By Lexi Chitwood and Josh Klak
A $7 million donation announced last summer is expected to increase Edgewood College’s endowment by almost 20 percent, officials say. The endowment currently sits at $40 million as of 2018.
Ed Taylor, director of strategic communications, praised the passion that the anonymous benefactor has for the college. “Large gifts are great and smaller gifts are great, too,” Taylor said. “It’s really about connecting the benefactor with the level that makes sense for them and connecting their passion for the college.”
This donation, given as an estate commitment, is one of the largest in the history of Edgewood College. Gifts of this size are often given with a specific project in mind, whether it be a scholarship or a new facility, but this donation will be added to the college’s endowment, Taylor said.
Taylor said that the purpose of an endowment is to help ensure the financial stability of an institution over time.
The donation comes at a time of fluctuating enrollment. Taylor called the donation, “a ringing endorsement for what we’re doing right now.”
Taylor said Edgewood is focusing on community impact, student learning, and inclusion. “We really feel that this particular benefactor is very much on-board with that as a strategic vision,” he said.
The donor is not an alumnus of Edgewood College, but the donor has made previous donations.
Post your comments