Bard College gifted $500M endowment by George Soros
The Daily Freeman is reporting philanthropist George Soros has a $500 million endowment to Bard College, to "facilitate and strengthen Bard's exemplary educational and social initiatives, establish the college's most substantial endowment ever, and set the stage for a $1 billion endowment drive," according to a press release. Bard College President Leon Botstein called the gift the most historic moment since the college's founding in 1860. "When this endowment drive is complete, Bard will have a $1 billion endowment, which will ensure its pioneering mission and its academic excellence for the future," Botstein said. In response to Soros'schallenge grant, Bard raised an additional $250 million from supporters and intends to raise another $250 million during the next five years, the release said. The release also said the Soros' grant is one of the largest ever made to higher education in the United States. The endowment pledge from Soros, along with Bard's matching contributions, will endow the college's full array of student financial aid, faculty, and programs; enable the college to sustain its mission and to grow its international profile; and begin its endowment drive with $750 million, according to the release. Read the full story in the Daily Freeman.