McPherson College has received the largest single commitment to a small U.S. liberal arts college, potentially resulting in the school receiving $750 million for its endowment.
The money is the product of an anonymous double-match estate commitment, wherein the donor will give two dollars for every dollar given by others, up to $500 million. The donor can either pay over time or the total is due in full upon death.
The deadline is Jun. 30, 2023, with a goal of $250 million raised, which will be doubly matched with $500 million from the anonymous donor. The Kansas liberal arts school has raised $130 million so far.
“This is an unprecedented show of support not just for McPherson College but also for America’s small, liberal arts colleges,” said McPherson President Dr. Michael Schneider . “I am indescribably grateful to our anonymous donor for giving McPherson College the resources to implement our expansive strategic plan and truly create the student-first campus of the future. We must reimagine the campus, just like we’ve reimagined the workplace in the last two years, and do it without burdening our students with more debt.”
$500 million will go towards McPherson’s Community by Design strategic plan, which includes the Student Debt Project, which matches funds for students with jobs; East McPherson, the new campus master plan; the Kansas Center for Rural & Community Health Science; and the National Center for the Future of Engineering, Design & Mobility.
Philanthropists Melanie and Richard Lundquist – who made a $25 million multi-year commitment to McPherson in May – also announced an additional $25 million gift.