The largest-ever individual financial aid donation received by Duke University will promote diversity and access for prospective students in both the U.S. and abroad, administrators say.
University President Richard Brodhead announced Monday that Duke Trustee Bruce Karsh and his wife Martha donated $50 million to the school to set up an endowment for financial aid.
Karsh, a 1977 Duke graduate and president of a global investment firm, said in a press release that he believes the scholarships will help diversify the university’s student body.
“Martha and I believe strongly that motivated, talented students — whether from underserved communities in the U.S. or from around the globe — should be able to attend a great university like Duke, which can nurture their talent and help them reach their potential,” he said.
The donation adds $15 million to the Karsh Scholarship Fund and $20 million to the Karsh International Scholars Program, which provide financial aid for U.S. and international students.
In addition, $10 million is reserved to match funds from other gifts — encouraging potential donors to support financial aid endowments. The remaining $5 million will establish a partnership with charter schools in underprivileged areas that are part of the Knowledge Is Power Program.
These donations are critical to fulfilling Duke’s commitment to admitting students from diverse backgrounds during a tough economy, Brodhead said in a press release.
“We are deeply grateful to the Karshes for this remarkable gift and for the way they have championed one of the university’s highest priorities,” he said.
Duke received $62 million in endowments last fiscal year, an amount almost surpassed by the single donation from Karsh, said William Conescu, executive director of development marketing and communications for Duke.
