Penn Pals
New Program Offers a Triple Crown of Giving Opportunities
Participants in the University's new Penn Pals program will be giving in a way that was created to maximize their gift. As they contribute to the financial aid needs of the School, donors will be simultaneously increasing the endowment and bringing in matching funds from another source -- a true triple crown.The program works like this. A donor makes a gift of $50,000 to the College to provide scholarships for an undergraduate student. The gift is payable over five years. For the first four years, the $10,000 annual payment is split equally into two named funds. One fund receiving $5,000 will be awarded as a scholarship to a student with a financial need; the remaining $5,000 will be allocated to an endowed fund. The donor knows the identity of the student they are supporting and will even be able to designate the area of study he or she would like to support. If the student has a financial need throughout the undergraduate years, then he or she will continue to receive the funding. If not, then another student will be chosen.
In the fifth and final year, the total payment will be allotted to the endowment fund. After the final payment, the endowment will build until it becomes large enough to generate scholarship funding on a yearly basis -- still under the donor's name.
Helping the process along at every step is a generous challenge grant from Paul Kelly, C'62 and WG'64, that will match each $50,000 gift with a gift of $25,000. The $25,000 matching funds will go entirely into endowment in the fifth year of payment of the gift. This match raises the gift total to $75,000 and increases endowment by $55,000. In sum, the Penn Pals program is an ideal way to increase the impact of a gift to the School to triple crown status. Conceived by SAS Board of Overseers Chair Natalie Koether, the program addresses some of the School's most crucial needs -- financial aid and endowment. And, it's a gift that will continue to give to future generations. For more information, call SAS External Affairs at (215) 898-5262.
SAS Welcomes First Two Penn Pals
The first two Penn Pals to take advantage of the Kelly Challenge are Arthur Kaplan, C'67, and Natalie Koether, CW'61, L'65.Arthur Kaplan has a long and committed history of providing scholarship and financial aid for College students. For over 30 years he has directed his gifts to the School to support undergraduates. This year, with the help of the Kelly Challenge Grant, the Kaplan Scholarship Fund will be increased to $75,000.
Natalie Koether is one of the Schools staunchest supporters. A trustee and the chair of the SAS Board of Overseers, she not only works hard on behalf of the School, but directs her gifts to areas with the greatest need. Her latest gift to the Penn Pals program illustrates a continuing commitment to build the undergraduate experience and increase financial aid.