Updated Thu, Aug 29, 2013 3:32 pm
The Ohio University Board of Trustees Thursday approved a "Scholarship Investment Program," which it hopes will provide $75 million in new scholarship funds.
In the plan, presented by J. Bryan Benchoff, the University will match 50 cents for every dollar in new gifts and endowments from July of this year until June 30, 2019. Officials hope to raise $50 million in new gifts and endowments.
Of the $25 million in matching funds - assuming the university hits its donation goal - $16.5 million would be put toward undergraduate scholarships.
The plan states that the University will use the other $8.5 million in more targeted student scholarships.
"This is one of the most significant initiatives we've ever taken on behalf of our students," Ohio University President Dr. Roderick McDavis said to the board. "This is a sea change."
The scholarships must be for undergraduate, domestic students on the Athens campus. The gifts must also be renewable and endowed.