Outright gift of $21 million will expand educational access.
WEST LONG BRANCH, N.J. (March 27, 2023) – Monmouth University is pleased to announce the largest single gift in its 90-year history, an outright gift of $21 million from a donor who has chosen to remain anonymous. The gift will establish a new scholarship program that will aid undergraduate students who meet specific academic and financial criteria by helping provide access to a private university education that would otherwise be financially challenging or unattainable for them.
“This transformational gift is a true game-changer for our students,” said Monmouth University President Patrick F. Leahy. “Promoting and supporting social mobility is one of the most important things we can do in higher education, and this commitment is squarely aligned with Monmouth University’s ambition to integrate academic excellence and educational access like no other university in our category. We are extremely grateful that our generous benefactor shares this commitment.”
According to Amanda Klaus, vice president for University Advancement, the gift will be structured with $20 million dollars invested in a perpetual endowment, and $1 million deployed for immediate scholarship use—all with the intention of supporting academically high achieving students at the greatest financial risk.
“This historic gift will have an immediate impact at Monmouth University,” said Klaus, who is an alumna of Monmouth. “But its true benefit will be demonstrated when we see deserving students graduate and succeed in careers of their choice that will help provide them with long-term financial security, allowing them to transform their lifelong personal and financial trajectories. This is the real power of education and I hope this lead gift will inspire others to support scholarships.”
Leahy emphasized the short-term and long-term benefits of the scholarship funds: “This gift will allow our students to unleash their potential immediately, and just as importantly, it creates the possibility for generational impact through social and economic mobility,” he said.