CSUB to receive $1 million endowment for transfer student scholarship supportMay 8, 2008
Kathy Miller, 661/654-2456, email@example.com or
Michele Newel, 661/654-2720, firstname.lastname@example.org
California State University, Bakersfield announced today that it will be the beneficiary of $1 million in scholarship endowment funds as the result of a generous gift to the California State University (CSU) system by the Bernard Osher Foundation. The Foundation is pledging $70 million overall to support the state's community college system, including $16 million being donated to the CSU's Foundation. Endowment proceeds will be used by 15 of CSU's 23 member campuses, including CSUB, to support scholarships for students who transfer from a two-year state community college to a four-year CSU campus.
CSUB is one of 11 CSU schools designated for $1 million endowment support. Four others will benefit from $1.25 million grants due to the larger number of community college transfers they enroll. Approximately 60 percent of CSU students transfer into the system from state community colleges. Approximately 16 percent of CSUB's 7,700 students have done so.
According to Vice President for Advancement Beverly Byl, proceeds from the Osher Foundation grant will generate a series of $2,500 scholarships each year for CSUB students. "These funds are tremendously valuable," adds CSUB President Horace Mitchell. "Not only do the scholarships open new doors of opportunity at the university level for students who have demonstrated their commitment and performance initially at our community colleges, but the endowment grants will generate this support in perpetuity."