McPherson College, a small liberal arts school located in a town of 14,000 in Kansas, has recently made waves in the academic community with its staggering $1.5 billion endowment. This amount is enough to put some Silicon Valley powerhouses to shame. So, how did this little-known college manage to accumulate such a significant sum of money?
According to an article by Hagerty, the college’s endowment received a massive boost from an anonymous benefactor who pledged to donate $500 million if McPherson College could raise half of that amount by June 2023. The school successfully met this goal, and the Patron of the Great Unknown followed through on the promise by doubling the donation to one billion dollars. Together with McPherson College’s existing $250 million endowment and $342 million in fundraising efforts, the total endowment now stands at an impressive $1.5 billion.
But why does McPherson College matter to the average person? Well, it is the only institution in the United States where students can earn a four-year degree in automotive restoration. The college’s program focuses on various aspects of the field, including historic automotive technology, automotive restoration management, automotive communications, automotive restoration design, and automotive restoration technology. This unique program attracts around 150 students who are passionate about preserving and restoring classic automobiles.
The students are currently working on a restoration project involving a 1953 Mercedes-Benz 300 S Cabriolet. This car will be unveiled at the famous Pebble Beach Concours d’Elegance in August. The Mercedes-Benz, donated by Richard and Mary Hoperman from Pennsylvania, arrived at the college to be restored to its former glory. This project symbolizes McPherson College’s commitment to excellence in restoration education and showcases the practical skills that students gain through hands-on experience.
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The announcement of the endowment was made by McPherson College’s president, Michael Schneider, during a special event. He described the day as historic, not only for the college but also for all small liberal arts colleges in America. Schneider expressed his gratitude to the anonymous donor for providing the college with an unprecedented opportunity to fulfill its strategic vision of becoming a destination learning community. This significant endowment enables McPherson College to further enhance its programs and facilities, attract top-tier faculty, and provide exceptional opportunities for its students.
McPherson College’s automotive restoration program has also garnered the support of Barrett-Jackson, a renowned name in the classic car industry. The two organizations have had a longstanding partnership since 1999, with Barrett-Jackson establishing several scholarships for students in McPherson’s program. These scholarships include the Nellie Jackson Scholarship, named in honor of the matriarch of the Barrett-Jackson organization and specifically available to female students in the automotive restoration program. Furthermore, Barrett-Jackson has provided internships for both current students and graduates, allowing them to gain valuable industry experience.
Craig Jackson, Chairman and CEO of Barrett-Jackson, emphasized the importance of nurturing young talent in the industry and providing them with opportunities to learn and grow in their craft. He expressed pride in contributing to the growth of McPherson College’s restoration tech program and expanding the profession by adding new skilled individuals.
In conclusion, McPherson College’s extraordinary $1.5 billion endowment has put this Kansas-based institution on the map. Its unique four-year degree program in automotive restoration has attracted students with a passion for preserving classic cars. With the support of an anonymous benefactor, the college has been able to significantly boost its financial resources and provide exceptional educational opportunities. The partnership with Barrett-Jackson further solidifies McPherson College’s reputation as a leader in the automotive restoration field. This remarkable achievement serves as a testament to the college’s commitment to excellence in education and its passion for preserving automotive history.
