UTC receives $15M donation, third-largest in history
The University of Tennessee-Chattanooga (UTCH) says a Fund for Excellence will be created through a $15 million bequest that will support facilities, equipment, research and scholarship, thanks to the generosity of a donor who wishes to remain anonymous.
UTC says the private funds will establish an endowment held and managed by the University of Chattanooga Foundation that the UTC chancellor may allocate for equipment and technology needs; facility enhancement, renovation or expansion; support for scholarly research; undergraduate and graduate student scholarships; and experiential learning opportunities for students.
“This extremely generous donation will have transformational impact on the University and our ability to provide an excellent, high-quality educational experience for our nearly 12,000 students,” said UTC Chancellor Steven Angle. “We are deeply grateful to the longtime and steadfast UTC supporter who has made this commitment and for the impact it will have on current and future generations of UTC students.”
Kim White, CEO of River City Co. and chair of the University of Chattanooga Foundation, noted the donation is third-largest in UTC history.
“Gifts of this size to higher education are rare, regardless of the institution, and at $15 million, this is the third-largest single private gift ever for UTC,” said White, also a member of the system-wide UT Board of Trustees. “What an amazing example of investing in higher education through philanthropy.”
Private support for UTC has risen dramatically in the last five years, according to University of Chattanooga Foundation Executive Director Bryan Rowland.
“This marks the second eight-figure commitment made to UTC in the last eight months,” Rowland said. “From capital investment in our facilities to an emphasis on experiential learning, Chancellor Angle has the University on an amazing trajectory, and our alumni and friends are supporting his vision.”
The University of Chattanooga Foundation was created in 1969 when the former University of Chattanooga joined the statewide UT System of higher education. Fifty years later, the foundation today manages total assets of nearly $250 million and is governed by a board of directors comprised of local and regional leaders.
In 2018, private giving to UTC totaled $57.3 million, the highest annual total in UTC history.