students so they can afford to stay here in New Mexico. They are all very bright, and it has been interesting to visit the students we have sponsored – in biology, pharmacy, and business – and talking with them about what they want to do.”
“Easily half the students we have sponsored have been first-generation college students,” Carol adds.
Long-term planning
Carol and John didn’t stop there. They made a sizeable capital contribution to support the construction of the Jackson Student Center at Anderson. They also annually fund faculty research stipends and grants in Anderson’s Department of Accounting.
“I meet with the department chair every year to review the applications,” says Carol. “It gives me a chance to see the fantastic work they’re doing. It’s fascinating to see their interests, and I’ve been able to fund initial and subsequent research.”
“Carol and John’s dedication to supporting education, particularly through student scholarships and faculty development grants, embodies the spirit of generosity that strengthens our community,” says Alina Chircu, PhD, Dean of Anderson School of Management. “Their legacy at Anderson will continue to empower students and faculty for generations to come and inspire future leaders to make a difference in the world around them.”
Carol feels particularly close to Anderson, having earned two degrees from the school. In 2018 she began teaching there as an adjunct accounting professor and still teaches financial accounting in the Executive MBA program.
Last year, Carol and John made a large, unique gift to UNM: Land that Carol inherited from her grandfather.
“My grandfather came to Albuquerque with my grandmother and Mom in 1940,” she says. “He got into real estate because, after the Great Depression, there was no other place for him to work.”
He acquired over 100 lots in Rio Rancho, which remain undeveloped, and Carol and her brother each inherited half of those lots.
“It was an asset I wasn’t doing anything with,” she says. “The lots have been in my family for over 40 years, and it seemed appropriate to give them to UNM. Not every place you donate to is able to take lots like these, sell them, and convert them to funding. It’s good from a tax standpoint, and you also get to do something meaningful.”
This gift indeed will make a difference at UNM. Carol and John say it will endow their Presidential Scholarship, fund three years of the Accounting faculty scholarship, and make a significant contribution to the UNM Foundation Center for Philanthropy, which, when built, will serve as the Foundation’s new home and elevate the culture of philanthropy at UNM.
Pairing time and financial resources
Carol’s contributions go far beyond monetary gifts. She has served on more than 25 community boards and has been a member of the UNM Foundation Board of Trustees for five years. She is also on the board of the National Dance Institute and attends law school full-time – and that’s in addition to her career of more than 30 years at REDW, LLC, where she is a principal in human resources consulting. She’ll graduate in 2025 and intends to focus on Native American law and business law.
“That’s an area where I feel like I can make a big difference,” she says.
Contributing both time and money is deeply fulfilling to the Cochrans, more so than choosing just one way of giving back.
“Until you’ve done it, you don’t realize how incredibly meaningful it is to pair time and financial resources,” Carol says. “It is an amazing way to have impact on an organization, on yourself, and on the community.
“There is a Bible verse that says, ‘To whom much is given, much is expected,’” she continues. “I feel I have been unbelievably fortunate. I have worked in a field I was good at, made a difference in the lives of my clients, and had a wonderful family life. We have the resources to give and to create an impact in New Mexico.”