UNIVERSITY PARK – Penn State’s Schreyer Honors College has received a $25 million gift commitment from its namesakes, William and Joan Schreyer, to support scholarships and other student and faculty programs. University President Graham B. Spanier made the announcement at today’s Board of Trustees meeting.
The Schreyers endowed the college at its founding in 1997 with a $30 million gift. Together with support for other Penn State initiatives, their total philanthropic commitment to Penn State now exceeds $58 million.
William A. Schreyer is chairman emeritus of Merrill Lynch & Co. and a trustee emeritus of the University. A Williamsport native, he graduated from Penn State in 1948. Joan L. Schreyer, a Buffalo native, was named an Honorary Alumna of Penn State in 1991.
“Thanks to Bill and Joan’s previous philanthropy, the Schreyer Honors College in less than a decade has earned a national reputation as one of the nation’s finest honors education programs,” said Spanier. “Now, through this latest act of tremendous generosity, the Schreyers have given the college the resources it needs to enrich the education of promising young scholars in extraordinary ways.
“Such a strong honors program also will raise the bar of scholarship and leadership preparation across the University.”
In 1997, William Schreyer said the couple endowed the honors college “to attract students from all walks of life to Penn State, and nurture and inspire responsible citizenship and a global perspective among students.”
Today, he described that endowment as “the best investment Joan and I have ever made. It’s given many Penn State students the opportunity to both see and serve the world. We are thrilled with the character and creativity of the students we meet at the honors college. They make us Penn State proud every day and will be the future leaders of society.”
The Schreyer Honors College enrolls about 1,800 undergraduates and affords students opportunities to engage in research, travel abroad and leadership.
“The Schreyer Honors College’s mission is to develop young men and women who achieve academic excellence with integrity, possess a global perspective and are committed to civic leadership,” said Dean Chris Brady. “We want to prepare students who not only excel academically but are prepared to become leaders who will bring about great, positive changes for our world.”
Each Schreyer Scholar majors in a program in one of the University’s academic colleges and takes any of more than 300 honors courses that emphasize active and in-depth learning. Many Scholars have multiple majors and minors, and their academic career culminates in an honors thesis. The college is widely acknowledged as one of the best in the nation. Its holistic approach to scholarship and leadership was recognized in 2005 by Reader’s Digest, which ranked it among the “Top 100 Innovations,” a list of the nation’s “treasure trove of extraordinary people, places, innovations and adventures.”
Brady said the $25 million gift will strengthen the mission of the Schreyer Honors College on a number of fronts.
“Competition among the nation’s top universities is extremely keen,” he noted. “We plan to direct part of the gift toward enhancing the financial-aid package we offer to incoming students as part of the recruitment process. We not only want to recruit the best students, we also want to reduce the financial burden on them as much as possible. Many Schreyer Scholars have substantial financial need.
“In addition, we will expand and strengthen that part of our program that emphasizes ethics, integrity and civic engagement. This is the kind of learning that goes beyond the subject areas of the academic disciplines and helps to promote the leadership ideals that the Schreyers had in mind when they endowed our college.
“We would also like to increase the resources available for study abroad. Our college is already a national leader in this area, but living and learning in other cultures is an increasingly valuable asset to a well-rounded undergraduate education.”
Spanier noted the Schreyers’ gift had important implications for philanthropy University-wide. “Bill and Joan have demonstrated that Penn Staters have a lifetime commitment to their university,” he said. “Their founding gift in 1997 provided enormous momentum and energy to our last University-wide campaign. We are extremely fortunate and incredibly grateful to them for yet again leading the way as the University prepares to launch its next comprehensive campaign.”
William Schreyer said, “Joan and I have great confidence in Penn State and — yes, I must say it — we are bullish about its future. We hope our gift today inspires others to express their generosity to the University in the next campaign.”
The campaign’s quiet phase will begin on Jan. 1, 2007, according to Spanier. It will be student-focused and put a strong emphasis on securing funds for need-based financial aid for undergraduate and graduate students. The campaign will include the Schreyer Honors College as a featured objective. A specific dollar goal has not yet been determined.
William Schreyer chaired the Campaign for Penn State, the University’s first major comprehensive fund-raising effort, which raised $352 million and concluded in 1990. In addition to honors education, the couple’s philanthropy to the University has included support for the University Libraries, the Smeal College of Business, the College of the Liberal Arts, Penn State Milton S. Hershey Medical Center and construction of the Bryce Jordan Center.
Their total lifetime commitment of $58 million makes them the University’s top donors.
William Schreyer spent his entire business career with Merrill Lynch, joining the firm as a management trainee in 1950, becoming chief executive officer in 1984, chairman in 1985 and chairman emeritus in 1993. He joined Penn State’s Board of Trustees in 1986, served as board chair from 1993 through 1996, and became trustee emeritus in 1998. The University named him a Distinguished Alumnus in 1979, the highest honor it can bestow on one of its graduates.
The Schreyers reside in Princeton, N.J.
