One of the largest charitable gifts to a U.S. college has been withdrawn.
Back in July, Kentucky’s Centre College announced that a charitable trust would donate stock worth $250 million to the school. The gift would have funded a scholarship program, aimed at supporting as many as 160 students. However, last week the school says it was notified that the donation had been withdrawn, the Associated Press noted.
An official with Centre College explained that the donation was tied to the corporate recapitalization of a private company, headed by the son of the late businessman whose trust made the donation. The recapitalization had to be completed by a specific deadline in order for the donation to be made.
According to a spokesperson from the company, the firm’s management decided not to borrow the needed funds to complete the recapitalization after a review of operations.
Understandably, the school wasn’t pleased with the decision. However, a Centre College official noted called the charitable trust that made — and then withdrew — the donation “a longtime friend and important partner” and indicated that the college would continue to work with the trust in the future.