Some of the most prestigious colleges in the nation often get millions of dollars in donations from donors. But a modest college that you've probably never heard of has recently received a staggering $1 billion contribution.
That staggering amount was given to McPherson College in Kansas by an unknown donor, according to a Friday Bloomberg article. With the addition of that $1 billion, the school's endowment will increase to more than $1.5 billion, a significant sum for a campus with just over 800 students. (For context, Harvard has an endowment of more than $50 billion, making it the most valuable institution in the United States. Amherst and Williams are among the $3.5 billion liberal arts colleges.)
Michael Schneider, the college's president, told Bloomberg that "this reflects on the great work that our faculty, staff, and students do at McPherson College."
The $1 billion gift is a component of the college's fundraising campaign, which it started last year. Giving up to $500 million, an unnamed donor promised to match every dollar donated by June 30 with a contribution of $2. However, McPherson ended up earning $342 million, and the donor opted to boost their gift into the tens of millions.
McPherson is praised for being the only college in the US to provide a bachelor's degree in vehicle restoration despite its modest size. A 1914 Ford Model T Speedster, a 1956 Austin Healy 100 M Le Mans, and a 1972 Ferrari 365 GTB/4 Daytona are just a few of the spectacular cars the college boasts on campus. Rewiring a 1932 Paul Harris Roadster and rebuilding a 1905 Ford Model A are two projects that students have worked on.
The school has some noteworthy celebrity admirers as a result of its emphasis on old cars. For instance, Jay Leno has funded two scholarships at the university. The young people at McPherson College are doing it with automobiles, reproducing skills and techniques long forgotten, and they'll earn a fine living doing it, Leno said in a statement earlier this year. "Much like art historians who clean and repair the works of the Renaissance era, the young men and women at McPherson College are doing it with automobiles, recreating abilities and techniques long forgotten, and they'll make a good living doing it," he added. "Our pastime and tradition are secure in their care."
These hands now have a bit of additional income at their disposal.
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