Fred Smith, founder and of FedEx Corp. has made a $65 million gift to the Marine Corps Scholarship ... [+]
Fred Smith, a Marine veteran and the founder and former CEO of FedEx, has given $65 million to the Marine Corps Scholarship Foundation (MCSF). The gift is the largest ever received in MCSF’s 60-year history.
Founded in 1962, MCSF is the nation’s oldest and largest provider of need-based scholarships for military children. It has awarded more than 50,000 scholarships valued at nearly $185 million to the children of Marines and Navy Corpsmen.
Recipients of MCSF’s scholarships come from all 50 states in the country. About 90% of recipients graduate from college, much higher than the most recent national average of 62.3%. MCSF Scholarship recipients have achieved an average college GPA of 3.43.
This year the foundation has awarded $10 million in scholarship support to 2,600 students. According to MCSF statistics, 40% of recipients are first-generation college students, and 45% pursue science, technology, engineering, and math (STEM) degrees.
But estimates are that there are more than 24,000 children nationwide who are eligible for MCSF awards. And that is where the Smith gift becomes most important - it will immediately allow MCSF to significantly increase the number of scholarships awarded annually, with an estimate of more than 100 additional scholarships funded for next academic year and thousands more covered long-term.
“We are humbled to be the recipient of Fred Smith’s generous gift, as it reflects his deep and meaningful appreciation for the Marine Corps,” said Ted Probert, Lieutenant Colonel USMC (Ret.) and current President and CEO for the Marine Corps Scholarship Foundation. “This transformational gift helps position the organization for broader reach and impact, fortifying our promise to never leave the child of a Marine behind and serves to benefit hundreds, if not thousands of future leaders in this country with dreams of creating a better world for others.”
In addition to benefitting the Marine Corps Scholarship Foundation, half of the funds will be used to establish the Brown Hudner Navy Scholarship Foundation, which will award scholarships to the children of Navy Sailors studying STEM and health sciences degrees.
That scholarship is named for the subjects of the film Devotion, a newly released movie from Sony Pictures that tells the story of elite fighter pilots Jesse Brown, the first Black aviator in the Navy, and his comrade, Tom Hudner, during the Korean War. Devotion was produced by Smith’s daughters, Molly and Rachel Smith, along with Thad and Trent Luckinbill.
“Our family is proud to support the Marine Corps Scholarship Foundation and the great work they are doing to make the dreams of military children a reality through higher education. The MCSF is an outstanding steward to manage the Brown Hudner Navy Scholarship Foundation,” said Smith. “As a Marine Corps veteran, I know the sacrifices that are made daily by hard-working military families to provide for their children.”
Born in 1944 in Marks, Mississippi, Frederick W. Smith, graduated from Yale University in 1966. After serving in the Marines for four years, including two tours of duty in Vietnam, he launched the original air-ground Federal Express network, which began operations in 1973. The company has since grown into a global enterprise serving more than 220 countries and territories, with more than half a million employees.
Smith is now Executive Chairman of FedEx, which has been recognized by Time magazine as one of “Time’s 100 Most Influential Companies.”
Smith is a trustee for the Center for Strategic and International Studies and a member of both the Business Council and Business Roundtable. He served as chairman of the U.S.-China Business Council and co-chair of the French-American Business Council in addition to serving on the boards of several large public companies. Forbes has pegged his personal wealth at $4 billion.
