>newground
Virgil and Elizabeth Hunt Hall
The last day of 2004 marked the successful conclusion to a challenge grant program that saw the campus raise more than a half million dollars for the upgrade and endowment of science equipment.
Even better news: The campus campaign exceeded its goal by more than $30,000. The terms of the challenge grant committed IUK to raise $468,000 from July 2003 through December 2004 for a science equipment endowment fund. To qualify for the Kresge Foundation challenge, the campus also was required to raise $233,000 for equipment prior to submitting the grant proposal.
When the books closed on Dec. 31, IUK had raised $501,247 in response to a challenge from the Kresge Foundation Science Initiative.
Best news yet: Having met the challenge, the campus will receive $234,000 in matching grant funds for science equipment purchases and replacement from the Troy, Michigan based foundation.
“All told, this was a $935,000 campaign, with the Kresge grant equaling 25 percent of funds committed,” said Jack Tharp, acting vice chancellor for external relations.
The equipment fund will facilitate purchases for biology, chemistry, and physics laboratories, and income from the endowment will ensure that future equipment replacement will be funded and not deferred. Campus officials estimate that the initial endowment fund will generate more than $30,000 annually for new instruments.
>Brett McLaughlin
Learn more about the Kresge Challenge Grant.