Beijing university receives $100 million gift to create scholarships
April 24, 2013
Individuals who receive scholarships are often thought of as exceptionally smart, talented and dedicated. This can definitely be said about those who are named Rhodes Scholars. However, there are no other honors that really compare to Rhodes Scholarships, meaning that a large volume of worthy individuals likely lose out on these opportunities every year. That won't happen anymore, though, if American private equity magnate Stephen Schwarzman has anything to say about it.
According to The Associated Press, the Blackstone founder recently created the Schwarzman Scholars program at Beijing's Tsinghua University to compete with the Rhodes honor. He gave the school a $100 million personal gift to set the plan in motion, and the news outlet noted he would raise an additional $200 million in the future to keep it going. This marks the largest donation by a foreign entity in Chinese history, the news outlet reported.
Schwarzman chose China because he believes the nation will continue to influence economic conditions worldwide for some time, the AP detailed.
The tycoon also formed the Blackstone Charitable Foundation in 2007 with commitments from the firm's employees. The main aim of the nonprofit is to help budding entrepreneurs - the group is funding a $50 million Entrepreneurship Initiative with the focus of creating company owner networking opportunities.
Organizations that are providing funds for multiple nonprofit programs might find it easier to manage their large-scale efforts with fundraising management programs that can account for funds as they are disbursed to recipients.