EVEN DURING THESE CHALLENGING, economic
times, alumni and friends of the Institute of
Technology continue to amaze me with their
generosity. As of this writing, with more than two
months left to the end of the fiscal year on June 30,
you have already made gifts in excess of $13.5 million!
This amount compares to the $13.3 million that
was given in all of last fiscal year. Of this total, approximately
$5 million was given in support of student
scholarships and fellowships.
Your gifts have supported one of the most highly
qualified student bodies in the history of the college.
The class of 2012 entered the Institute of Technology
last September with an average ACT score of
28.9; and 90 percent graduated in the top 25 percent
of their high school class. There are also 34 National
Merit Scholars among them, more than any other
college at the University!
Not only do these talented students do well with
their coursework, many expand their experience
with hands-on learning opportunities and team
competitions like the Solar Decathlon and Solar Vehicle
Project, while others make time to give back to
their communities through organizations like the
Active Energy Club, Engineers Without Borders, Engineering
World Health, K-12 outreach, and more.
For many of our students, your support makes
it possible for them to attend college. For others, it
means that they can concentrate on their studies
and community volunteerism and not have to hold
down a full-time job. And for most students, your
support means that they will not graduate with a
crippling debt load.
Those of you who have endowed graduate student
fellowships and undergraduate scholarships
have seen the impact of your gift double through
the Promise of Tomorrow and 21st Century Match
programs, which are still available at the University
of Minnesota.
I would like to share with you how meaningful
your support is in the words of one of our newly
minted engineers, Shannon Koenig:
“When I found out that I had been accepted to the University
of Minnesota, I was so excited. I couldn’t believe it;
all of my dreams were coming true. The only problem was
that I had no clue how I was going to pay for it. I thought it
was going to be impossible to pay for college without putting
my family and myself so far in debt that we wouldn’t
be able to see the light. I figured that I would have to give
up my dream of going to the University of Minnesota and
settle on a smaller school that was a lot less expensive.
This also meant giving up my dreams of getting a degree
in civil engineering.
Then, a miracle occurred. In the spring of 2004, just before
my high school graduation, I received a letter from the
University of Minnesota. I had been awarded the Norman
Family Scholarship, which was a $5,000 per year renewable
scholarship.
I couldn’t believe it, I was so happy that it brought tears
to my eyes just reading the letter. I was going to be able to
attend the U of M and I was going to be able to do it without
having to constantly worry about money.”
Koenig will graduate this spring with a Bachelor
of Civil Engineering and a minor in business management.
She will begin her position with WHKS &
Co. in Rochester, Minn., at the end of May.
I want to thank you—especially in these days of
tight budgets—for continuing your philanthropic
support of our students, faculty, and programs. As in
Shannon’s case, your gift, combined with many others,
makes a world of difference for so many young
people preparing to take on the challenges ahead of
us all.
If you are interested in changing an Institute of
Technology student’s life through a private gift, please
contact me at dockter@umn.edu or 612-626-9385.
3M makes grant for scholars program
THE INSTITUTE OF TECHNOLOGY
has received a $300,000 grant from the 3M Foundation to fund the 3M Scholars Program, a pilot effort to recruit and retain a larger number of students who are pursuing degrees in the Institute of Technology.
About 80 students will be accepted
into the program that
is targeted toward students of
middle-income families. They will
be exposed to a number of “experiences”
that include exploring
science and technology-related
careers; interacting with faculty
outside the classroom; going on
corporate site visits; meeting
with corporate mentors; networking
with people in industry; setting
personal goals; and more.
The students also will be encouraged
to pursue internships and/
or research opportunities.
To assess the student’s
progress, each student will be
required to participate in a minimum
number of experiences.
Students in the program will officially
be known as “3M Scholars”
and will receive scholarships
after program benchmarks have
been achieved.
“Our goal is to develop experiences
outside the classroom that
engage, enlighten, and motivate
students to overcome the challenges
they have during their early
years in the Institute of Technology,”
said Paul Strykowski,
Institute of Technology associate
dean for undergraduate programs.
“Through this program, we can
help them overcome barriers and
achieve success. We are grateful
for 3M’s generous support.”
Annual S&T Banquet raises funds for student scholarships
Tyler Kuhlman (ME '05) of MTS Systems discusses the University of Minnesota's solar car with David Towey (left), a senior in aerospace engineering and mechanics and Solar Vehicle Project member, at the Institute of Technology's 2009 Science & Technology Banquet. This year the event featured keynote speaker Cynthis Lesher, reitred president and CEO of Northern States Power Company-Minnesota; student speaker Andrew Jones, a senior majoring in chemical engineering and chemistry; and members of the University of Minnesota Solar Vehicle Project team.
Gift annuities benefit the donor and the college
Are you tired of watching your assets fluctuate with the markets? Do
you want to make a gift to benefit the Institute of Technology that would
also provide you with fixed payments in return?
As a giving option, gift annuities provide a stable, regular stream of
payments that can be an attractive income supplement in these uncertain
economic times. A donor establishes a gift annuity by irrevocably transferring
cash or stock to the University of Minnesota Foundation. The minimum
gift amount is $10,000. The Foundation agrees to make regular payments
to one or two persons based upon a rate determined by the age(s) of the
annuitant(s). Donors receive an immediate income tax benefit when the
gift annuity is established and a portion of the annuity payments are taxfree.
When the gift annuity terminates at the death of the last annuitant, the
assets remaining in the annuity are transferred to the fund at the University
that has been designated by the donor.
For example, Bob, a widower who is age 81, makes a gift of $50,000 in
cash to establish a gift annuity that will eventually benefit a fund in the
Institute of Technology. The annuity pays him a rate of 7.30 percent that
translates to an annual payment of $3,650, of which $2,847 is tax-free.
These payments continue unchanged for Bob’s life and at his death, the
remaining assets pass to the Institute of Technology to be used as he has
directed. He also receives a charitable income tax deduction of $24,651,
which he can claim on this year’s tax return.
For more information on charitable gift annuities and a personalized illustration,
contact Kim Dockter at dockter@umn.edu or at 612-626-9385.
Tyler Kuhlman (ME '05) of MTS Systems discusses the University of Minnesota's solar car with David Towey (left), a senior in aerospace engineering and mechanics and Solar Vehicle Project member, at the Institute of Technology's 2009 Science & Technology Banquet. This year the event featured keynote speaker Cynthis Lesher, reitred president and CEO of Northern States Power Company-Minnesota; student speaker Andrew Jones, a senior majoring in chemical engineering and chemistry; and members of the University of Minnesota Solar Vehicle Project team.