BLOOMINGTON, Ind. -- Indiana University has announced a $10 million gift from anonymous donors to support undergraduate and graduate students at both the Kelley School of Business and the Lilly Family School of Philanthropy. The gift is composed of two equal endowments of $5 million that will create financial aid opportunities at each school.
"This remarkably generous gift to Indiana University's renowned Kelley School of Business and the first school of philanthropy in the country, the Lilly Family School of Philanthropy, will ensure these schools continue to prepare students to be successful in the workplace and become active and engaged members in their communities," IU President Michael A. McRobbie said. "We are deeply grateful for this outstanding gift to our bicentennial fundraising campaign, which is expanding educational access and creating opportunities for the next generation of community leaders."
At the Kelley School of Business, a new fellowship program will support a growing number of undergraduate students whose interests in business have close ties to community service or social entrepreneurship.
Students in the Kelley fellowship cohort will receive full assistance for tuition and fees, room and board, books and one semester abroad, less any fellowship/scholarship awards the students receive from other sources.
The fellowships are renewable as long as students remain in good academic standing, maintaining a minimum grade-point average of 3.0 on a 4.0 scale. Only Indiana residents will be eligible to apply for the competitive fellowship program.
Additionally, and unlike other fellowship/scholarship programs at Kelley, awardees will be required to participate in service opportunities, particularly those offered by the Kelley Institute for Social Impact.
Idalene "Idie" Kesner, dean of the IU Kelley School of Business and the Frank P. Popoff Chair of Strategic Management, said this gift will add to the school's legacy of offering programs and courses over the past quarter century that encourage students to think about the impact of their work on others in their communities and beyond.
The anonymous donors are committed to developing new leaders not only in business but in philanthropy, specifically in the realm of nonprofit and nongovernmental organizations.
At the Lilly Family School of Philanthropy at Indiana University-Purdue University Indianapolis, their generosity will create a scholarship fund that supports up to four years of study for undergraduate and/or graduate students.
Highly qualified students pursuing degrees in philanthropic studies will be eligible to apply for these new support opportunities. Students in good academic standing demonstrating financial need will be given first consideration for these funding awards at the Lilly Family School of Philanthropy. Eligible applicants will be reviewed by a selection committee and formally announced by the school as fellows and/or a scholarly cohort.
"This wonderfully generous gift will support our students' dreams to make a meaningful impact in the lives of others and the world around them," said Amir Pasic, the Eugene R. Tempel Dean of the school. "They will be able to devote themselves to areas where they see the largest need and the best opportunity to make a difference. Additionally, the gift will inspire students to become the philanthropists and leaders of the future. We thank the donors for providing these life-changing opportunities."
Like the Kelley School gift, the gift to students in the Lilly Family School of Philanthropy provides support for a semester of study abroad in addition to scholarships equivalent to the cost of tuition and fees, room and board and books, less any fellowship/scholarship awards the students receive from other sources.
Philanthropy is increasingly global in nature, making the opportunity to study abroad and understand giving and volunteering from varying perspectives more important than ever for students seeking careers with nonprofit and philanthropic organizations. The scholarship recipients will witness firsthand the philanthropic theories and practices of other cultures, which will deepen their understanding of the world and better equip them to engage with multicultural global communities domestically and internationally.
Graduates of the Lilly Family School of Philanthropy serve in influential positions in nonprofit and nongovernmental organizations, corporations and government. Their work helps change lives and communities and influences education, social services, health, arts and culture, animals and the environment, and many other endeavors that improve the world.
"We are indeed fortunate to have such generous friends who believe so deeply in the value of the mission of Indiana University," said Dan Smith, president and CEO of the Indiana University Foundation. "This fellowship support will enable deserving students to benefit from the life-changing experience of studying at the Kelley School of Business and at the Lilly Family School of Philanthropy."
For All: The Indiana University Bicentennial Campaign is taking place on all IU-administered campuses including IU Bloomington, Indiana University-Purdue University Indianapolis, IU East, IU Kokomo, IU Northwest, IU South Bend and IU Southeast. The campaign will conclude in December 2019 to coincide with IU’s bicentennial year celebration in 2020. Learn more about the campaign, its impact and how to participate at forall.iu.edu.
Founded in 1936, the Indiana University Foundation maximizes private support for Indiana University by fostering lifelong relationships with key stakeholders and providing advancement leadership and fundraising services for campuses and units across the university. Today, the IU Foundation oversees one of the largest public university endowments in the country, with a market value in excess of $2 billion. In fiscal year 2016, IU received $360.9 million in support from the private sector. IU is consistently ranked among the top four of Big Ten universities in annual voluntary support.