Chancellor Randy Woodson announced Friday that N.C. State will receive a $50 million donation, the largest gift in the University’s history.
The gift comes from the Park Foundation to fund its merit-based scholarship program. The Park Scholarship is the University’s most prestigious scholarship and is equivalent to the Morehead-Cain scholarship at UNC-Chapel Hill.
The $50 million donation ties the University with UNC-Chapel Hill for highest single gift received, according to the News & Observer. The second largest gift N.C. State received was in 2010 when Lonnie and Carol Johnson Poole donated $40 million, after which the Poole College of Management was named in their honor.
According to the Park Scholarship website, the gift will start an endowment to fund the Park Scholarship program. In past years, the program’s funding came from yearly grants from the Park Foundation.
When Woodson first arrived three years ago, he named growing the University’s endowment as one of his main goals to offset reductions in state funding.
Although the $50 million will cover a big chunk of the endowment’s funding, the program is still looking for private donors, according to the Park Scholarship website. The Park Foundation has pledged to continue its generosity, and provide yearly grants until the endowment is fully funded.
The Park Foundation was created by alumnus Roy H. Park, who graduated in 1931. Park dedicated his foundation to funding grants that aided causes related to education, media and the environment.
The Park Scholarship program was established in 1996 three years after Park’s death. Since then, the program has carried Park’s commitment to education through its support of scholars studying education, public broadcasting and, more recently, environment. The program emphasizes Park’s personal values — academic excellence, leadership and community service.
The Park Scholarship program provides its scholars with a full ride, computer and various enrichment grants.
According to the Park Scholarship website, the Park Foundation is donating the money after 17 years because N.C. State’s program has proven itself valuable, not only to the University, but also the state, nation and world.
Currently the University has about 180 Park Scholars, which is equal to about 45 recipients each year.
Amanda Saupner, a freshman in animal science and political science, received the Park Scholarship this fall.
“I like to call it the best day of my life,” Saupner said.
Saupner wants make her contribution to society with the values she shares with the Park program through the creation of sustainable practices that will improve the farm industry.
“In general yes, the Park helps the individual but really the scholarship is for the betterment of society,” Saupner said. “We’re all supposed to go out and help the world, and I think that’s really important.”
