Alle-Kiski Society fulfills $26,000 pledge a year ahead of schedule
ALUMNI GROUP INCREASES ITS
SCHOLARSHIP ENDOWMENT TO $77,000
Drawing upon the receipts from its record-breaking bowl-a-thon and alumni golf scramble, the Alle-Kiski Society of the Penn State Alumni Association fulfilled its $26,000 pledge to the For the Future campaign, a year ahead of schedule.
The society made the final installment of $12,000 at its June meeting. The donation increases the principle of its Alle-Kiski Society Endowed Scholarship from $51,000 to $77,000. Profits of $9,400 from the 2012 scramble and $6,000 from the April bowl-a-thon fueled the early closing of the pledge.
The philanthropic action was a response to a request by Roger Williams, executive director of the Penn State Alumni Association, for local alumni chapters and campus societies to accelerate the growth of their individual endowments during the University's fundraising effort, "For the Future: The Campaign for Penn State Students." The Alle-Kiski Society is believed to be the first alumni group to to complete its commitment.
The society’s scholarship was established in 1992 at Penn State New Kensington with an initial principal of $15,000. Six years later, it was fully endowed at $25,000. Endowed gifts are held by the University in perpetuity. The initial gift is invested and only a portion of the average annual investment return is spent. The remaining income is added to the principal as protection against inflation.
The first campus recipient, Pat Neil, received a $500 scholarship. Last year, the society awarded $3,200 in scholarships to two New Kensington campus students -- Lauren Richards of Pittsburgh and Brandi Ritenour of Murrysville. For the upcoming year, $3,600 in scholarships will be available to campus upperclassmen. Since 1998, the Alle-Kiski Society has awarded $36,000 to 45 students.
The discharge of a pledge well before its expiration is the new norm for the local alumni organization. Three years ago, the society agreed to donate $10,000 over four years to the New Kensington Athletic Department to convert space on the lower level of the Athletics Center into a cardiovascular fitness room. Twelve months later, the commitment was retired.
Although its scholarship pledge is complete, the society plans to continue funding its endowment from the proceeds of this summer’s alumni golf scramble. The 14th edition is set for 11 a.m. Friday, Aug. 9, at the Links at Spring Church in Apollo, Pa. Last year, the tournament raised a record $9,400 as 83 alumni and friends participated in the outing.
In addition to fundraising, the Alle-Kiski Society engages in various campus projects throughout the year, interacting with former and current students by sponsoring social events and other networking activities. During the spring semester, the society donated $500 for a reception that recognized more than 100 campus students for their academic and extracurricular accomplishments and hosted an alumni social after a New Kensington Lions basketball game.
Alumni are encouraged to connect with fellow Penn Staters at the society’s monthly meetings held 6:30 p.m. on the third Monday of the month at the campus or at off-campus venue. The next meeting is set for Aug. 19 at Rocco’s Bar n Grill on Sixth Avenue in Tarentum, Pa.
For more about alumni activities, contact Bill Woodard, campus liaison, at 724-334-6049 or email@example.com