Gift from Alumnus Leverages 54 New Scholarships for Gannon University

Posted: June 16, 2015

Tom Power, a 1963 Gannon University alumnus and retired railroad executive, and his wife, Loretta, have made a generous gift to create the "Power" Scholarship Challenge. Gannon has matched that gift to create the "Power" Challenge Fund.

With this fund, the University has leveraged 54 new scholarship gifts and matched those gifts dollar-for-dollar through the "Power" Challenge. Gannon President, Keith Taylor, Ph.D. said, "In the end, we hope to have 70 new endowed scholarships to support students at the University."

New scholarships have been generously established by alumni, parents, faculty, staff, priests, friends, fraternities and businesses. These scholarship gifts have ranged from $25,000 to $100,000.

"My wife and I can think of no greater gift than the gift of an education and the Challenge is really quite simple. We have created a pool of funds and Gannon can double a donor's endowed scholarship gift," Power said. Tom Power earned his degree in Industrial Management in 1963 and was CEO of Wisconsin Central Railroad before retiring. He is a member of Gannon's Board of Trustees and chairman of the advancement committee.

According to Power, "Leverage funding is common in business. I was just happy that I could give back to my alma mater and help to provide the incentive for so many other donors to join me in support of Gannon University students."

"We are in conversations with 28 additional prospective donors who have expressed an interest in making an endowed scholarship gift and having it matched dollar-for-dollar," said Gannon Vice president for advancement Jack Sims, but, I must say that the remaining matching funds in the "Power" Challenge are 'first-come, first-served.'"

There are 234 endowed scholarships at Gannon providing $914,000 in scholarship support annually to 413 deserving students from diverse locations, backgrounds and financial circumstances. Ninety-five percent of students at Gannon University received financial aid in the 2014-15 academic year. Endowed gifts to Gannon can also help fund faculty professional development, student and faculty research, speaker series, study-abroad programs, mission trips, academic departments, athletics or the library.

For more information on endowed program funds please contact Tony Fulgenzio, executive director of philanthropy and communications at Gannon University, at 814-871-7786.