Monday, September 9, 2013

Gift of $250M to KY's Centre College Is Canceled; Was Linked to Capital Market Event That Declined

A small Kentucky liberal arts college lost out on one of the largest gifts in U.S. higher education history last week when a $250 million donation was withdrawn, the ABC News website reports today (September 9, 2013).

Centre College in Danville, Kentucky -- known for hosting vice presidential debates in 2000 and 2012 -- said the all-stock gift from the A. Eugene Brockman Charitable Trust was linked to a "significant capital market event" that didn't pan out. As a result, the gift was withdrawn and a proposed scholarship program at Centre is on hold.

"We're not happy, in any shape or form, with this outcome," Centre College President John Roush said. "This would have helped us do better what we're already doing."

The donation would have created a Centre College scholarship program next year. Annually, 40 students majoring in the natural and computational sciences and economics would have received the full-ride scholarships, with a total of 160 students getting the assistance once fully implemented, the school said.

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