$10M for shaw – Finances on rebound

RALEIGH, N.C. — Historically black Shaw University has received its biggest gift ever, $10.1 million from an anonymous donor, The News & Observer in Raleigh reported Jan. 11.

The gift eclipsed a $10 million donation in 1992 from Florida lawyer Willie Gary, who chairs the board of trustees for the 135-year-old school and announced the new gift.

The gift, from one of Gray’s clients, includes $6.35 million to build a wellness center that will include a 3,600-seat basketball arena; $1.5 million that will remain in the Gary Foundation and be used to pay for scholarships; $2 million to revive the school’s football program, which was cut in 1978 in the face of financial troubles; and $250,000 to form a marching band.

The school has built its endowment to about $20 million since the mid-1980s, when its debt totaled $6 million.

For full story, go to The News & Observer.

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