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News Release

Last modified: Wednesday, November 23, 2011

$100,000 gift from alumnus split between IU's College of Arts and Sciences, Hutton Honors College

FOR IMMEDIATE RELEASE
Nov. 23, 2011

BLOOMINGTON, Ind. -- A $100,000 gift from an IU alumnus will fund scholarships for students studying abroad in developing nations, and those thriving academically who have financial needs.

Made by alumnus Devesh Shah through a Goldman Sachs charitable-giving program, the gift will be split evenly between Indiana University's College of Arts and Sciences and Hutton Honors College.

"With these scholarship dollars, it is my hope that financially needy but academically strong candidates will find a way to pursue activities at IU which will help them stretch their intellect, imagination and creativity," Shah said. "The world needs their creative energies so we can break away from the mistakes of the past."

Shah, who graduated in 1997 with an individualized major in applied mathematics in finance, knew no one when he arrived at IU. He shared a lengthy list of university faculty who helped him, including former Hutton Honors College Dean Julia Bondanella, former College of Arts and Sciences Dean Morton Lowengrub and professor Joseph Stampfli, who served as Shah's math adviser and has since become a close friend.

"The people at IU were incredibly generous to me in my time at Bloomington," Shah said. "Between financial help, education, career advice and just providing their ears to me when I needed to talk to someone, they were the most perfect set of hosts one could have ever wanted. So I have this deep sense of obligation to the people of Indiana and to IU and thus, when the opportunity arose, I was happy to advise Goldman to contribute to IU."

Hutton Honors College Dean Matt Auer said the Goldman Sachs Scholarship will grant funds to undergraduate students studying abroad in developing and industrializing nations. It is open to any undergraduate who meets academic and financial requirements.

"Over the past few years, the Hutton Honors College has encouraged high-achieving IU undergraduates to 'go off the beaten track' when they travel abroad to study, intern and volunteer," Auer said. "This generous gift from Devesh Shah and Goldman Sachs is in sync with our goal of promoting profound learning experiences and personal development opportunities in nontraditional locations worldwide."

The gift to IU's College of Arts and Sciences will be used to support renewable scholarships for freshmen receiving financial aid admitted directly to the College by virtue of their high academic credentials.

"Devesh Shah's gift for the College of Arts and Sciences was unrestricted and allowed us to direct it towards a College priority of scholarship support for high-achieving undergraduate students who may otherwise lack the resources to pursue their dreams," College of Arts and Sciences Dean Larry Singell said. "Devesh is a great partner in this effort, and we are honored by his dedication to helping us provide students with a first-class education in the liberal arts."

An earlier gift from Shah through the Goldman Sachs program granted $25,000 to IU's Individualized Major Program. Shah was a managing director and partner with the global investment banking and securities firm.

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