Kresge Grant Provides Opportunity for Young DonorsGambier, Ohio (February 15, 2010) A $400,000 grant for financial aid from the Kresge Foundation will provide a unique opportunity for young alumni to increase their gifts for endowed scholarships to the "We Are Kenyon" campaign.
The foundation is supporting Kenyon in creating an incentive for young alumni donors to establish or add to their own scholarship funds. The Kresge funds will match, dollar for dollar, all new contributions to endowed scholarships made by Kenyon alumni under the age of fifty, up to a maximum of $50,000 per donor. For example, if an alumnus or alumna establishes an endowed scholarship with a gift of $50,000, the Kresge match will bring the fund's assets to $100,000,instantly doubling the gift and the value of the scholarship fund. Fifty thousand dollars is the minimum required to establish a new fund, but qualified donors can give in any amount to existing endowed scholarships, or make an unrestricted gift to scholarship endowment.
"Establishing an endowed scholarship can be the beginning of a lifetime of philanthropy at Kenyon," said Sarah Kahrl, vice president for college relations. "The Kresge Foundation's partnership with us in this unique offer helps young alumni multiply the value of their initial gifts, and instantly doubles the aid their funds can offer students. It creates a great foundation for the future, for everyone."
With the Kresge grant limited to $400,000 in total, matching funds are offered on a first-come first-served basis to alumni making qualifying pledge commitments. The Kresge incentive program was announced to Kenyon's 50 Under 50 Donors on February 4. As of press time, $125,000 had already been matched.
The Kresge Foundation is a national, private foundation that seeks to influence the quality of life for future generations by creating access and opportunity in underserved communities, improving the health of low-income people, supporting artistic expression, assisting in the revitalization of Detroit, and advancing methods for dealing with global climate change.