Posted on May 9, 2007

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University of the Pacific Receives $100 Million From California Couple

The University of the Pacific in Stockton, California, has announced a $100 million gift — the largest in its history — from Bob and Jeannette Powell to establish the Robert C. and Jeannette Powell Fund.

Over the coming months, university officials and the Powells will consider Pacific's priorities and the Powells' interests to determine the best use of the funds. Only six other universities in California, all of which are large research institutions, have received a larger gift, according to the Chronicle of Higher Education, while only twenty-nine universities in the world have received a larger gift over the past forty years. Although the specifics of the gift have yet to be determined, the university will propose that a significant portion of the funds be used to ensure that Pacific continues to be accessible to talented students of all economic backgrounds.

The gift will be counted in the university's current capital campaign, which was launched in 2000 with the goal of raising $200 million. The campaign is scheduled to be completed in October, and the Powells' gift will bring the funds raised to date to more than $325 million. Bob Powell, a Sacramento real estate developer, was a Pacific regent from 1989 to 1993 and was awarded an honorary degree by the university in 1996. Jeannette Powell was appointed to the school's board in 1999 and is a current board member.

"[T]his magnificent gift…will have an enormous effect on Pacific today and in perpetuity," said university president Don DeRosa. "Bob and Jeannette have been long-time supporters of Pacific and education in general. We will now begin a planning process, with the Powells' significant involvement, that will advance this university to a higher level of achievement. Our goal is to make the University of the Pacific the most distinctive, student-centered national university in the West."

“Pacific Receives $100 Million Gift.” University of the Pacific Press Release 5/07/07.

Primary Subject: Higher Education
Secondary Subject(s): Education
Location(s): California, Stockton

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