A gift-giving domino effect
Published 2:27 pm Thursday, August 16, 2018
Hampden-Sydney College (H-SC) recently found itself the substantial beneficiary of an anonymous financial donation.
A college press release last week noted that H-SC President Dr. Larry Stimpert addressed college accessibility in a letter to the editor of the Richmond Times-Dispatch published July 19. School officials added that Stimpert’s letter, which highlighted H-SC’s efforts to enhance value and limit tuition increases, prompted an anonymous $1 million contribution to the college in support of scholarship and financial aid endowment.
The anonymous Hampden-Sydney alumnus has directed his gift to assist high-achieving students who exhibit financial need, the release stated. This gift comes as Hampden-Sydney raises funds to secure a matching endowment contribution from the Carpenter Foundation, which has committed to granting the college $4 million for need-based financial aid, officials cited in the release.
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They continued, noting that the Carpenter Foundation’s grant is being paid in four annual $1 million installments that are contingent on Hampden- Sydney raising $4 million in cash for each $1 million portion of the Carpenter funds. The release highlighted that the anonymous alumnus’ generosity enables the college to secure the first $1 million installment from the Carpenter Foundation.
“Our greatest priority is ensuring that highly qualified young men have the opportunity to attend Hampden-Sydney College, regardless of their family’s ability to pay,” Stimpert said in the release. “By itself, this gift is tremendous, but by unlocking an additional $1 million for the college from the Carpenter Foundation, its impact is truly sweeping. Reaching this important milestone has been made possible by many gifts of all sizes provided by many devoted alumni and friends. We are grateful to this alumnus for his faith in our mission and support for our current and future students.”
College officials said in the release that this generosity builds on the momentum of Possibilities Fulfilled: An Endowment Campaign for the Men of Hampden-Sydney, a short-term campaign the college launched in February. To date, the college has received well more than $30 million in gifts and commitments toward the $50 million goal of the Possibilities Fulfilled campaign, which will grow the college’s endowment to more than $200 million, officials noted.
“We owe much gratitude to this alumnus for his generosity, as well as many others who have helped the college secure these matching funds,” said Jon M. Daly, the Possibilities Fulfilled campaign’s chairman. “I also want to thank the Carpenter Foundation for giving us this wonderful matching challenge to help our students with need-based scholarships. The foundation’s challenge jumpstarted our Possibilities Fulfilled campaign, and it deserves the credit for our spectacular results in the first six months. Scholarship endowment is the unique gift that keeps giving to future generations of Hampden- Sydney students.”
In the release, H-SC Vice President for College Advancement Heather L. Krajewski said the $1 million gift from the anonymous donor “is a remarkable demonstration of generosity and ensures the most talented students will be able to benefit from the distinctive and life-changing Hampden-Sydney education, regardless of their economic circumstances. Creating this type of access to Hampden-Sydney is one of our highest priorities, and this gift will have a permanent impact on the college. We are so grateful for this gift and the inspiration it provides for others to support Hampden-Sydney and our students.”