October 6, 2008

Purdue launches $5 million scholarship challenge

The donor, who has asked to remain anonymous, will contribute $2.5 million in unrestricted funds over five years to Purdue's Presidential and Trustees scholarship programs. The gift, combined with $2.5 million from other donors, will be used to create the $5 million Presidential and Trustees Scholarship Challenge, aimed at attracting high-achieving high school students to Purdue.

The scholarship challenge is part of Purdue's $304 million Access and Success campaign to expand student aid and programs. Purdue has raised almost $70 million toward the campaign goal to date.

"This challenge gift will essentially give donors the chance to double the money they provide for these scholarships," Purdue President France A. Córdova said. "If a donor gives more than $25,000, we will double that amount up to $5 million. We are very grateful to the donors who have already come together to make this challenge possible. Their generosity will make it possible for Purdue to dedicate even more money to scholarships that support the futures of our best students." 

The remaining $2.5 million of the challenge will come from a variety of donors.

Two Purdue trustees, Keith Krach and William S. Oesterle, are contributing to the challenge. Krach has pledged $500,000, while Oesterle has pledged $250,000. Two previous gifts to the Access and Success campaign, one from Purdue Professor Cynthia Stauffacher, and the other from alumni Jim and Mary Jo Risk, have been earmarked for the scholarship challenge and, combined with other funds, will make up the remainder of the funding.

Gifts eligible for the challenge will be used to create an endowment fund for Presidential and Trustees scholarships at Purdue. About 4.5 percent of the fund's market value is paid each year to fund the scholarships. Each year, Purdue will match the payout to double the impact of the gift. For example, a $100,000 gift would result in a payout of $4,500 annually. With the matching funds, that figure would rise to $9,000 annually. Similarly, a $1 million gift with a $45,000 annual payout would result in the awarding of $90,000 in scholarship funds per year after the match.

Murray Blackwelder, senior vice president for advancement, said the scholarships, created when the Access and Success campaign was announced in April, are already having an impact on students.

"The first recipients are on campus this fall," Blackwelder said. "We awarded $7 million to 820 Trustees Scholarship students and $3.7 million to 638 Presidential Scholarship winners this year. This challenge will allow us to push those numbers, and the student lives they represent, even higher."

To be considered for either scholarship, students must have attained a high school grade point average of 3.8 on a 4.0 scale. The Trustees Scholarship also requires either a 2000 or higher score on the SAT or a score of 30 or higher on the ACT composite and writing tests. Students scoring 1850-1990 on the SAT or 27-29 on the ACT would be eligible for the Presidential Scholarship.

The Trustees Scholarship offers an annual award of $8,000 for Indiana residents and $10,000 for out-of-state students. The Presidential Scholarship offers an annual award of $5,000 for Indiana residents and $7,000 for out-of-state students. Both scholarships are renewable for up to four years of full-time enrollment at the West Lafayette campus for students who maintain a 3.0 GPA while at Purdue.

Separate scholarship applications are not necessary for consideration. Complete admission applications must be on file in the Office of Admissions by Nov. 15. Interested students can contact the division of financial aid at (765) 494-5050 or go to https://www.purdue.edu/dfa  for more information on financial aid and admissions requirements.

Keith Krach
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Krach, a 1979 industrial engineering alumnus and Purdue trustee from Los Gatos, Calif., said aiding in the creation of the challenge was a natural step for a Purdue trustee.

"Our job as trustees has always been to look out for the well-being of Purdue," he said. "Our students are our most important resource. It's important that we find ways to entice those students who enrich our campus academically to choose Purdue."

Krach currently serves as chief executive officer of 3Points LLC, a California-based investment holding company. He previously worked for a decade at General Motors, becoming the company's youngest vice president at the age of 26 as he led GM's robotics operations.

He serves on the board of directors of XoJet, Collabnet, Microposite, Tropos and Ooma and is a strategic partner of Voyager Capital.  His philanthropic endeavors include co-founding the Children's Autistic Network and serving on the board of governors for Opportunity International.

He is the former international president of his Purdue fraternity, Sigma Chi, and has been named a Significant Sig. Krach has been honored by Purdue several times, including being named an Old Master in 1999, an Extraordinary Boilermaker in 2005 and a Distinguished Engineering Alumnus in 2006. He holds a master's of business administration from Harvard University.

William Oesterle
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Oesterle is a 1987 management alumnus and Purdue trustee from Indianapolis.

"It's important to reward those students who excel in high school for their hard work and perseverance," he said. "Reducing the financial burden of these students will help us ensure that Purdue has the opportunity to educate more than its share of these capable young people."

Oesterle is the chief executive officer and a co-founder of Angie's List, a company that helps consumers choose service companies based on reviews and experiences posted by its members. Prior to joining Angie's List, Oesterle was a partner with CID Equity Partners, a Midwest-based venture capital firm.

He serves on the board of directors for City Securities Corp. and the National Bank of Indianapolis. He also founded the Gov. Bob Orr Indiana Entrepreneurial Fellowship Program and serves on its board of directors. In 2004 he managed the gubernatorial campaign of current Indiana Gov. Mitch Daniels.

The Indianapolis Business Journal selected Oesterle as a "Forty Under 40" honoree in 1999. He earned his MBA from Harvard University.

Cynthia Stauffacher
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Stauffacher is head of the Markey Center for Structural Biology and a member of the advisory board for the Bindley Bioscience Center. She is investigating how cancer spreads at the molecular level.

Her research focuses on the examination of the structure and function of proteins that play important roles in diseases such as cancer, heart disease and resistant bacterial infections. A clearer understanding of how such proteins function could enable the design of more targeted and effective treatments for these human diseases.

She was honored as a fellow of the American Association for Advancement of Science in 2000 and awarded the Purdue Cancer Center Excellence in Research Award in 2001. She earned her doctoral degree from the University of California, Los Angeles, in 1977 after completing her bachelor's degree at the University of Denver in 1970.

Mary Jo and Jim Risk
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Jim Risk III, a 1963 science alumnus, is president and CEO of the Kirby Risk Corp., a manufacturer and electrical products supply company. Mary Jo Risk, a 1963 liberal arts graduate, has been involved with the Purdue Alumni Association, serving in several leadership roles.

At Purdue, the Risks have been active in advisory and philanthropic roles with the Krannert School of Management, Purdue Alumni Association, College of Technology, Purdue Varsity Glee Club and many other areas at the university. They are co-chairs of the Greater Lafayette Access and Success Community Campaign committee, previously established the Jim and Mary Jo Risk Athletic Scholarship, and are members of the John Purdue Club.

Writer: Tanya Brown, (765) 494-2079, tanyabrown@purdue.edu

Sources: France A. Córdova, (765) 494-9708

Murray Blackwelder, (765) 496-2144, mblackwelder@purdue.edu

Purdue News Service: (765) 494-2096; purduenews@purdue.edu

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