Georgetown College is celebrating a historic moment that will set the stage for future growth for the institution.
The College has secured $28 million in donations, which will entirely eliminate its long-term debt.
Eliminating Financial Drain
The donations came from 46 alumni, trustees, and friends whose support will pave the way for new academic programs by eliminating the financial drain of its accumulated debt.
The historic effort was led by $16 million from Mr. Robert N. Wilson, GC class of ’62, and his Pheasant Hill Foundation.
This marks the largest single gift in the College’s history.
Mr. Wilson, former Vice-Chairman of Johnson and Johnson and a well-respected leader in pharmaceutical, biotech, and financial fields, is a long-standing supporter of his alma mater.
“This is a transformational moment for the College,” said President Rosemary Allen. “In an era when many small colleges are struggling to survive, the elimination of our long-term institutional debt provides us a stable foundation for future growth.”
More Workforce Development
According to the College, the region around Georgetown is growing and its leaders say there is a critical shortage of educated workers in the Commonwealth.
However, financial challenges prevented the College from expanding its mission and recruit more students.
To retire the debt and better prepare the College to invest in workforce development, the College launched the Strength for Today, Bright Hope for Tomorrow campaign.
“I have been told throughout this process that it wouldn’t work,” said Trustee Frank Penn. “I have also been told that what our Trustees, alumni, and friends have helped us achieve is a miracle, and it shows just how loved Georgetown is.”
Generous Financial Gifts
Alumni support was key to the success of the campaign.
In addition to Mr. Wilson’s generous $16 million gift, anonymous 1973 alums provided a $2 million gift.
Additional million-dollar gifts came from Robert and Maggie ‘Mills ’67 and ’69, Frank and Rita Penn ’68 and ’72, and Randy Fox ’60, as well from Steve E. Clifton and Trustee Sharon Marshall Clifton, whose parents were GC alumni.
President Allen and her husband, Dr. Todd Coke, also contributed $1 million toward the effort.
Seventeen other alumni and friends of the College, including an anonymous faculty member, made six-figure gifts.
The College is planning a celebration of this historic effort during Homecoming 2024, when a plaque will be unveiled that commemorates the donors who came forward to give strength to Georgetown College at a critical time.
For more information, visit georgetowncollege.edu.
