News Release
Pacific Receives $100 Million Gift
(May 7, 2007) -
Bob and Jeannette Powell have made an estate gift of $100 million to University of the Pacific to establish the Robert C. and Jeannette Powell Fund. During the coming months, University officials and the Powells will consider Pacific’s priorities and the Powells’ interests to determine the best uses 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. Only 29 other universities throughout the world have received a larger gift in the past 40 years.
“We are so pleased to announce this magnificent gift that will have an enormous effect on Pacific today and in perpetuity,” said Don DeRosa, president of Pacific. “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.”
The process will assure that the use of these funds is highly selective, DeRosa said. Though no specifics have been determined, the university will propose that a significant portion of the Powell Fund be used to ensure that Pacific continues to be accessible to talented students of all economic backgrounds.
The Powells said it was important that the donation be announced now during the University’s current campaign, “Investing in Excellence: The Campaign for Pacific,” in the hope that more people would be encouraged to support Pacific. The campaign was launched in 2000 with the goal of raising $200 million to increase scholarship endowments at Pacific and to fund facilities enhancements such as the University Center and the Biological Sciences Building, both currently under construction. The campaign is scheduled to be completed in October. The Powells’ gift will bring the funds raised to date in the campaign to over $325 million.
It was another long-time supporter of Pacific – Regent Emeritus Ed Westgate – who originally convinced the Powells to become involved with the University nearly 20 years ago. “I am thrilled for Bob and Jeannette,” said Westgate, adding that the donation was a surprise to him when he first learned of it late last week. “I’m very fond of University of the Pacific and I know the Powells are too. It’s a great university that has wonderful programs for students and the community.”
Bob Powell was a regent from 1989 through 1993 and was awarded an honorary doctorate from Pacific in 1996 for his professional and civic work. Jeannette Powell was appointed to the Board in 1999 and is a current member. The Powells were inducted into Pacific’s Gallery of Benefactors in 2004.
The Powells have residences in San Francisco and Sacramento. They have asked that the media respect their privacy and that any inquiries about their gift be directed to University of the Pacific.
