Gifts That Impact
Gifts That Impact provides specific examples of how corporate and foundation support has assisted students, faculty, and staff at Penn State.
Gifts That Impact
Spring 2008
Corporate Trustee Scholarships-Helping Build a Future for Penn State Students
Penn State has long demonstrated a commitment to provide academically qualified students with the opportunity to obtain a Penn State degree despite personal financial circumstances. In recent years, however, various factors have driven up the cost of higher education for all students nationwide. Currently, only 40 percent of scholarships at Penn State are awarded based on need. Penn State graduates leave the University with a world-class education, along with an average of more than $26,300 in loans.
Despite these challenges, Penn State is continuing to make strides to increase accessibility to those students who will benefit the most from financial support. To fulfill its promise to Penn State students, the University is launching the most ambitious fundraising campaign in its history—For the Future: The Campaign for Penn State Students. The need for student aid remains great and scholarships have been named the top priority for the University's new fundraising campaign.
 Students on the mall at Penn State University Park. |
In 2002, Penn State's Board of Trustees approved an innovative philanthropic initiative, the Trustee Matching Scholarship Program. Through the Trustee Matching Scholarship Program, the University matches 5 percent of the total pledge or gift at the time the Trustee Scholarship is created. The matching funds become available as soon as the donor signs the pledge form and guidelines, thus providing the students with a source of immediate aid. These funds are allocated in perpetuity and will significantly increase the impact and reach of scholarship endowment. Donors have the ability to name and target their Trustee Scholarships to the student population with whom they feel the deepest connection.
The Trustee Matching Scholarship Program, originally slated to end in 2007, has been extended so that it can be used as a philanthropic tool to encourage support for scholarships during the campaign. Since the Trustee Matching Program was approved by the Board in July 2002, more than 450 endowments have been created, providing assistance to more than 4,000 students a year. Four corporations that are taking advantage of the unique capability of the Trustee Matching Scholarship Program are AT&T, Barnes & Noble, Penn State Federal Credit Union, and United States Steel Foundation. By creating their own Trustee Scholarships, these corporations become a partner in ensuring that Penn State continues to represent opportunity for generations to come as well as to be a part of building a lasting legacy at the University.
As a leader in its field, AT&T recognizes the need for expanding educational opportunities in technology and engineering. In 2002, AT&T committed $200,000 to endow two Trustee Scholarships at Penn State. The scholarship will support undergraduates in the College of Information Sciences and Technology and the College of Engineering who have financial need. "Over the past decade, our relationship with Penn State has evolved into a true alliance that includes business services as well as sponsorship of research and class projects," notes AT&T Wireless Operations President, Northeast Region, Steve Hodges. "AT&T is committed to expanding educational opportunities in technology and engineering, two areas where the company continues to recruit heavily, as a natural extension of our collaboration with Penn State." Because of AT&T's commitment to increasing educational opportunities, undergraduates are now able to obtain a Penn State degree with fewer loans. "Receiving the AT&T Trustee Scholarship has allowed me to focus my attention on school work and extracurricular activities and less on financial burden and obtaining a part-time job," states Edwyn Macelus, a junior majoring in Information Sciences and Technology.
Another company that is strengthening its relationship with Penn State through scholarship support is Barnes & Noble. Barnes & Noble College Booksellers has managed the Penn State Bookstore system since 1993. Funding from the corporation in the amount of $1.8 million has been designated to create a series of Penn State Bookstore Trustee Scholarships. A $50,000 Trustee Matching Scholarship will be endowed for each of the academic colleges at University Park as well as each of the nineteen undergraduate campus locations that have a bookstore managed by Barnes & Noble. Barnes & Noble's commitment is the largest made by a corporation to create Trustee Scholarships at Penn State.
The Penn State Federal Credit Union (PSFCU) pledged $50,000 in 2005 to establish a Trustee Scholarship to assist undergraduate students. The scholarship is open to all students University-wide who demonstrate a need for financial aid. The Penn State Federal Credit Union Trustee Scholarship is the credit union's first major gift to the University. "Penn State Federal Credit Union is committed to education and the scholarship helps us touch so many individuals," states Penn State Federal Credit Union CEO, Constance Wheeler. "We are delighted to have this partnership with Penn State through the Trustee Scholarship Program. With the establishment of the Trustee Scholarship, PSFCU is assisting in making a Penn State education a reality for students like Saizhu Li. As a recipient of The Penn State Federal Credit Union Trustee Scholarship, Li remarks, "This scholarship has helped me financially by covering a large portion of my tuition, which has given me a great deal of support and encouragement to work hard toward my future academic and career goals."
United States Steel Foundation, the philanthropic arm of Pittsburgh-based United States Steel Corporation, has committed $1 million to endow a Trustee Matching Scholarship for undergraduates who demonstrate financial need. First preference for the scholarship will be awarded to students with various academic majors in the Colleges of Engineering, Information Sciences and Technology, Earth and Mineral Science, and Smeal College of Business. Additionally, undergraduates who hold U. S. Steel Trustee Scholarships also will be have opportunities to be considered for internship and co-op programs with the company. Counting the University match, approximately $100,000 will be available through the U. S. Steel Trustee Scholarship to assist students each year in perpetuity.
As Penn State marches on in its mission to remain an inclusive institution, continued support from companies and foundations is crucial in achieving this goal. The Trustee Matching Scholarship is a good example of one of the many ways that a corporation can meet its philanthropic goals and help keep a Penn State education accessible to students regardless of their financial means.
Additional information on For the Future: The Campaign for Penn State Students and the Trustee Matching Scholarship Program can be found at the following Penn State Web sites:
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For more information about any of these features, please contact the Office of Corporate and Foundation Relations.