Iowa State President Steven Leath gives $15,000 after plane accident - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
September 27, 2016 Newswires
Share
Share
Post
Email

Iowa State President Steven Leath gives $15,000 after plane accident

Gazette (Cedar Rapids, IA)

Sept. 27--Iowa State University President Steven Leath on Monday made a $15,000 donation to the ISU Foundation after news emerged he damaged one of its airplanes and cost the institution $13,691.

The actual cost to repair the university-owned Cirrus SR22 that Leath was flying in July 2015 when he experienced a microburst and hard landing -- clipping a wing flap on a runway light -- was $12,591.72, according to ISU spokesman John McCarroll.

Although the aircraft remained "airworthy," Leath didn't fly it home, costing the university $1,099.60 to store the plane in Bloomington, Ill. -- where the incident occurred. Leath in a statement this week said he believes ISU insurance would have covered the accident, but "for business reasons" the claim was not submitted and the repairs were covered using "non-general use funds."

The university hasn't elaborated on the "business reasons" for not submitting the claim, and McCarroll described the non-general use funds as "discretionary funds consisting of interest of earnings."

The university last week disclosed the accident and elaborated on its partnership with the City of Ames on a $4.4 million airport-improvement project. That disclosure led not only to Leath's donation but to an announcement he'll no longer fly university aircraft.

Leath has been a pilot for more than a decade, receiving initial training in North Carolina and additional training after arriving at ISU in 2012. Iowa State owns two aircraft -- a single-engine Cirrus SR22 and a twin-engine Beechcraft King Air -- and ISU Flight Service has three "highly-trained pilots."

Iowa State bought both planes in 2014 -- the King Air for $2.4 million and the Cirrus for $498,000, which was lowered to $470,000 after the university traded in another aircraft, according to newly-provided information.

That same year, Leath began exploring the possibility of piloting the smaller aircraft due to his "extremely busy, complex schedule that often requires travel across the state and country."

Iowa State, according to a news release, notified Board of Regents Executive Director Robert Donley of both plane purchases made using unrestricted private funds managed by the ISU Foundation.

McCarroll said the university doesn't yet know exactly how Leath's decision not to pilot will play out -- whether he will take more commercial flights.

"He will be a passenger in the university aircraft," McCarroll said. "He has always utilized both university aircraft and commercial aircraft in his travels. It would not be possible to say today how that would change."

The university hasn't provided the exact number of times Leath has flown ISU aircraft, but the university last week disclosed that on four occasions he took the plane to North Carolina for trips involving both university and personal business.

Those trips cost a total $4,637, and Leath reimbursed the university at a rate based on a predetermined formula developed by ISU Flight Service.

And despite the changes since disclosing Leath's use and plane accident, he's stressed he didn't violate university policy or state law. Board of Regents President Bruce Rastetter confirmed as much in a statement, saying, "I am also aware of President Leath's use of the university plane. He is a licensed pilot and can fly aircraft for which he is certified."

Your next Higher education articles

Iowa State spent $12,000 after President ...

University of Iowa appoints new HR head ...

Survey on University of Iowa sex assault ...

___

(c)2016 The Gazette (Cedar Rapids, Iowa)

Visit The Gazette (Cedar Rapids, Iowa) at thegazette.com

Distributed by Tribune Content Agency, LLC.

Older

Flooding threatens Iowa corn, soybean crops

Newer

Erratic driving and wreck results in arrest

Advisor News

  • The overlooked retirement security risk that must be addressed
  • What advisors should know about hedge funds in retirement planning
  • Retirement control is top success measure for middle class, ACLI says
  • Industry groups applaud House passage of Financial Exploitation Prevention Act
  • Younger workers more likely to be eligible for a retirement plan after changing jobs
More Advisor News

Annuity News

  • MassMutual Ranks No. 100 on the 2026 Fortune 500® List
  • What’s fueling record annuity growth?
  • Jackson Named InvestmentNews 2026 Annuities Provider of the Year
  • State Farm’s agency overhaul: What distribution can learn
  • IRI, ACLI express support for CLEAR Forms Act
More Annuity News

Health/Employee Benefits News

  • Nation's first state-run long-term care insurance program about to launch in WA
  • NH Dems decry Medicaid premium increases
  • CVS Pharmacy, Inc. Trademark Application for “AETNA” Filed: CVS Pharmacy Inc.
  • Anthem to cut Medicaid coverage for Meridian Health Services
  • Kobach sues Kansas employee insurer Aetna for 'misappropriating' state funds
More Health/Employee Benefits News

Life Insurance News

  • NAIFA praises House committee approval of Clarity for Compensation Act
  • PHL Variable liquidation pushed out to 2027, Connecticut regulators say
  • ‘Recession-Proof’ Insurance Is Trending. Safety Net or Scam?
  • Winged Keel Group Expands National Presence and PPLI Leadership, Welcomes SBSI, Inc. (dba NFP Insurance Solutions)
  • MassMutual Ranks No. 100 on the 2026 Fortune 500® List
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Life moves fast. Your BGA should, too.
Stay ahead with Modern Life's AI-powered tech and expert support.

A MYGA for Clients Hesitant to Commit to One Long-Term Rate
First-year certainty. Annual rate updates. Get the CurrentRate® MYGA Sales Kit.

Elite Networking & Insights Await at the Event of the Year
The industry's premier conference for leaders driving what’s next in financial services.

Press Releases

  • Prosperity Life GroupSM Launches Prosperity PathWaySM Series, Bringing Greater Choice and Flexibility to Retirement Income Planning
  • Senior Market Sales® Fortifies Annuity Reach With Acquisition of Retirement Planning Firm Stratton & Company
  • RFP #T01625
  • Rockwood Programs Appoints Kerry Ladouceur as Vice President, Financial Lines
  • JP Insurance Group Launches Commercial Property & Casualty Division; Appoints Joe Webster as Managing Director
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet