Siloam Springs, Ark. (October 8, 2005) - John Brown University publicly announced yesterday (Friday, Oct. 7) at its Scholarship Dinner for alumni and friends that a new challenge, initiated by a $5 million matching gift pledge, will add $10 million dollars in endowment and long-term investments dedicated to scholarship funds. An anonymous donor has pledged up to $5 million in matching funds for all current and deferred gifts designated to new or existing endowed scholarships at JBU. The matching funds will be awarded to the university as corresponding funds are received from other donors. The university has three years to raise its $5 million share of the challenge in order to receive the full amount pledged by the anonymous donor.
“Supporting students is a top priority at John Brown University, and this new endowment challenge offers a fantastic vehicle to increase our financial aid for JBU students,” Dr. Charles Pollard, president of JBU said. “We are deeply grateful for the challenge and for how people are responding to it.”
Currently, 27 percent of JBU’s $49 million endowment is reserved for scholarships. When JBU meets the $10 million goal, it will almost double JBU’s commitment to scholarships through endowment and long-term commitments. Monies that are raised through deferred gifts will be added to the endowment when the gift matures. However, the anonymous donor will contribute as cash the matching portion of qualifying deferred gifts to the endowment immediately. Under this arrangement, the matching portion of deferred gifts will begin generating scholarship funds for students as early as next year.
“Alumni and friends of JBU are jumping on board with the opportunity to essentially double their gift,” Dr. Jim Krall, vice president for university advancement said. “For example, a $50,000 cash gift becomes $100,000 that can be put in a scholarship to be awarded to a student each year starting in Fall 2006.”
To date, JBU has already received a total of $1.5 million in gifts and matching funds designated toward this challenge.
To speak with Dr. Krall about contributing to the endowed scholarship program, call (479) 524-7145.
John Brown University is a private Christian university, ranked sixth by U.S. News & World Report in the Southern Region. JBU enrolls more than 1,900 students from 43 states and 40 countries. JBU is a member of Arkansas’ Independent Colleges and Universities and the Council for Christian Colleges and Universities.