At a time when demand for scholarships has never been greater, two matching gift programs are increasing the impact of private support for UMass Lowell students.
In December, the state Legislature earmarked $5 million for the UMass system in its Endowment Match Program, which provides $1 in state matching funds for every $2 raised privately. Since then, 77 UML donors have collectively made $2 million in commitments to start or grow endowed scholarships and faculty research funds, leveraging $1 million in matching funds.
Michael Mulligan ’85 and his wife, Mary, were the first donors to take advantage of the program, making a new $200,000 commitment to the scholarship they’d endowed in honor of Mike’s father, an immigrant who made sure all his children received good educations so they could achieve the American dream. The Mulligan Scholarship will now provide a full-tuition scholarship to an engineering student whose parents are immigrants.
Doug Reader ’83, president of Slimfast, and his wife, Michelle, made a new $75,000 commitment to the Reader Family Endowed Scholarship, which benefits students in the Manning School of Business.
As UML approached the limit of its appropriated matching funds, Chancellor Jacquie Moloney received approval from UMass President Marty Meehan to use $1.5 million from the university’s own endowment for additional matching funds.
As with the state-funded program, UML will provide $1 in matching funds for every $2 that private donors contribute to endowed funds, for pledges of $5,000 or more. For more information, contact Derek Berger, associate vice chancellor for Advancement, at 978-934-4753 or firstname.lastname@example.org