Generous gifts from alumni, parents, friends and other donors totaling more than $1.2 million helped Maryville College meet the $2 million goal necessary to secure a $4.5 million match from the Princeton, N.J.-based Corella and Bertram F. Bonner Foundation.
The funds will allow the College to endow its Bonner Scholars Program, which gives a select number of students substantial scholarship dollars in return for community service hours.
In 2007, the Bonner Foundation announced that it would phase out its annual support of several member colleges and offered an opportunity for those colleges to assure the permanence of Bonner Scholars Programs through the establishment of a Bonner endowment. To that end, the Foundation issued a challenge to colleges that required each to raise $2 million that would be matched by a $4.5 million grant. Maryville College had until Aug. 1 to raise the funds necessary for the match.To bridge a gap between fundraising totals and the $2 million goal, college officials temporarily placed unrestricted endowment funds in the Bonner account.
“We did not want to forfeit the tremendous offer made by the Bonner Foundation. Endowment of this vital program helps ensure servant leadership, education and community building in our cities and neighborhoods for generations to come,” explained Holly Jackson-Ludlow, vice president for advancement and community relations. “However, the additional $800,000 needed to secure the match were pulled from other areas and will need to be replaced as soon as possible.”
Fundraising has shifted to focus on unrestricted dollars for the general endowment, Jackson-Ludlow added. Various foundations have been asked to give, and individuals, churches and corporations are also asked to help.
“Although the goal for this particular project has been met at this point, endowment gifts will continue to be appreciated and sought after to provide additional support for this and other deserving programs on the MC campus,” she said.
The vice president added that this recent campaign for the Bonner Scholars Program pointed out the importance of donations to the endowment.
“Those unrestricted dollars helped us meet an important monetary goal and secure a program that will have a positive impact on this College and this community for decades to come.”
Donations may be sent to Maryville College, Office of Advancement, 502 E. Lamar Alexander Pky., Maryville, TN 37804. Questions should be directed to Jackson-Ludlow at 865.273.8884 or email@example.com.