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October 18, 2013

$125-Million Bequest to U. of the Pacific Boosts Endowment

The University of the Pacific said Thursday that it has received $125-million in connection with a 2007 bequest by a wealthy Northern California couple, The Chronicle of Higher Education reports.

The donation from real-estate developer Robert C. Powell and his wife, Jeanette, was estimated at $100-million when first announced but has grown in value in the six years since. The Powells, both of whom served stints on the Stockton, Calif., university's board of regents, stipulated that the money be paid after their deaths. Mr. Powell passed away in 2007, Ms. Powell last December.

The bequest swells Pacific's endowment by 59 percent. A university spokesman said the institution would put more than $60-million of the gift into a matching campaign to support merit- and need-based scholarships, $35-million into the existing Powell Scholars program, and most of the rest into academic programs.