UNIVERSITY PARK, Pa. — The Penn State Smeal College of Business will benefit from a $6 million estate commitment made by a donor couple who have chosen to remain anonymous. The gift will endow a scholarship for students with financial need.
The couple said they understand all too well that talented students can sometimes struggle with the cost of a college education.
“We chose to support student scholarships because we believe today’s students are the ones who will change the world for the better. When you see young people moving in the right direction and are in a position to help those who are struggling financially along the way, we believe it’s important to do so,” they said.
Penn State President Neeli Bendapudi said that she has a deep appreciation for the couple.
“Student success, affordability and access to a world-class education are at the heart of Penn State’s academic and land-grant mission — and the generosity of our donors, supporters and friends is key to helping us realize our mission to prepare our students for lifelong success,” Bendapudi said.
“I am deeply grateful for the generosity of this remarkable couple. Their commitment will help Penn State and the Smeal College of Business continue to make an impact not only in the lives of our students, but also their families and their communities, as we enrich our students from all backgrounds and position them for personal and professional success.”
This commitment raises the couple's lifetime commitment to Smeal to $10 million.
Charles H. Whiteman, John and Karen Arnold Dean of Penn State Smeal, said that this newest commitment places the couple among the most generous donors in Smeal history.
“I’ve had the privilege of knowing this couple for a number of years, and I see how dedicated they are to the Penn State community, so it comes as no surprise to see them make a commitment that places them among the top five donors in the history of our college,” he said.
“This will be a truly impactful gift. Hundreds of thousands of dollars in scholarships will be available for students each year, allowing recipients to spend their time focused on their studies and the myriad co-curricular opportunities a Smeal education offers rather than worrying about how they’ll afford their degrees. That’s a terrific legacy.”
The donors structured their gift as an estate commitment, meaning the money will not come to Penn State until both partners have passed.
Estate commitments like this are a common way for alumni and friends to create opportunities for Penn State students and faculty and were an important part of Smeal’s record-breaking success in the recently completed “A Greater Penn State for 21st Century Excellence” fundraising campaign. During the six-year campaign, the college received more than 150 new estate commitments totaling more than $63 million.
Individuals interested in learning more about estate gifts and other planned commitments to benefit Penn State can visit the Office of Gift Planning website.
While the donors said they appreciate the option to defer their gift until they have passed, they hope to fulfill their commitment while they are still living.
“We already have what we need, but we know that that’s not true for everyone. We’re blessed to be able to share our success with the next generation,” they said.
With the record-breaking success of “A Greater Penn State for 21st Century Excellence,” which raised $2.2 billion from 2016 to 2022, philanthropy is helping to sustain the University’s tradition of education, research and service to communities across the commonwealth and around the globe. Scholarships enable our institution to open doors and welcome students from every background, support for transformative experiences allows our students and faculty to fulfill their vast potential for leadership, and gifts toward discovery and excellence help us to serve and impact the world we share. To learn more about the impact of giving and the continuing need for support, visit raise.psu.edu.