IWU Announces Endowment PlansPosted: Updated:
Indiana Wesleyan University says it is planning a $10 million endowment for several business programs. The school says it will eventually receive a $5 million endowment from the family of the late James DeVoe. It anticipates receiving matching commitments to bring the total to $10 million. October 8, 2013
MARION, Ind. – Indiana Wesleyan University outlined details this week for the use of a $1.5 million gift, the first part of an eventual $5 million endowment from the family of the late James DeVoe.
The $1.5 million gift has been matched to establish an initial $3 million endowment; matching commitments will double the $5 million gift, resulting in a $10 million DeVoe endowment.
Funds will be distributed evenly between IWU’s residential business program, the DeVoe Division of Business, and its nonresidential business program, the DeVoe School of Business, according to Dr. Larry Lindsay, IWU’s Interim Provost. The gift will create endowed chairs for both academic units, as well as a joint annual event and, in the future, student scholarships.
Lindsay explained the plan in an announcement at a town hall meeting for IWU faculty, staff and administration on October 7. He referenced a challenge posed during the initial planning for the DeVoe endowment by President (then Provost) Dr. David Wright: “Could we [IWU] create the premier Christian business school in the nation, that combines leadership, innovation and Biblical principles?”
IWU’s Business Education Coordinating Council will align all business education curricula. The council will also assist with seeking accreditation through the Accreditation Council for Business Schools and Programs. A search is underway for a dean of the DeVoe School of Business.
James “Jim” DeVoe, onetime Grant County resident, was an entrepreneur. Following a tragic accident that claimed his life in 2006, his family has wanted to honor his memory. They decided to partner with IWU to endow the DeVoe School of Business with the goal of grounding young people in excellent business education and solid Christian principles.
According to Lindsay, IWU hopes that the DeVoe endowment is the seed for even greater opportunities.
“Our hope and prayer is that others would say, ‘We think that Indiana Wesleyan is very distinctive, as they integrate faith principles into the marketplace and prepare people in corporate America from a faith-based perspective,’ ’’ Lindsay said, “and that others would like to join in that opportunity.”
Indiana Wesleyan University is an evangelical Christian comprehensive university of The Wesleyan Church committed to global liberal arts and professional education. Nearly 3,000 students are enrolled in traditional programs on the main campus in Marion, Indiana. Over 12,500 adult learners study at education centers in Indiana, Kentucky and Ohio, and online.Source: Indiana Wesleyan University