Philip Carret was a long-time New York investor who visited Elon in October of 1996 at the invitation of Mark Albertson, University Registrar. In 1924, Carret founded and started the Pioneer Mutual Fund and served as its leader for 55 years. In 1964, he founded Carret and Company, a money management firm. On May 28, 1998 Mr. Carret passed away at the age of 101. After visiting Elon in 1996, Mr. Carret was so impressed with Elon and its services and support to student and faculty that in 1997 he endowed $40,000 to sponsor an annual essay competition that required students to reflect on the ideals and principles of Thomas Jefferson. As stated in the 2009 essay booklet, "We (Elon University) are grateful for his wisdom in shaping it so that each new generation of Elon students will be invited to consider the values of a central founder of our nation."