Lexington, KY – A record $250 million gift announced in July to Centre College has been withdrawn by the A. Eugene Brockman Charitable Trust, Centre announced Monday morning.
“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. 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,” a release from Centre College stated.
When announced July 30, the gift was to come in the form of stock in Universal Computer Systems Holding, Inc. (Reynolds and Reynolds) from the A. Eugene Brockman Charitable Trust to establish the Brockman Scholars Program in Leadership and Entrepreneurship.
Forty new Brockman Scholarships were to be funded each year, beginning in the fall of 2014, for students majoring in the natural sciences, computational sciences, and economics. It would have created the nation’s premier scholarship program that would have included a total of 160 students by 2017.
“The Brockman Trust has been a longtime friend and important partner of Centre College,” Richard Trollinger, vice president for college relations, said in the release from the Danville, Ky., school.
“Having made a number of generous gifts over the years to update and enhance our campus, this partnership has helped to transform our campus and make our facilities state of the art. Our collaboration with the Brockman Trust has made us better in many ways and will continue to do so for a very long time,” Trollinger said.
Those who would have received the scholarships were to be selected on the basis of merit, receiving “full-ride-plus” scholarships that would provide tuition, room and board and fees, along with funds to support study-abroad experiences and summer research and internship opportunities.
The gift was to be the largest outright gift ever to a liberal arts college. It was also the lead gift for Centre’s $500 million Third Century Campaign, which will conclude in advance of the College’s bicentennial celebration on January 21, 2019.
“We will continue to pursue the goal of such a program designed to prepare students as leaders and entrepreneurs. A taskforce of trustees, faculty, staff and students will be assembled to continue this conversation,” Centre College President John Roush said in the release.