St. Andrews College increases goal to $35 million.
LAURINBURG, N.C. — After raising nearly $27.5 million, exceeding the goal for its capital campaign by $2.5 million, St. Andrews Presbyterian College in Laurinburg has extended the campaign through May 2006 and increased the goal to $35 million.
Once the campaign is concluded, the school plans to continue raising money to build its endowment and pay for overdue improvements to its campus, says John Deegan Jr., president.
Deegan says he wants to increase the $12 million endowment to $50 million over the next 10 to 15 years, and increase the number of students to 1,100 from 700 over the next seven years.
“We have a definite need at St. Andrews to engage in a systematic process of rebuilding and refurbishing our facilities and expanding our facilities,” he says.
St. Andrews opened in 1961 through the merger of Flora Macdonald College in Red Springs and Presbyterian Junior College in Maxton, both in Robeson County.
The school, which has 7,000 alumni, has raised just over $3 million a year on average for its annual fund since the campaign kicked off its quiet phase in June 1998, up from an average of $1.8 million a year in the previous five years, says Paul Baldasare, vice president of institutional investment.
While the campaign does not count as part of its totals any planned gifts created but not realized during the campaign, it has generated more than $3 million in planned gifts to the school.
The biggest gift to the campaign was a $5 million pledge paid over five years from the family and foundation of James L. Morgan of Laurel Hill.
The campaign does include a $2 million planned gift from the estate of the late Lela and Jesse King of St. Petersburg, Fla.
The King gift, Baldasare says, underscores the importance of working closely with donors.
The Kings, who spent roughly six months each year in Robbinsville in Western North Carolina and had no children, wanted to help young people go to college.
Starting in 1990, they provided scholarship support for graduates of Seminole High School in St. Petersburg who attended three schools in North Carolina, including St. Andrews, and one in Kentucky.
During the 1990s, Baldasare says, the school invited the Kings to campus and kept them up to date about the progress of the students who received their support, including their activities after they graduates.
In 1997, the Kings created a charitable remainder trust to provide them with a source of income for the rest of their lives and, at their deaths, to be divided equally among the four schools.
After their deaths in 2001, each school received $470,000 from the trust.
What’s more, the Kings also created testamentary trusts through which the remainder of their estate would be divided equally among the four schools.
Each school received $2 million and, according to the wishes of the Kings, each school is using the first $500,000 for an endowed scholarship fund and dividing the remainder equally between a building fund and general operations.
Baldasare says St. Andrews knew about both trusts, but was not aware of the size of the estate.
“It is important for institutions and their donors to stay in touch with one another and for the institutions to keep their donors informed about the use and impact of their gifts,” Baldasare says.
Other gifts to the campaign, which was chaired by former Gov. Jim Holshouser of Southern Pines until he retired from the St. Andrews board last spring, include:
- $1 million from the foundation and individual members of the family of R.F. McCoy of Laurinburg.
- $600,000 from the Lewis Hall and Mildred Sasser Singletary Foundation in Thomasville, Ga.Two gifts totaling $490,000 from the Jessie Ball duPont Fund in Jacksonville, Fla.
- $328,000 from the Lettie Pate Whitehead Foundation in Atlanta.
- Two gifts of $250,000 each from the Richard J. Reynolds III and Marie Reynolds Foundation in Winston Salem.