In the heart of Kansas, there’s a small liberal arts institution that has managed to secure an impressive endowment capable of turning heads even in Silicon Valley. Believe it or not, McPherson College has landed an endowment worth $1.5 billion.
As reported by Hagerty, an anonymous benefactor pledged to contribute $500 million if McPherson College could generate half of that figure by June 2023. The college successfully hit the target, leading the anonymous patron to double their original commitment. This $1 billion, added to McPherson College’s existing $250 million endowment and $342 million raised in fundraising, has amassed a grand total of $1,592,000 for a school of approximately 800 students.
Why should you be interested in McPherson College? It holds the unique position of being the only institution in the United States where students can obtain a four-year degree in automotive restoration. The curriculum covers:
- History of automotive technology
- Management of automotive restoration
- Communication in the automotive industry
- Design in automotive restoration
- Practical automotive restoration technology
Currently, around 150 students are getting their hands dirty restoring a 1953 Mercedes-Benz 300 S Cabriolet. This project is in preparation for the school’s inaugural appearance at the Pebble Beach Concours d’Elegance event this August. The Mercedes, a generous gift from Richard and Mary Hoperman from Pennsylvania, will symbolize the school’s commitment to excellence in restoration education, as stated on the college’s website.
McPherson College’s president announced the tremendous endowment during an event last Friday. Michael Schneider expressed, “Today is historic, not only for McPherson College but also for all small liberal arts colleges in America. I am extraordinarily grateful to our anonymous donor who has granted us an unparalleled opportunity — and obligation — to actualize our strategic vision of becoming a leading learning community.”
Barrett-Jackson has maintained a partnership with McPherson College since 1999, initiating several scholarships including the Nellie Jackson Scholarship (in recognition of the matriarch of the Barrett-Jackson organization), which is accessible to female students in McPherson’s automotive restoration program. Barrett-Jackson also offers internships for both students and alumni of McPherson.
Craig Jackson, Barrett-Jackson’s Chairman and CEO, noted, “I firmly believe in offering young individuals an opportunity to acquire these skills. I am proud that we can contribute to the expansion of the restoration tech program and introduce new members to the profession.”
This article, originally penned by Diego Rosenberg, first appeared on ClassicCars.com, a content partner of AutoMotorMart.
Frequently Asked Questions (FAQs) about McPherson College Endowment
What is the size of the endowment that McPherson College has secured?
McPherson College has secured an endowment of $1.5 billion.
How did McPherson College manage to secure such a large endowment?
An anonymous benefactor pledged to donate $500 million if McPherson College could raise half of that amount by June 2023. When the school achieved this, the benefactor doubled their promise, contributing a total of $1 billion.
What unique course does McPherson College offer?
McPherson College offers a unique four-year degree in automotive restoration, the only program of its kind in the United States.
What is the current project students at McPherson College are working on?
The students are currently restoring a 1953 Mercedes-Benz 300 S Cabriolet in preparation for the school’s inaugural appearance at the Pebble Beach Concours d’Elegance event.
Who is Barrett-Jackson and what is their relationship with McPherson College?
Barrett-Jackson is a well-known auction company that has maintained a partnership with McPherson College since 1999. They have initiated several scholarships and provide internships for both students and alumni of McPherson’s automotive restoration program.