College of Commerce receives $10 million donation

DePaul's College of Commerce received its share of holiday generosity after anonymous donors committed to a $10 million donation to the college from their estate.

The donors are a couple and the husband is a DePaul alumnus. According to Christian Anderson, senior director of campaign communication for Advancement, the donation was inspired by their appreciation for DePaul.

"DePaul meant a lot to him and his family," Anderson said. "They're really motivated by a love of DePaul and not seeking any recognition for themselves. They realize how much DePaul gave to them."

Anderson said that of the $10 million, $9 million will go toward scholarships for students and $1 million will grant another professorship for the college. The couple's pledge is a bequest, which means the funds won't be usable until the estate is realized. Until then, the donation will be put into a larger fund that accumulates over time, and DePaul will earn the appropriate percentage.

"The fund gets bigger over time," Anderson said. "Once they are [established], they just keep growing. The impact grows over time."

"This is an endowed gift," added Mary Finger, senior vice president for Advancement. "This is a permanent contribution that students will be receiving scholarships from for as long as the university is around."

Finger also emphasized the futuristic nature of the donation.

"We won't take advantage of it until the bequest is realized," Finger said. "It's not immediate; it's long term. This is a pledge for the future."

Finger is associated with DePaul's Many Dreams, One Mission campaign, which is where this donation originated. The campaign's goal is to find funding for scholarships, academic programs and facilities. Outside of this, for example, the campaign is currently working toward raising money for DePaul's new theater building.

They began publicly raising money in May 2009 and hope to earn $250 million by June 2014, according to Finger. So far, they have raised around $215 million and are confident about reaching their goal.

For campaigns like this, there is usually a "quiet phase" for three years before it is publicized. During this time, they earn money privately. However, Finger said Many Dreams, One Mission's quiet phase was one year longer because of the economic crisis.

When the campaign establishes a donation, such as the one for the College of Commerce, the donors sign a gift agreement that details how the money will be spent. It also outlines the requirements for scholarships and what level of academic performance or financial need students will have to meet to earn them.

"They [the donors] have an understanding of how it will be spent," Finger said.

The source of funding in the campaign is diversified, with some originating from corporations and trustees who don't necessarily affiliate with DePaul on a personal level. However, Finger said there is extensive participation by alumni.

"The great majority if funds, particularly scholarship funds, come from alums," she said. "Often we hear that DePaul has made the difference in their lives. They really want to contribute to students because they know it's expensive to go to school."