The Gift of Literacy: Sally And Jim Barksdale

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Through the University of Mississippi, they created the Barksdale Reading Institute, which is financed by the interest produced by their $100 million bequest. Twenty training schools, which will receive $40,000 each, were picked in April. Twenty additional target schools--whose students have lower test scores and therefore will receive greater funding--have just been chosen. The institute plans to add 40 schools a year until the total reaches 200.

The Barksdales expect results and are demanding accountability. During their discussions with Mississippi educators and other experts, they asked the sorts of questions venture capitalists ask of entrepreneurs who are seeking funding: How will we measure how well this is working at various stages? How will we know if it's not working? If the Barksdales don't see higher reading scores in the schools they're helping, they will pull the funding and appropriate it to another program. That's why Jim insists that the money isn't a gift. He says, "I invest in start-up businesses, so to me this is like an investment." And it's already paying off every time the Barksdales visit a school like Lee Elementary, where each beneficiary of their philanthropy has a name and a smile and a small handshake.