Unity College announces $10 million gift

Posted Aug. 29, 2011, at 7:21 p.m.

UNITY — Unity College announced a gift of $10 million for unrestricted endowment from an anonymous donor. The gift is unprecedented in the small college’s 45-year history and will more than triple its existing endowment.

Endowment gifts are really investments in the college’s future said new president Dr. Stephen Mulkey who announced the gift as part of his first State of his College address on Aug. 23. The gift will create $500,000 in additional annual operating revenue, now about 4 percent of the college’s overall budget.

“The donor’s intent to provide unrestricted support comes with great responsibility,” saidd Mulkey. “Climate change is one of the gravest challenges we’ve faced and we have an ethical imperative to provide a 21st century approach to sustainability science and to include this in our curriculum.”

While endowment gifts may not be as tangible as gifts for new buildings or other capital projects, they create unique opportunities for colleges like Unity that have the potential to implement change quickly, Mulkey said.

“A gift like this allows us to adapt to the latest developments in sustainability science and sustainability studies, and to continually hone our curriculum,” said Mulkey. “The annual draw from this gift will allow us to move forward strategically to prepare our students for the challenges and opportunities brought on by climate change and resource depletion.”

Mulkey also noted that the gift is a tremendous vote of confidence in the college. “A gift of this magnitude and purpose speaks highly to the work of everyone at Unity College. It is a clear signal of the value of their efforts and the importance of the education Unity College provides.”

The college also has received significant support recently from The Kendeda Fund to construct the first Passive House standard student residence in the United States and from the Unity Foundation for capacity building.

http://bangordailynews.com/2011/08/29/the-midcoast-beacon/unity-college-announces-10-million-gift/ printed on December 29, 2014