Hampden-Sydney College announced today that the E. Rhodes and Leona B. Carpenter Foundation is awarding the College $4 million for the creation of a scholarship endowment to support need-based financial aid for academically qualified students. Recipients of the scholarships made possible by this gift will be known as Carpenter Scholars.
"The Latin motto on Hampden-Sydney's gates translates to, 'Enter as youths so that you may leave as men,'" said Hampden-Sydney President Larry Stimpert. "The education offered here is transformational, and ensuring access to future generations of Hampden-Sydney men is among our highest institutional priorities. The Carpenter Foundation's generosity, matched with the support of Hampden-Sydney's loyal alumni and friends, will enable many highly qualified young men to experience that transformation."
The Carpenter Foundation's grant will be paid in four annual $1 million installments that are contingent on the College raising $4 million in cash for each $1 million portion of the Carpenter funds. When the matching funds are combined with the Carpenter Foundation's grant, Hampden-Sydney will have an additional $20 million in scholarship endowment by the end of March 2021. This challenge becomes the cornerstone of a highly targeted fundraising campaign to increase the College's endowment to $200 million by the 2020-21 academic and fiscal year.