Education
9:45 am
Mon September 9, 2013

Record-Setting $250 Million Gift to Centre College Withdrawn

The Norton Center for the Arts at Centre College in Danville, Ky.
The Norton Center for the Arts at Centre College in Danville, Ky.
Credit Centre College

Centre College is no longer pursuing a scholarship program that garnered the school national acclaim when it was announced earlier this summer.

Centre College leaders said in late July that they had received a $250 million dollar financial gift, the largest such gift ever for a U.S. liberal arts school.

The Danville school announced Monday morning that Centre leaders and the A. Eugene Brockman Charitable Trust "have determined not to continue discussions regarding a potential new scholarship program."

"The Trust’s intended major gift to fund the program was linked to a significant capital market event, which put considerable time pressure on efforts to structure the gift and the proposed scholarship program," Centre Vice-President Richard Trollinger said in a news release. "In the end, the parties determined that it was not possible to finalize these matters and get the required approvals from both sides in the time available."

The Brockman Scholars program at Centre was to have provided a full ride for 40 scholars a year who would major in the natural sciences, computational sciences, and economics.

Centre President John Roush says the school will "continue to pursue the goal of such a program designed to prepare students as leaders and entrepreneurs. A taskforce of trustees, faculty, staff, and students will be assembled to continue this conversation."

Tags: