CAMPAIGN UPDATE
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Two matching-gift challenges seek to inspire support for scholarships
Cornell is fortunate to have legions of loyal and committed alumni and friends. They continue to ensure that Cornell can open its doors to the best and brightest students, regardless of their financial means.
To name one example, John '74 and Elaine'77 Alexander recently made a $2 million gift to endow undergraduate scholarships. A university trustee emeritus and the founder of the CBORD Group Inc., John was the first member of his family to attend college. Cornell provided him with financial assistance in the early '70s, and he says that "made all the difference in my life professionally and personally." John notes that he and Elaine met and married at Cornell. Elaine's father and grandfather attended Cornell, and three of their four children have attended Cornell as well.
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"Providing scholarship assistance through the Far Above … campaign, at a time when our students' needs are greater than ever, seems a fitting way for us to thank Cornell, and to honor those whose generosity in the past provided our family with such rich opportunities," John says.
Endowed scholarship funds like those created by the Alexanders are valuable because they benefit students who demonstrate need now and will continue to do so in perpetuity. You may realize this if you were once the recipient of such a scholarship, or if you know someone who was.
Last year, trustee Martin Tang '70 created the Martin Y. Tang International Scholarship Challenge to increase support for international students, with the goal of creating 12 undergraduate scholarship endowments. Two new challenges are encouraging more donors with large hearts to help Cornell students by investing in their future. The Scholarship Endowment Challenge will match gifts on a 1:3 basis, allowing alumni and friends the opportunity to endow a new scholarship or add to an existing one with a smaller gift than would normally be required. Endowments may be funded with a gift of $75,000 or more, payable over five years.
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In addition, another challenge will match any gifts of $7,500 or more to establish one-year term scholarships for the current year. The gift will be matched on a 1:3 basis, resulting in a $10,000 term scholarship that will benefit one student for one year, and the scholarship can be named by the donor for the year.
Katrina James '96 says that when she heard about the term scholarship challenge, she knew right away she wanted to help. A former scholarship recipient herself, James says she has volunteered time and given to the Annual Fund since she graduated. "Now, I am fortunate to be in a position professionally where I am able to donate more," she explains.
"In these very difficult economic times, we all cannot help rethinking how we use our financial resources," James says. "And while I have cut what I spend in other areas, I actually chose to increase my gift this year because of the term scholarship challenge. I can only hope that others will make the same choice and support our university during this very challenging, yet crucial time."
Gifts of all sizes are essential to keeping Cornell within reach. To learn more about scholarship challenge gifts, please contact Laura Toy, associate vice president, Alumni Affairs and Development, llt1@cornell.edu, 607-255-3950.
Stephen Ashley '62, MBA '64, Campaign Co-Chair
Jan Rock Zubrow '77, Campaign Co-Chair
Robert J. Appel '53, chair, Discoveries that Make a Difference: The Campaign for Weill Cornell Medical College
By the numbers
40 percent of Cornell undergraduates who received direct aid from Cornell in 2008-09
5,637 number of Cornell students who received assistance this past year
73 number of new scholarships established in 2008-09
13 percent of Cornell undergraduates who qualified for Pell grants based on family income
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