Last modified: Thursday, November 16, 2006
IUB undergraduate scholarship endowment climbs by more than $100 million in two years
FOR IMMEDIATE RELEASE
Nov. 16, 2006
BLOOMINGTON, Ind. -- In just over two years, the Indiana University Foundation has received gifts and pledges totaling more than $100 million to endow undergraduate scholarships at the Bloomington campus.
The milestone, reached in early November, includes gifts and pledges ranging in size from $50,000 to $46.9 million made since September 2004 by more than 100 individuals and charitable organizations.
"These gifts will generate $3.8 million in undergraduate scholarships in the 2007-08 academic year," said Michael A. McRobbie, interim provost and vice president for academic affairs, IU Bloomington. "Over time as all the pledges are realized, we will have an additional $10.1 million for undergraduate scholarships in perpetuity. This will make an enormous difference in our ability to recruit a larger share of Indiana's most highly talented students."
McRobbie said it is too early to calculate the precise number of undergraduate scholarships to be made available from these endowments because in many cases the criteria for these grants have not been set yet. However, eventually this funding is likely to result in well over 1,000 grants made each and every year.
These grants will be in addition to a series of university-funded financial aid incentives announced earlier this month, which are expected to serve as many as 1,000 students beginning next fall.
"The combination of all these programs will make IU Bloomington much more affordable for many applicants," said Roger Thompson, vice provost for enrollment management. "And when you combine affordability with the quality and wide variety of academic programs here, it means that Indiana's best and brightest high school students don't need to look any farther than their state's flagship campus."
The largest single gift is a $46.9 million pledge from a benefactor who wishes to remain anonymous. Other major gifts received as part of this effort include: $15 million for business students from William J. Godfrey, Hilton Head, S.C.; $10 million from the Glaubinger Foundation for athletic scholarships; $10 million from the late Barbara Jacobs of Cleveland, Ohio, for music scholarships; and $3.2 million for students in the Hutton Honors College from the Arthur R. Metz Foundation.