Lasting impact: What Mel Peterson’s $5.3M gift means for the University of Evansville
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When Mel Peterson bestowed his final gift to the University of Evansville, he ensured the donation would benefit the institution for years to come.
The $5.3 million bequest announced by UE in November included $1 million for an endowed faculty chair and $2.5 million for the university endowment.
“He was a savvy business person. He was a savvy donor. He didn’t want the funding to make an impact one time. He wanted it to continue to make an impact,” said Abigail Werling, UE’s vice president for university advancement.
Peterson’s donation also included a $100,000 endowed scholarship for the English department, $1.5 million for campus renovation debt and $300,000 in unrestricted funds.
UE President Chris Pietruszkiewicz said Peterson and his partner, Evansville native William Ridgway, began donating to UE decades ago. However, neither man attended the institution.
“Dr. Peterson and Dr. Ridgway saw something in the University of Evansville for the last 50 years that they believed in and wanted to help it succeed. And whether they were alumni or not, they felt like this was their adopted home,” said Pietruszkiewicz.
About Peterson and Ridgway
Peterson’s relationship with UE started at Harlaxton College in Grantham, England. Pietruszkiewicz said Peterson convinced Ridgway to buy the property that Ridgway later donated to UE. Peterson’s first monetary gift to UE was $1,000 for Harlaxton in 1980.
“Mel has been an extraordinary benefactor for our Harlaxton program that has been ranked as the number one study abroad program in the United States,” said Pietruszkiewicz. “Our students have had an opportunity for the last 52 years to be able to study abroad about 90 miles north of London and to have all of the cultural experiences of an English-speaking country and the ability to be able to travel throughout Europe during their 14 or 15 weeks that they spend there.”
In his lifetime, Peterson contributed more than $9.6 million to UE, including funds for Hyde Hall and Bower-Suhrheinrich Library renovations. He was an honorary member of the university’s board of trustees and received an honorary Doctor of Humane Letters from UE.
“His affinity for the College of Arts and Sciences, and particularly our English department, has been fantastic. He’s done a lot of different things including creating the Mel Peterson Art Gallery and the Mel Peterson Video Production Lab,” said Pietruszkiewicz.
Peterson died nearly a year ago at the age of 101, while Ridgway died in March 2013 at 92 years old. Ridgway gave $52.6 million to UE during his lifespan, including his final gift of $39 million.
“Like many other philanthropists, [Ridgway] wanted to be able to live in a place and see the mark that he was able to make. Dr. Ridgway and Dr. Peterson have enhanced the future prospects of the students at the University of Evansville and give them opportunities they would not have otherwise had,” said Pietruszkiewicz.
Peterson’s last donation
Most of Peterson’s final contribution to UE was intended for long-term investment and sustained support, including $2.5 million for the university endowment.
“Mel understood that the University of Evansville is going to be around a long time. He knew the power of taking his estate gift and dedicating it to endowment. Knowing that in perpetuity, there would be flexible resources that could be used to update the campus infrastructure when needed, whatever the university was going to need at that time,” said Werling.
Pietruszkiewicz predicted the money would likely be used for the programs Peterson helped start, such as the art gallery and video production lab.
“The interest will help us be able to utilize that for operating support. The remaining $2.5 million will remain as principal that keeps generating the interest in perpetuity,” he said.
The $1 million allotment for the endowed faculty chair in the English department will help pay for the position and its scholarly activities.
“It helps us have perpetual funding. Say 20 years from now, we have an opening for an English professor. We can go out and recruit someone because of the philanthropy. We don’t have to go find the money,” said Werling.
Another $1.5 million paid the remaining debt from Hyde Hall’s renovations, and more than $300,000 was allocated for unrestricted funds. The $100,000 endowed English department scholarship will bear Peterson’s name.
“He wanted to use his philanthropy to make sure that as many people as possible could have access to higher education. And when they had access to higher education—and part of his gift supported a scholarship to be able to do that—then he wanted the experience to be first-rate. He knew that even a small town, a small school like Evansville with the right resources, support and vision could become a remarkable institution,” Werling said.
‘It goes a long way’
When it comes to choosing a philanthropy, Werling said donors can feel good about selecting UE.
“I’ve been at UE for 20 years, so I’ve had the pleasure of seeing how these dollars just make such a huge difference,” she said.
The university’s Forward Campaign has raised more than $100 million toward its $125 million goal. The crusade’s three priorities include powering a transformational, accessible education, bringing academics to life and fueling faculty who discover, teach and mentor.
“Colleges and universities, they’re always in campaign mode. This Forward Campaign allows us to give specific opportunities to our donors to make an impact on the campus,” said Werling.
UE’s connection to the community, such as its involvement with the Evansville Promise Neighborhood, is another reason Werling said donors should consider giving to the university.
“We don’t just sit on the sidelines and talk about the power of education. We’re out in our communities and across the pond in England solving real problems for people, using academics and education as a tool for good. And we’re very good stewards of the money, too,” said Werling. “A person can put their money at the University of Evansville, and it goes a long way.”
Ways to support UE include annual giving, endowment gifts, athletic funding and planned giving.
“People should give to the University of Evansville because they believe in the power of education to perhaps change the trajectory of someone’s life for the better. To help them realize their goals, whether that’s personal or professional or in their trade,” Werling said.