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PENN STATE ERIE RECEIVES $20 MILLION GIFT
FOR SCHOOL OF BUSINESS
Hailed recently as "one of the rising stars among eastern schools of
business," the School of Business at Penn State Erie, The Behrend
College, has received a $20 million gift from a donor who wishes to
remain anonymous. It is the largest gift in the history of the college
and the third-largest gift ever given to Penn State.
Part of the gift will be used to establish graduate and undergraduate
scholarships, allowing the college to recruit the most academically
promising students and to offer aid to those with financial need.
Another portion will provide a permanent source of funding for library
and information technology resources. Gift funds have also been
designated to establish three faculty chairs, vital resources that can
be used to attract and retain world-class teachers and researchers. The
remainder has been set aside to support future initiatives in
consultation with the donor.
"I have referred to Penn State Erie as a `jewel in the crown of Penn
State,"' said Penn State President Dr. Graham Spanier. "The Behrend
College has made extraordinary advances in the past few years, and this
gift is going to help ensure that the School of Business is the finest
in the region."
Penn State Erie is a four-year and graduate degree granting college of
the University, located in Erie, Pennsylvania. Spanier made the
announcement along with Dr. John M. Lilley, Penn State Erie provost and
dean.
"This gift will transform not only our School of Business and Penn
State Erie but also the people and businesses of this region who will be
touched by our programming," said Lilley. "I am immensely grateful for
the trust in Penn State Erie that this gift demonstrates."
Lilley noted that Penn State Erie has depended on the vision and trust
of donors since its inception. "Today we continue to benefit from those
seeking to ensure quality education in northwestern Pennsylvania," he
said, " a tradition which began when Mary Behrend donated her Glenhill
Farm to Penn State."
Mrs. Behrend gave the estate and its surrounding 400 acres to the
University in 1948 in honor of her late husband, Ernst R. Behrend, a
co-founder of the Hammermill Paper Company.
According to Lilley, the goals for the gift were developed jointly
between the donor and the college administration.
"The scholarships and chairs that are being established support our
strategic plan for the school," he said. "They were developed with the
needs of the community in mind, and we could not be more pleased with
this opportunity to enhance our relationship with business and industry
in the tri-state region." Penn State Erie shares the University's
land-grant mission to contribute to the economic development of the
region through its teaching, research, and outreach.
Lilley also noted his pleasure in being able to extend increased
scholarship opportunities for students. "The academic caliber of our
students continues to rise, and this gift will significantly enhance the
scope of what we will be able to offer to the best and the brightest."
Also on hand for the gift announcement was Edward P. "Ted" Junker III,
chairman of Penn State's Board of Trustees and a longtime supporter of
the college through his service on the Penn State Erie Council of
Fellows.
"We are ecstatic about this record-setting gift," he said. "As the
college prepares to celebrate its 50th anniversary as a Penn State
campus, this is a wonderful reminder of the important role philanthropy
has played throughout its history."
Junker, who is chairing Penn State Erie's part of the University's
forthcoming capital campaign, also noted that the college has four
schools--the School of Business, the School of Engineering and
Engineering Technology, the School of Humanities and Social Sciences,
and the School of Science.
"I hope the announcement of this gift will encourage others in the
region to give serious consideration and support to Penn State Erie. The
impact of this kind of gift on the vitality of the region is
immeasurable," Junker said.
"The scholarships and chairs will significantly enhance the quality of
students who enroll in and the quality of the professors who accept
positions with the Penn State Erie School of Business," said John
Magenau, director of the School of Business. A professor who is offered
a chair receives annual funding over and above salary to support
research activities, equipment needs, and travel.
The University holds endowed gifts in perpetuity, investing the
principal and using part of the income to support programs designated by
donors. The remaining income is added to the principal to protect it
from inflation and increase its purchasing power.
The $20 million gift to Penn State Erie is the second largest gift to be
announced by Penn State during this leadership gift phase of its
yet-to-be-announced capital campaign, following the gift of William and
Joan Schreyer, who donated $30 million last fall to establish the
University-wide Schreyer Scholars Honors College.
How the Gift Will Be Used ...
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$2 million will be used to create undergraduate scholarships, allowing the Penn State Erie School of Business to recruit students of the highest caliber. First priority will be given to business students participating in the Schreyer Scholars and Penn State Erie Honors programs.
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$2 million will provide graduate fellowships for both applied and basic research projects, aiding local businesses in their role in the global marketplace.
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$3 million will be used to provide a permanent source of funding for library and information technology resources.
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$2 million has been designated to support executive continuing education and business outreach efforts. This will include support for outreach efforts as well as workshops and seminars which will promote the economic competitiveness of Erie and Northwestern Pennsylvania, particularly in management information systems.
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$1.5 million will endow a chair in international business concentrating on areas including international trade, marketing, and free enterprise.
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$1.5 million will support a chair in entrepreneurship, focusing on the creation and management of new business enterprises, addressing a critical need for the creation and development of new business enterprises in the region.
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$1.5 million will establish a chair in the management of technology concentrating on the management of technological and organization innovation change needed to achieve global competitiveness in manufacturing.
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$6.5 million has been set aside to support future initiatives in consultation with the donor.
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Contact: Loretta Brandon
(814) 898-6063 (O)
(814) 864-9922 (H)
e-mail: lzb6@psu.edu