Small Kansas College Stands To Receive Record $500 Million Gift

McPherson College, a private, Kansas liberal arts college with an enrollment of less than 1,000 students, announced on Friday that it had received a commitment of up to $500 million from an anonymous donor.

The gift comes in an unusual form — it’s a “double-match” estate gift, in which the donor will contribute two dollars for every dollar given by others, up to a total of $500 million for the college’s endowment. Both estate gift commitments and outright gifts to the college’s endowment qualify for the match.

McPherson has until June 30, 2023 to meet that goal, and says that it has raised $130 million so far.

The college, which is probably best known for its unique, nationally recognized Automotive Restoration Technology degree program (comedian and car collector Jay Leno is one of its financial supporters), described the gift as “the largest single commitment to a small liberal arts college in the United States.”

According to the terms of the gift, the anonymous donor can elect to pay the match over time, or the total is due in full at the time of the donor’s death. If McPherson is successful in raising $250 million, the donor’s match of $500 million would result in a total of $750 million for McPherson College’s endowment.

Describing the gift, McPherson College President Michael Schneider said “This is an unprecedented show of support not just for McPherson College but also for America’s small, liberal arts colleges. I am indescribably grateful to our anonymous donor for giving McPherson College the resources to implement our expansive strategic plan and truly create the student-first campus of the future. We must reimagine the campus, just like we’ve reimagined the workplace in the last two years, and do it without burdening our students with more debt. I am also grateful to our faculty, staff, Board of Trustees, and my cabinet, whose encouragement and guidance are a source of inspiration.”

McPherson plans to use the gift to fund the college’s Community by Design strategic plan, which includes four initiatives:

• Continuation of its Student Debt Project, which provides matching funds for students who hold jobs while attending school;
• Construction of three new buildings — a 55,000-square-foot Campus Commons student life center, a new recreation and social space, and the Holman Center for Athletics;
• The Kansas Center for Rural & Community Health Science;
• The National Center for the Future of Engineering, Design & Mobility.

“McPherson College is important to the success of our state, and these generous donations will not only help the college continue to grow, but it will also greatly benefit the McPherson community,” said U.S. Senator Jerry Moran at the press conference announcing the event.

Part of the matching funds will come from a $50 million commitment from philanthropists Melanie and Richard Lundquist, who committed $25 million to McPherson in May and announced an additional $25 million gift to the college at Friday’s press conference. Richard Lundquist joined McPherson College’s Board of Trustees earlier this year.

“It is a huge honor for my husband Richard and me to represent the donor and make an additional investment in a truly special place, McPherson College,” said Melanie Lundquist. “Small liberal arts colleges like McPherson create nurturing ecosystems that foster creativity and innovation. Meaningful philanthropy can help solidify a small college’s future. We are excited to double down on the magic happening on the Plains. We encourage other philanthropists to follow our lead and take advantage of the 2:1 match – there’s no greater return on investment in higher education.”