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May 29, 2007
President's Challenge raises $40.7 million for student financial aid and professorships
ANN ARBOR, Mich.—The President's Donor Challenge, established to increase support for need-based student financial aid and endowed professorships, has raised more than $40.7 million in just eight months.
University of Michigan President Mary Sue Coleman created the challenge in October to give impetus to two major priorities in the last half of The Michigan Difference, the University's $2.5 billion fund-raising campaign.
"A strong faculty and an exceptional student body are the foundation of a University of Michigan education. Donors who have responded to this challenge to support endowed professorships and need-based scholarships are ensuring a vibrant future for the University," Coleman said. "I am grateful for their foresight, their generosity and their deep dedication to our students and faculty."
Financial aid
The President's Challenge has raised $12.2 million from 3,563 donors to provide aid to students based on their financial need. Coleman provides a match for each donor gift in this component of the challenge, giving the gifts to date a total impact of more than $24.4 million.
"We are dedicated to ensuring that financial circumstances will not stand in the way of a Michigan education," Provost Teresa Sullivan said. "We are working on many fronts to increase financial aid to students, and to make students and their families aware of the various financial assistance programs that are available."
U-M provides scholarships and other forms of assistance sufficient to meet the full need of undergraduates who are Michigan residents. The new M-PACT program increases the scholarships and reduces the loans that make up aid to Michigan students. In addition, U-M was one of a handful of top colleges chosen last year to participate in the Jack Kent Cooke program designed to provide scholarships to community college students.
Professorships
The President's Challenge has raised $28.5 million from 19 donors to create 19 fully endowed professorships, out of a goal of 20. The professorships cover a wide range of schools and disciplines, and demonstrate the breadth of donors' interests.
"The new professorships are critical to the University’s ability to recruit and retain the highly accomplished scholars and teachers whose talents and creativity enable U-M to fulfill its mission," Sullivan said. "Top quality faculty offer students the very best educational experience and engage in the leading edge research that opens new opportunities in every area of the human endeavor."
The challenge program provides that when a donor provides a gift of $1.5 million, the president matches it with $500,000 to reach the $2 million needed to create an endowed professorship. When U-M receives the first $500,000 donor payment, it matches it with $500,000 from the president's fund and creates the professorship. The President's Challenge for professorships will continue until the goal of 20 professorships is reached, or Dec. 31, 2007, whichever comes first.
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