Carter Machinery CEO donates $5M to U.Va.

The CEO of Carter Machinery, a Salem-based Caterpillar equipment dealership, has donated $5 million to support the University of Virginia‘s men’s basketball program.

According to the Virginia Athletics Foundation, which announced the gift last week, the contribution from Drew and Kate Parker will be used at the discretion of Athletics Director Carla Williams.

“This gift to the [Athletics Director’s] Excellence Fund will provide support for recruiting and operations,” Williams said in a statement. “This type of philanthropic generosity is critical in this new era of collegiate men’s basketball, and we are very grateful for Kate and Drew’s commitment to helping us.”

The Charlottesville university did say how the $5 million would be allocated and did not immediately return requests for additional details.

Although Drew Parker graduated from the University of Illinois Urbana-Champaign in 2000, U.Va. said the Parker family “believes in the power of athletics to shape character, build community and elevate U.Va. on a national stage.”

“Our mission is to develop men of character who pursue excellence on and off the court,” Ryan Odom, the head men’s basketball coach, said in a statement. “Their investment will help make that possible by ensuring our student-athletes have every opportunity to reach their full potential. We’re honored to have their support and thankful for their tremendous commitment to Virginia Basketball.”

Kevin Miller, the Virginia Athletics Foundation’s executive director and deputy athletics director, called the donation “transformational” and said the money “fuels our pursuit of excellence and gives our student-athletes the resources they deserve.”

“We are profoundly grateful to the Parkers for their visionary leadership, which not only elevates our momentum but inspires others to champion the future of our teams,” Miller said in a statement.

The foundation serves as the fundraising arm for U.Va’s 27 men’s and women’s Division I sport programs.

Carter Machinery’s roots trace back to 1928, when Robert Hill Carter founded Virginia Tractor Co., the state’s first Caterpillar dealership, in Richmond. Today, the company is an independent dealer with more than 30 locations. It has more than 2,300 employees in Virginia, West Virginia, Maryland, Delaware and Washington, D.C.