Penn State graduates, Gene and Roz Chaiken, are on a mission to share their good fortune. The couple has just donated $2 million. The money will go to establish one of the first Trustee Scholarships that qualifies for a 10 percent annual match from the University. “Gene and Roz have led our college’s campaign through their dedicated leadership and exceptional generosity,” said Susan Welch, Dean of the College of the Liberal Arts.
Gene is Chairman and CEO of the Almo Corporation. His wife, Roz, is the company’s Executive Vice President. Almo Corporation bills itself as the largest U.S. distributor of consumer and commercial electronics, and major appliances.
The Chaikens have a long history of supporting Penn State students. One hundred and fifty Liberal Arts students have received help from a scholarship the Chaikens set up five years ago. “In our meetings with students and through their wonderful thank you letters, we hear so many stories about families struggling with job layoffs, medical bills or other economic challenges,” says Gene, a 1962 graduate of the Smeal College of Business. As a result, the Chaiken’s decided they wanted to help even more students.
Their $2 million gift is being made through a new Penn State initiative that’s designed to attract additional donations. Since 2002, the university’s Trustee Matching Scholarship Program matched five percent of gifts. But for the next three months Penn State is offering a ten-percent annual match for new endowed gifts of $50,000 or more.
According to the College of Liberal Arts, about 75 percent of the college’s students need scholarships and loans to attend Penn State. Liberal Arts graduates who take out loans owe an average of $36,000, which is higher than the national average.
