Ky. College Loses $250 Million Gift
Sides weren't able to finalize it in face of a "significant capital market event"
Centre College, a liberal arts school in rural Kentucky, said that a $250 million gift to fund science and education scholarships has been withdrawn because of a "significant capital market event."
The gift announced in July was made up of stock in Universal Computer Systems Holding Inc. from the A. Eugene Brockman Charitable Trust, according to the college in Danville, Kentucky. It would have been one of the biggest donations in the history of U.S. higher education.
"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," John Roush, Centre College's president, said in a statement. "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."