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Claremont McKenna College today announced an unprecedented personal gift of $200 million from alumnus and Trustee Robert Day. The gift, which will create the Robert Day Scholars Program, is the largest recorded gift to a liberal arts college, the largest gift in the field of economics and finance, and among the top 20 gifts ever given to a college or university.
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<p>Pretty remarkable!</p>
<p>too bad you won't see any money. You still graduating in '08, correct?</p>
<p>Congratulations to the Claremont community.</p>
<p>Wow!!......</p>
<p>A friend of mine used to be a prof at Claremont Graduate U. Maybe he should have stuck around to see if he'd get a raise!</p>
<p>xiggi - do you know what the money will be used for - i.e. how it'd be used within that 'Scholars program'?</p>
<p>I believe this donation goes to the college, Claremont McKenna, and not the Claremont Graduate University, which is a different entity. </p>
<p>Stories
- Sizable donations </p>
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His gift is unusual for its huge size in relation to the small college, which enrolls just 1,140 students and specializes in public policy and economics.</p>
<p>The gift, which has sparked some debate on campus, would create Claremont McKenna's first graduate program, a one-year master's for 50 students that would entail the hiring of eight professors. In addition, as many as 50 students from all five undergraduate schools at the Claremont Colleges consortium would be eligible for senior year grants requiring them to take courses in finance, accounting and leadership psychology.</p>
<p>Day said both programs, collectively called the Robert Day Scholars, would offer financial training to future leaders of business, government and nonprofits, with an emphasis on ethics. The goal is to create a cadre of young people "who show leadership and who have judgment, which is the hardest thing to find," he said Wednesday.
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<p>Judgement and ethics. Very nice!</p>
<p>It also looks like seniors from all 5 colleges will be eligible to take courses in the program.</p>
<p>Wow. That's really wonderful! </p>
<p>(Maybe I can put in a request for grant-in-kind?)</p>
<p>That's a terrific gift. It's interesting how much some alumni and alumnae have given over time. For example, Cornell's Chuck Feeney has given over $600,000,000 to the university. Until his recent biography, this was not even known as he did so anonymously.</p>
<p>"I believe that people of substantial wealth potentially create problems for future generations," Feeney wrote in 1997, "unless they themselves accept responsibility to use their wealth during their lifetime to help worthwhile causes."</p>
<p>"Many universities share the benefits of visionary people who become wonderful benefactors. The great thing about Chuck was that he was willing to do it anonymously," says [former President Frank H. T.] Rhodes. "He only went public in hopes of encouraging others to do the same. He is a shining example of the power of individual leadership. ... [His] example is so powerful; it's all the more powerful for his quietness, his refusal to get personal credit."</p>
<p>Here's pretty much what it's all about. This is a quote from CMC's President:</p>
<p>Claremont McKenna College today announced an unprecedented personal gift of $200 million from alumnus and Trustee Robert Day. The gift, which will create the Robert Day Scholars Program, is the largest recorded gift to a liberal arts college, the largest gift in the field of economics and finance, and among the top 20 gifts ever given to a college or university.</p>
<p>The Robert Day Scholars Program is a unique academic program that builds upon the best elements of an undergraduate liberal arts education with state-of-the-art curricula in finance, accounting, and organizational leadership. Day Scholars may elect to pursue either a specific undergraduate program to achieve competency in finance, accounting and leadership psychology, or a new Master of Finance degree, or both. The master’s degree will be structured as an intensive, two-semester degree to be completed immediately following senior year. In combination, the undergraduate and master’s degree programs will provide a compelling alternative to the traditional MBA framework.</p>
<p>The Day gift includes funding for six to eight new faculty members, scholarships and financial aid, and significant enhancements to the College’s existing career services and internship programs. Faculty may be hired in the fields of economics, finance, accounting, ethics, financial mathematics, and leadership psychology. These new faculty will bring added breadth and depth to our undergraduate course offerings, and will also teach in the new master’s program.</p>
<p>The Day Scholars Program is also extended to the undergraduates of all The Claremont Colleges and not just to Claremont McKenna College students. Students of the other Claremont Colleges may enroll at CMC as undergraduate Day Scholars, while obtaining their B.A. degree from their home institution. These students may also enroll in CMC’s master’s degree program. As the Program grows and is further developed, it may be open to students outside of The Claremont Colleges. The Program should also provide complementary faculty and courses with the Claremont Graduate University’s Drucker-Ito School of Management and its Master of Financial Engineering degree. It also provides complementary faculty and courses for the Master of Bioscience degree at the Keck Graduate Institute of Applied Life Sciences. The gift is intended to add substantial benefit to the entire consortium.</p>
<p>The admission process for the Day Scholars Program (for both the undergraduate and master’s programs) will involve an interview process before a special admission committee to ensure that all students possess strong leadership skills and characteristics. The admission standards will be very highly selective.</p>
<p>Wow! CMC sure is raking in the scholarship $$ these days! This, right on the heels of the Gates Foundation Scholarship money. Wowee!!</p>
<p>That is quite amazing and it is really great to see wealthy philanthropists giving in this way to colleges. Congrat to CMC! I thought the gift that Sidney Frank gave to Brown for $100 million was big but this is twice as big! Too bad you are moving on, Xig.</p>
<p>OK., now I have to nudge my son in this direction while he thinks it's his idea. ;)</p>
<p>They plan to start the masters program in 2009. DS is to graduate Pomona in 2010. The fact that the program is only one year, and that is is intended to serve students intersted in non-profits as well as business makes it especially attractive. What a wonderful opportunity for students of the 5CCs.</p>
<p>Here is link on $600,000,000 anonymous gift:</p>