Dec. 19, 2007
Estate gift of $4.7 million funds UI scholarships
A $4.7 million gift distribution to the University of Iowa Foundation from the estate of Maisie C. Power of La Jolla, Calif., will create the William C. Power Jr. Scholarship Fund, helping scores of academically qualified and economically disadvantaged students gain access to a UI education.
According to Mark S. Warner, UI assistant provost for enrollment services and director of student financial aid, the endowed fund will be used to provide Old Gold Scholarships to some of the UI's most academically qualified undergraduates.
Old Gold Scholarships, awarded in the amount of $3,000 annually, currently are given to approximately 250 undergraduate students each year. To qualify, students must have graduated in the top 10 percent of their high school class with an ACT score of 30 or above.
Warner expects 80 additional students to receive Old Gold Scholarships through the Power estate gift in the 2008-2009 academic year. Those students must demonstrate financial need in addition to academic merit.
"The William Power Scholarship Fund will have a significant impact on the university's ability to attract, recruit and enroll top undergraduate students, and it will help the UI fulfill its strong and ongoing commitment to economically disadvantaged students," Warner said.
"This fund will enable many more high-ability students, who otherwise would not have been able to enroll at Iowa due to family financial circumstances, to have access to a UI education," Warner continued. "Having these scholars in the classroom will help enhance the UI's overall learning environment."
Maisie C. Power, who died in March 2006, was the widow of William C. Power Jr., a 1933 graduate of the UI College of Pharmacy. The couple met in 1947 at Eli Lilly International in Indianapolis, Ind., where both were employed and William Power was group vice president. The couple married soon thereafter and had one daughter, who now resides in California.
The Powers became actively involved with the UI in the early 1970s. William Power was a member of the UI Foundation board of directors from 1971 to 1978, serving on the board's executive and investment committees from 1974 to 1978. The Powers were members of the UI Presidents Club and were generous supporters of the UI Museum of Art, Museum of Natural History, Old Capitol Museum, Intercollegiate Athletics and the UI Carver College of Medicine. William Power died in 1979.
The UI acknowledges the UI Foundation as the preferred channel for private contributions that benefit all areas of the university. For more information about the UI Foundation, visit its web site at www.uiowafoundation.org.
STORY SOURCE: UI Foundation, P.O. Box 4550, Iowa City, Iowa 52244-4550
MEDIA CONTACT: Susan Shullaw, UI Foundation, 319-335-3305; firstname.lastname@example.org