This article is from the EMU News Archive. The approximate date of publication was in April 2003. Current EMU news is available at www.emu.edu/news

TO EMU HEADLINE NEWS | GIVING TO EMU |

EMU to Benefit from Major Gift

A Northern Virginia entrepreneur and his wife have made a gift that will provide $40 million in scholarships and other benefits to five Virginia colleges, including Eastern Mennonite University.

Guy E. Beatty, chairman of the Beatty Companies, and his wife, Betty, established a charitable trust naming the Virginia College Fund (VCF) as beneficiary. EMU is a member of the Richmond-based fund.

In addition to EMU, the VCF raises money for Averett University in Danville, Bluefield College in Bluefield, Ferrum College in Ferrum and Virginia Intermont College in Bristol.

The trust will amount to about $40 million over 30 years, and the Beattys have asked that at least half of the money be used for full scholarships to students attending the private colleges represented by the fund.

The remaining money will be used to strengthen and improve the infrastructure of each school, especially for technological upgrades and faculty-staff development opportunities.

Beatty has been a member of the VCF board of directors since 1991. He is also on the board of governors of the business school at the College of Charleston in South Carolina.

"My wife and I consider it a privilege to share our good fortune so that we can help provide a better world for educational opportunities," said Beatty, whose business involves real estate development partnerships and the music and entertainment industries.

VCF President William Pearson estimated that his organization will be able to pay out an additional $1.3 million annually because of the Beatty gift - more than double the amount the five colleges currently receive.

"This demonstration of support by Mr. and Mrs. Guy Beatty is important for the Virginia College Fund schools," said EMU President Joseph L. Lapp. "With the establishment of this charitable lead trust, the Beattys express their belief in independent/private higher education institutions of VCF as important for the future of the Commonwealth of Virginia. We're grateful to the Beattys for their support."

Posted: April 23, 2003