Thomas R. Powers

1938 - 2024

Thomas R. Powers
11/23/1938 - 01/24/2024
Thomas Robin Powers was born in Kilgore, Texas on November 23, 1938 to Ann Downs Powers and Chester Robin Powers. He grew up in Corpus Christi, Texas and graduated from W.B. Ray High School in 1956. Tom attended Baylor University, graduating with a BBA in Accounting in May 1960. On August 17, 1963 he married the love of his life, another Baylor graduate, Patsy Graves Powers and they just celebrated 60 years. Together, they raised their family and he taught Bible study at both Tallowood Baptist Church and Second Baptist Church in Houston, Texas for over sixty years. Tom finished his earthly race on January 24, 2024 with family by his side.

Tom was a member of the Air Force Reserves and joined the accounting firm of Price Waterhouse post-graduation. He later joined U.S. Senator Lloyd Bentsen with a privately-owned investment group, and ultimately acquired Funds, Inc. in 1976. Over the next 14 years they developed Funds, Inc. into a national investment advisory firm, Criterion Group, managing mutual funds for investment managers globally. They took the company public in 1986, and in 1991 agreed to be acquired by Transamerica where he stayed on as CEO until his retirement in 1993. During this time, he helped lead the industry as the Board Chair of both the Investment Company Institute and of the National Association of Securities Dealers.

Tom continued to be active following his retirement serving on the Baylor University Board of Regents from 1988-1997, and served as Regent Chairman, 1996-1997 during the time of the creation of the Baylor Foundation, and Baylor entering the Big 12 Conference. Tom also served as a Trustee on the Fidelity Charitable board from 1995-2012 that formed the Fidelity Charitable Gift Fund, and later served on the Fidelity Non-Profit Management Foundation, the Johnson family's private foundation. The Fidelity Charitable Gift Fund is now the largest of its kind in the world. Tom also served on the board of the Memorial Herman Health System and Baylor College of Medicine. His goal to help provide funding for groundbreaking healthcare research for the betterment of all. Tom was also appointed by then Governor George W. Bush to serve on the Texas Telecommunications Infrastructure Fund Board in 1998 to help with technology implementation in Texas public schools.

Tom & Pat were recognized by Baylor University multiple times, including the Baylor Samuel Brooks Legacy Award in 2014 for individuals who demonstrate extraordinary philanthropy, Herbert Reynolds Award for exemplary service and the Pat Neff Award. Tom & Pat have established three endowed scholarships in the Baylor University's School of Business, School of Music, and School of Social Work. They have also touched the lives of multiple student athletes. Their positive impact on students at Baylor University will continue for many generations.

Tom participated in many other companies' formations, from real estate development throughout North America to home construction companies with his son, Matt. He often joked, the only business he had not been involved in was the restaurant business, and he just didn't think he had that passion.

Our "Pops" passed after a life full of love and wonderful experiences. He didn't "tell us how to live…He just "lived"…and let us watch him do it. His faith in the Lord, his deep love of family and his lifelong friends, many from his Baylor days, have been an inspiration to all who knew him. He recorded much of his sage advice in a book called "Keepers" which are "stories that bear preserving with the sole purpose to focus on our Lord & Savior… and the most important gift Jesus left for us all…His never ending love".

Tom is survived by his wife, Pat, their three children, and five grandchildren including Matt, and wife Laura and children Megan and Sam; Joell Powers; and Paige Powers Bell and her husband Doug and children Brooks, Lindsay and Colt. A celebratory service for his life will be held Monday, January 29, 2024 at 1:00 pm at the Sanctuary at Second Baptist Church in Houston, Texas.

The Powers family invites you to continue Tom & Pat's tradition of giving towards scholarship. Memorial gifts can be made in Tom's honor to the Tom and Pat Powers Family Endowed Scholarship Fund in Business at Baylor University online at https://www.baylor.edu/powers or sent to Baylor University Advancement, One Bear Place #97026, Waco, Texas 76798.