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University has matched $280M in donations to fund
University has matched $280M in donations to fund
Katherine Schulte// September 30, 2021//
The University of Virginia will invest another $50 million in matching funds through the Bicentennial Scholarship Fund, U.Va. President Jim Ryan said last week.
Established in 2016 with an initial $100 million investment, the fund matches philanthropic commitments toward scholarships, both need- and merit-based. Donors have committed about $314 million in endowed scholarships, and the university had already twice increased the amount dedicated for matches. U.Va. now has nearly 430 new scholarship endowments.
At a U.Va. Board of Visitors meeting, Ryan said, “This $314 million has leveraged approximately $220 million in matching funds for a total impact of nearly $535 million in endowed scholarships in just a few short years.”
In total, U.Va. has allocated $280 million in matching funds for scholarship support. At the time of the announcement, the fund had only about $10 million left, prompting the university’s investment.
“It is obviously an idea that has resonated and been enormously helpful to the university and its schools and students,” Ryan said in a statement.
