The amount a college can give students in the form of scholarships all depends on how much they have to work with in their budgets. For instance, if a record number of students is attending a university during a given year, the institution may be able to give more, because it will be bringing in more in the form of tuition. However, if the campus is taking on a lot of construction projects, it might be the exact opposite unless administrators can find funding elsewhere.
Sometimes, donations make it possible for schools to continue giving scholarships, which in turn allow universities to offer educational opportunities to the best and brightest.
This is the case in the United Kingdom, where a Canadian foundation recently announced a $120 million donation to the University of Oxford's Rhodes Scholarships program. Administrators at The Rhodes Trust offers scholarships to the brightest students from around the world to attend the institution every year.
Largest gift ever given to The Rhodes Trust
The McCall MacBain Foundation's generosity represents the largest the program has ever received in its 110-year existence, Bloomberg reported. Foundation leader John McCall MacBain wanted to give back to an initiative that served him well - he obtained a Rhodes Scholarship in 1980, and is a trustee of the program now.
The Washington Post explained that this donation is relatively innovative, as before, The Rhodes Trust relied on bequests. That being said, the news source revealed that in the past few years, administrators have been campaigning to alumni because the program has been experiencing cash flow problems.
Where will the money go?
The $120 million will be used by the trustees at The Rhodes Trust to expand the current program into more countries, Bloomberg reported. Moreover, approximately $40 million will be used as part of a donation matching challenge in a call to get more philanthropists interested in helping the program raise money.
The Washington Post specified that the remaining $80 million will be split between the actual grant and the funds expanding the global initiative.
"With the world facing ever-increasing challenges, the need to help develop leadership skills is more important than ever," MacBain told the news outlet. "I hope that this gift will help secure them for another 100 years."
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