SHARON, Pa. -- The SharonSteel Foundation has committed to giving $1 million to Penn State Shenango to create the SharonSteel Foundation Trustee Scholarship, Jo Anne Carrick, director of the campus, announced Thursday.
Students with financial need who attend the campus will be given first preference.
“The SharonSteel Foundation has been a longtime donor and partner with Penn State Shenango, and we are thrilled to see this relationship culminate in one of the largest gifts in our campus history,” Carrick said in a prepared statement. “Nearly 40% of Penn State Shenango students come from low-income families, and this scholarship will ensure many of these students will have access to a world-class Penn State education in perpetuity.”
The Trustee Matching Scholarship program maximizes the impact of private giving as it directs funds to students as quickly as possible. For trustee scholarships created through the end of For the Future: The Campaign for Penn State Students on June 30, Penn State will provide an annual 10% match of the total pledge or gift.
This level is an increase from the program’s original match of 5% and available only for new endowments of $50,000 or more. The university match, approximately double the endowment’s annual spendable income, continues in perpetuity, multiplying the support available for students with financial need, Carrick said.
“The SharonSteel Foundation was created to benefit the families of the Shenango Valley, and this scholarship was the best way to carry on the legacy and intent of the first trustees,” said foundation trustee Malvin Sander, in a prepared statement.
The SharonSteel Foundation was created in 1953 by the pioneers of the Sharon Steel Corp. to benefit the families in its community. In addition to its recent scholarship commitment, the foundation has given more than $1 million to Penn State Shenango since 1996 to fund annual full-tuition scholarships to students at the campus.
Published by The Business Journal, Youngstown, Ohio.
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