“Penn State Philanthropists of the Year make transformational gift for students”

[BobPSU92]

See the link below. From the article:

”UNIVERSITY PARK, Pa. — When Gene and Roz Chaiken were named Penn State’s Philanthropists of the Year for 2021, no one dreamed that another gift — one surpassing the combined total of their previous support — was in the works.

The Chaikens knew better.

Just one day before Penn State’s 2021 holiday break, the longtime benefactors announced their largest gift to date, a single commitment that dramatically increases the Chaiken Family Trustee Scholarship endowment in the College of the Liberal Arts and covers the balance of their pledges for other student-related funds including the Chaiken Center for Student Success endowment and the Chaiken Centennial Graduate Endowment. While the Chaikens have asked that the amount of their gift not be disclosed, their support will ensure that future generations of liberal arts students will have what has always mattered most to Gene and Roz: the opportunity to afford a Penn State education.”

https://www.psu.edu/news/liberal-arts/story/penn-state-philanthropists-year-make-transformational-gift-students/

We should all be grateful for the Chaikens’ generosity, but I think they need to work on their hate-us.

 

[Midnighter]

See the link below. From the article:

”UNIVERSITY PARK, Pa. — When Gene and Roz Chaiken were named Penn State’s Philanthropists of the Year for 2021, no one dreamed that another gift — one surpassing the combined total of their previous support — was in the works.

The Chaikens knew better.

Just one day before Penn State’s 2021 holiday break, the longtime benefactors announced their largest gift to date, a single commitment that dramatically increases the Chaiken Family Trustee Scholarship endowment in the College of the Liberal Arts and covers the balance of their pledges for other student-related funds including the Chaiken Center for Student Success endowment and the Chaiken Centennial Graduate Endowment. While the Chaikens have asked that the amount of their gift not be disclosed, their support will ensure that future generations of liberal arts students will have what has always mattered most to Gene and Roz: the opportunity to afford a Penn State education.”

https://www.psu.edu/news/liberal-arts/story/penn-state-philanthropists-year-make-transformational-gift-students/

We should all be grateful for the Chaikens’ generosity, but I think they need to work on their hate-us.

$6.2mm.

 

[LionJim]

Dang.

 

[91Joe95]

$6.2mm.

Come on, that's at least two scholarships, maybe even a parking space for the new museum.

All kidding aside, it's a nice gift, but wow how has fundraising dropped like a rock since everyone knows when.

 

[Midnighter]

Come on, that's at least two scholarships, maybe even a parking space for the new museum.

All kidding aside, it's a nice gift, but wow how has fundraising dropped like a rock since everyone knows when.

Lots of good info here…

Facts and Rankings

View our global and national rankings and learn what puts our Penn State University at the top.

stats.psu.edu

 

[BobPSU92]

From the article linked in the first post:

”As of December 2021, the Chaiken Trustee Scholarships, the first of which was established in 2008, had awarded 987 student scholarships totaling approximately $6.2 million. With the influx of funds from the Chaikens’ new gift, approximately 160 liberal arts students per year will receive $10,000 scholarships, which at current rates represents slightly more than half of in-state tuition.”

And,

”The full gift is the largest one-time gift received by an academic unit and makes the Chaikens the most generous scholarship donors, and the fourth-largest donors overall, in Penn State history. They are now the second-largest living Penn State donors, after Terry and Kim Pegula, whose $88 million gift in 2010 and subsequent $14 million gift in 2012 led to the construction of the Pegula Ice Arena and the elevation of Penn State’s hockey teams to Division 1 status.”

The $6.2 MM cited does not include the latest gift, the amount of which was not disclosed. Given that the latest gift is now the largest one-time gift to an academic unit, it appears to be larger than the Scheyers’ gift of $30 MM years ago for the honors program.

 

[psuro]

Lots of good info here…

Facts and Rankings

View our global and national rankings and learn what puts our Penn State University at the top.

stats.psu.edu

So, applications have gone up, but enrollment has dropped.

Interesting.

 

[LafayetteBear]

Operating a university, particularly an elite university with top notch facilities and faculty, takes MONEY. Major props to the Chaikens. Gifts like theirs truly ARE transformational, particularly at a micro level. They are the kind of thing that help keep the top universities on top.

 

[Midnighter]

From the article linked in the first post:

”As of December 2021, the Chaiken Trustee Scholarships, the first of which was established in 2008, had awarded 987 student scholarships totaling approximately $6.2 million. With the influx of funds from the Chaikens’ new gift, approximately 160 liberal arts students per year will receive $10,000 scholarships, which at current rates represents slightly more than half of in-state tuition.”

And,

”The full gift is the largest one-time gift received by an academic unit and makes the Chaikens the most generous scholarship donors, and the fourth-largest donors overall, in Penn State history. They are now the second-largest living Penn State donors, after Terry and Kim Pegula, whose $88 million gift in 2010 and subsequent $14 million gift in 2012 led to the construction of the Pegula Ice Arena and the elevation of Penn State’s hockey teams to Division 1 status.”

The $6.2 MM cited does not include the latest gift, the amount of which was not disclosed. Given that the latest gift is now the largest one-time gift to an academic unit, it appears to be larger than the Scheyers’ gift of $30 MM years ago for the honors program.

Even better.

 

[TiogaLion]

From the article linked in the first post:

”As of December 2021, the Chaiken Trustee Scholarships, the first of which was established in 2008, had awarded 987 student scholarships totaling approximately $6.2 million. With the influx of funds from the Chaikens’ new gift, approximately 160 liberal arts students per year will receive $10,000 scholarships, which at current rates represents slightly more than half of in-state tuition.”

And,

”The full gift is the largest one-time gift received by an academic unit and makes the Chaikens the most generous scholarship donors, and the fourth-largest donors overall, in Penn State history. They are now the second-largest living Penn State donors, after Terry and Kim Pegula, whose $88 million gift in 2010 and subsequent $14 million gift in 2012 led to the construction of the Pegula Ice Arena and the elevation of Penn State’s hockey teams to Division 1 status.”

The $6.2 MM cited does not include the latest gift, the amount of which was not disclosed. Given that the latest gift is now the largest one-time gift to an academic unit, it appears to be larger than the Scheyers’ gift of $30 MM years ago for the honors program.

The $6.2MM is the value of the 987 scholarships that have awarded since the original gift which was given in 2008. So, they averaged about 70 scholarships per year at an average of about $6,300 each. With this new gift they anticipate being able to offer a total of 160 scholarships per year at an average of $10,000 each.

My guess is that the fund will plan on giving out 2% per year in scholarships so that would mean they have approximately $80,000,000 in the fund right now. The 2% guess should allow the fund, without a catastrophic market collapse, to last forever.

 

[Midnighter]

So, applications have gone up, but enrollment has dropped.

Interesting.

Also worth noting Harvard and Stanford each tallied over a billion dollars in contributions in 2018 (Harvard was tops with $1.4bn). That was the end of a five year fundraising campaign for them where they exceeded their campaign goal of $6.5bn by nearly $3bn. Think about how many students Harvard services versus Penn State.

 

[psuro]

Also worth noting Harvard and Stanford each tallied over a billion dollars in contributions in 2018 (Harvard was tops with $1.4bn). That was the end of a five year fundraising campaign for them where they exceeded their campaign goal of $6.5bn by nearly $3bn. Think about how many students Harvard services versus Penn State.

Yes but you also have to I to account for family money and the relative success of the Harvard grad vs the PSU grad. I would venture to guess if you looked at top wage earners by Unuversity then Harvard out paces PSU.

 

[Nitt1300]

Yes but you also have to I to account for family money and the relative success of the Harvard grad vs the PSU grad. I would venture to guess if you looked at top wage earners by Unuversity then Harvard out paces PSU.

They make money the old-fashioned way, they inherit it.

 

[Midnighter]

Yes but you also have to I to account for family money and the relative success of the Harvard grad vs the PSU grad. I would venture to guess if you looked at top wage earners by Unuversity then Harvard out paces PSU.

Stanford has so much money they funded a study to see what they should do with it. Not joking.

 

[BobPSU92]

barren laughs at Harvard and Stanford.

 

[ApexLion]

barren laughs at Harvard and Stanford.

But hidden inside the Chaiken's donation was a clause - unlimited onion dip till death provided by the university to ole' Barron. I thought that was a nice touch.

 

[PSUFTG]

The $6.2MM is the value of the 987 scholarships that have awarded since the original gift which was given in 2008. So, they averaged about 70 scholarships per year at an average of about $6,300 each. With this new gift they anticipate being able to offer a total of 160 scholarships per year at an average of $10,000 each.

My guess is that the fund will plan on giving out 2% per year in scholarships so that would mean they have approximately $80,000,000 in the fund right now. The 2% guess should allow the fund, without a catastrophic market collapse, to last forever.

For what it is worth, typical university endowed funds, including Penn State's generally payout about 3.5% per year - or a bit more. The figure Penn State uses was just recently amended (to a slightly higher percentage). If I recall correctly, the new figure is somewhere between 3.75%-4.0%. The exact number is available somewhere, I am sure, but just don't have it handy right now.

Technically, they use a percentage of the average balance of the endowment over the last X years - where I think the "X" is either 5 or 10 years, something like that. But that's the gist - figure 3.5-4.0% range, and you'll be pretty darn close. If one were so inclined, they could back out the gross endowment value from that starting point - if you knew exactly how much was coming from the endowment each year (keep in mind, many times an "endowed gift", like a scholarship, is actually only partially funded from the endowment - with some matching "gift" (which is really just a paper entry) on the part of the university to make it seem bigger. That may, or may not, apply here).
In any event, it is a big number, with a total of 7 zeros - before the decimal point

 

[PSUArnie]

Come on, that's at least two scholarships, maybe even a parking space for the new museum.

All kidding aside, it's a nice gift, but wow how has fundraising dropped like a rock since everyone knows when.

Self inflicted IMO and precisely why they won’t see a $.01 from me. But that just me obviously.

 

[Got GSPs]

I wonder what their opinion is on NIL?

 

[GrimReaper]

From the article linked in the first post:

”As of December 2021, the Chaiken Trustee Scholarships, the first of which was established in 2008, had awarded 987 student scholarships totaling approximately $6.2 million. With the influx of funds from the Chaikens’ new gift, approximately 160 liberal arts students per year will receive $10,000 scholarships, which at current rates represents slightly more than half of in-state tuition.”

And,

”The full gift is the largest one-time gift received by an academic unit and makes the Chaikens the most generous scholarship donors, and the fourth-largest donors overall, in Penn State history. They are now the second-largest living Penn State donors, after Terry and Kim Pegula, whose $88 million gift in 2010 and subsequent $14 million gift in 2012 led to the construction of the Pegula Ice Arena and the elevation of Penn State’s hockey teams to Division 1 status.”

The $6.2 MM cited does not include the latest gift, the amount of which was not disclosed. Given that the latest gift is now the largest one-time gift to an academic unit, it appears to be larger than the Scheyers’ gift of $30 MM years ago for the honors program.

The Pegulas are the largest living donors at $102mm. The Chaikens are now number two. To the best of my meager research ability, the Tombroses were previously number two with a total of $41mm. So there is your range.