John Brown University completed a $ 10 million campaign to raise scholarship money 18 months early, school officials announced Friday.

The $ 10 Million Challenge started in July 2005 with an anonymous $ 5 million pledge. To receive the money, the donor stipulated the Christian university in Siloam Springs had three years to raise an additional $ 5 million for new or existing endowed scholarships for students with financial need.

The overwhelming response was a “blessing from God” that is already helping students, said Paul Eldridge, JBU director of planned giving.

“It’s making an immediate difference for our students with over $ 100, 000 in new scholarships last fall,” Eldridge said. “We’re seeing an immediate return on this investment in the lives of our students.”

The amount of new scholarship money will increase to more than $ 300, 000 this fall, and ultimately to more than $ 500, 000 annually, said Jim Krall, vice president for university advancement.

Once all gifts are received, the private university’s scholarship endowment will be more than $ 22 million. The university’s total endowment is now about $ 59 million.

“These endowment gifts will help generations of students, and we are deeply grateful for that support,” university President Charles W. Pollard said in a statement Friday.

School officials were surprised at the speed and generosity of the gifts, which came from alumni and university friends. Providing scholarships for students with financial need is “something that resonates with those that love JBU,” Krall said. More than 30 percent of the money was raised in the first six months.

“A challenge like this always encourages donors to step up and give generously,” he said.

Donors could contribute to an existing endowed scholarship or create a new scholarship with their own criteria for students receiving the money. Gifts ranged from $ 10, 000 to $ 1 million, and scholarships will range from $ 500 to $ 5, 000 annually, Krall said. All scholarship recipients will have to show financial need and have a minimum ACT score of 21. About 80 percent of JBU students have some financial need, Krall said. The announcement came a week after JBU announced a $ 1 million pledge from the Kresge Foundation to major renovations to the historic Cathedral of the Ozarks and art and engineering buildings on campus. JBU officials launched a campaign last summer to raise $ 6 million to renovate the three neo-Gothic buildings.

Source: www.nwanews.com

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