$600M fund gets chief – Scholarships will be focus

The president of a small liberal arts college in Montana has been selected to head a new $600 million foundation, The Washington Post reports.

The Jack Kent Cooke Foundation, founded by the late owner of the Washington Redskins, will provide scholarships to talented students, the Post reports.

Matthew J. Quinn, president of Carroll College in Helena and former adviser to the W.K. Kellogg Foundation, was chosen from a pool of 500 candidates to head the foundation.   

“It is the chance of a lifetime, to build something from scratch that is going to last theoretically into infinity,” Quinn told the Post. “We have to do everything, from finding an office, to creating letterheads, to a logo, to people, to procedures.”

Quinn estimated it would take about two years to build the foundation’s internal organization and distribute its first grants.

Jack Kent Cooke established the foundation in his will, giving directors seven years from his death in 1997 to sell the NFL team and establish the charity.

He stipulated that the money should be used to provide merit-based scholarships for post-graduate study or to create an orphanage. 

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