The Penn State Smeal College of Business will benefit from a $6 million estate commitment by a couple who has chosen to remain anonymous. The gift will endow a scholarship for students with financial need.
Because the donors structured their gift as an estate commitment, the money will not come to Penn State until both partners have passed.
Charles H. Whiteman, John and Karen Arnold Dean of Penn State Smeal, calls the gift “truly impactful.”
“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 cocurricular opportunities a Smeal education offers rather than worrying about how they’ll afford their degrees. That’s a terrific legacy,” he says.
This pledge raises the couple’s lifetime commitment to Smeal to $10 million.
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,” they say, “but we know that is not true for everyone. We’re blessed to be able to share our success with the next generation.”
—Anne Louise Cropp
