Coastal Carolina University receives massive anonymous donation to be allocated in future
As Coastal Carolina University struggles with job cuts and employee furloughs at least in part because of the economic impact of the coronavirus pandemic, the school has received some good news about its financial future.
CCU has secured a $95 million planned gift from an anonymous donor, according to the university, which said that the gift will provide unprecedented future funding for its academic and athletic programs.
It may take the university a long time to receive the money. A planned gift is arranged in the present and allocated in the future, commonly through a will or trust after the donor has died.
According to CCU, the donor describes himself as an African American entrepreneur and philanthropist under 30 years old living in Alabama with a background in financial services and agriculture. He is committed to initiatives that support the health and betterment of communities.
“This transformational gift will forever impact Coastal Carolina University,” CCU President David DeCenzo said in a news release. “We are extremely grateful for the donor’s faith in the university’s mission. Without question, this donation will provide tremendous financial support for Coastal Carolina’s future growth and development.”
The donor is also involved with several institutions in Alabama, according to CCU, including Miles College, one of the nation’s historically black colleges and universities (HBCU). In addition, he is exploring supporting other HBCUs in neighboring states for further substantive philanthropic efforts.
The donor’s legal teams and his financial consulting company have worked with CCU’s Office for Philanthropy to finalize details of the commitment.
“Coastal Carolina is an up-and-coming university on the verge of greatness,” the donor said in the release. “During my visit to campus, I was struck by its overall beauty and cordial atmosphere. With its proximity to Myrtle Beach and strong academic and athletic programs, I firmly believe Coastal Carolina is well on its way to becoming recognized as one of the top public, liberal arts institutions in the nation. It is my sincere hope that this gift will serve as impetus for others to fully support this wonderful university.”
CCU announced Friday that it will begin the Fall 2020 semester as scheduled on Aug. 19, but it will continue with online instruction until at least Sept. 8, when it plans to begin in-person instruction on campus.
It is already in the midst of job cuts and furloughs.
This story was originally published July 27, 2020 at 4:52 PM.
