15 January 1969
Photo of James E. Mckinney, Vice President for External Affairs, announces $2.5 million endowment gift.
During December, Lynchburg College announced the receipt of three separate gifts totalling approximately $3.4 million. The bulk of the sum was in the form of a $2.5 million perpetual trust fund left by the late T. Brady Saunders, a long-time member of the College Board of Trustees.
Perpetual Trust
Saunders, a Richmond industrialist, died on November 30, 1968, and left half of his net estate in the perpetual trust fund. The First and Merchants National Bank, acting as the sole executor and trustee of the Saunders estate will direct investment of the $2.5 million and release the income for use in the T. Brady Saunders Memorial Scholarship Fund.
College Vice-President for External Affairs, James E. Mckinney, in announcing the receipt of the gift, said that Saunders’ generosity will be felt by thousands of students…for generations to come.” McKinney went on to say that the Saunders Fund was the “largest endowment in this form” to be received by the College. He also noted that annual returns will be $100,000.
Capron Endowment
A second endowment fund, $600,000 unrestricted gift, was given to the College by Mrs. Marcia S. Capron, a member of the College’s National Advisory Council and wife of John D. Capron, vice-Chairman of the Board of Trustees.
Percy N. Burton, a member of the Executive Committee of the Board of Trustees, announced the Capron grant and said that it was the largest contribution ever received in the general endowment fund. The Capron gift will be added to the $430,000 already collected or pledged to the College’s endowments drive.
Matching Grant
In a separate announcement, College President Carey Brew disclosed that nearly $306,000 had been raised by the end of the year to be used in construction of the $1.1 million fine arts building. The announcement consummated the three-month fund-raising campaign led by David Hugh Dillard, Chairman of the National Advisory Council. Dillard’s $150,000 gift was the largest single contribution.
The successful completion of the drive qualifies Lynchburg College to receive a matching grant enabling construction on the facility to begin.
Dr. Brewer said that the College’s architects, Clark, Nexseen & Owen, are currently working on plans for the new fine arts building and the College hopes to let the contracts on the facility soon.
The new building will house both the art and dramatic arts department and will include some studio space as well as a theater. The new facility will be constructed between Hobbs Hall and Hopwood Hall and become a part of the canter campus complex.
Following the announcement, Brewer noted that “This has been a remarkable year in many ways for Lynchburg College. We have made some tremendous breakthroughs in our over-all development program. We received some of our most significant support in the College’s history.”
