Announced with the public launch of the $1 billion For the Bold: The Campaign for William & Mary, the $50 million gift is the largest in William & Mary’s 323-year history, according to a news release from the college.
The anonymous donation will largely be split between the William & Mary Law School and the Raymond A. Mason School of Business, with each school receiving $22 million – the largest single donation in the law school’s history.
“We believe in the power of giving back and its ability to change or improve a worthy cause,” said the donors. “We hope our gift to William & Mary will help it become an even stronger institution, graduating superbly educated students who are well equipped to go out in the world and do great things.”
The donation creates a $20 million endowment for law school scholarships and a $20 million endowment for students in the full-time MBA program. The first scholarships will be awarded in spring 2016 for incoming freshmen.
In addition to the scholarships, the anonymous gift funds an annual conference to bring law and business leaders to campus and an annual award for standout faculty in the business and law schools.
Tribe Athletics will receive the remaining $6 million.
With its call to raise $1 billion, William & Mary became the smallest public university to launch a campaign of this size. For the Bold will put $350 million of the funds raised toward scholarships across all schools and programs, with the rest going toward a continued commitment to the college’s mission, state-of-the-art science equipment and enhancements to campus buildings.