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| Robert
M. Frehse Jr. (left), vice president of the William Randolph Hearst
Foundation, one of (MS)2’s earliest supporters, and charter trustee
Frederick Beinecke ’62, whose Sperry Fund has made significant
gifts to the program, get together at (MS)2’s silver jubilee
celebration in July on the PA campus. |
The
success of (MS)2 in helping prepare minority students for careers
in math and science is the result of skillful teaching, affection-ate
mentoring, hard work—and lots of money.
Since the program serves youngsters who demonstrate both academic
progress and financial need, every student who participates in (MS)2
gets a full scholarship. Today, the cost is about $5,000 per summer,
or $15,000 for each student’s three-year program. Enrollment
is 106 students.
Thus, (MS)2 relies heavily upon contributions from foundations, corporations
and individuals to meet current expenses and augment the program’s
endowment, which now stands at just over $4.1 million. In 2002, with
total operating expenses of about $467,000, endowment income covered
some 50 percent of the program’s cost, while the academy contributed
$100,000, or 21 percent. The remaining dollars (29 percent) came from
current-use gifts and grants, according to Donald B. Abbott, senior
development officer.
Most notable among (MS)2 funders are the William Randolph Hearst Foundation
and the Geraldine R. Dodge Foundation, which helped get the program
started, and the Starr Foundation, which, with $800,000 in grants
awarded, is its largest contributor. Also generous in their support
over the years have been the Bristol-Myers Squibb Foundation, Inc.,
which became interested in underwriting (MS)2 through past Bristol-Myers
Squibb CEO Richard L. Gelb ’41; the Dr. Scholl Foundation; The
Sperry Fund, a family foundation of Frederick W. Beinecke ’62;
the Schollmaier Foundation; and The Mollie L. and Garland M. Lasater
Jr. Fund, named for a couple who graduated from Abbot and Phillips
academies in 1956. In all, two dozen foundations and corporations
and nearly 60 individuals are on the recent (MS)2 donor roster. In
2001-02, (MS)2 alumni enthusiastically initiated their first annual
fund drive in an effort to secure similar benefits for other minority
students to follow. |
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