$50M in Donations to St. John's College Set Record

ANNAPOLIS, MD — Two alumni of St John's College who made it big on Wall Street and are leading a capital campaign for the liberal arts school, have each given $25 million donations to the college, setting a record, officials said.

The $50 million gifts to the small college, with a combined student enrollment of fewer than 1,000 students, were announced Saturday by college board chairman Ron Fielding and capital campaign chairman Warren Spector — each the largest single gift in St. John’s history, the school said in a news release.

“This commitment is our rallying cry to fellow board members, alumni, and friends at the dawn of our capital campaign,” said Fielding. “It’s a signal of confidence in the college’s direction and a call to action. While $50 million is an important foundation for the future of St. John’s College, it is only the beginning. We are calling on fellow supporters of the Program to come forward, and we hope to inspire gifts both large and small.”

The combined $50 million gift was announced this weekend at the college’s Board of Visitors and Governors meeting in Annapolis by Fielding and Spector, who shared support for the college’s moves toward financial sustainability and attention to student revenues and philanthropy. The two called on the board and alumni to step forward to protect the institution for generations to come and acknowledged the sacrifices that have been made by staff and tutors.

Fielding made his fortune as an investment fund manager on Wall Street, building a mutual fund group worth $3 billion; OppenheimerFunds bought the firm in 1996, reports the Capital-Gazette. And Spector previously gave a large donation to the school to build a dorm; he was then president of Bear, Stearns & Co. Inc. in New York.

“Belt-tightening has been painful,” said Spector in the release. “But the commitment of staff and faculty has given supporters of the college the confidence that we are dealing with our challenges. Now it’s the job of the board, alumni, and friends to take the next steps in ensuring the integrity of the Program.”

The donations will primarily be directed toward strengthening the college's program and ensuring that all students can afford to attend St. John's. The cash gifts will mainly will be used to support academics, financial aid, and career services. A smaller share of the money will go toward the Annual Fund, so future donors’ gifts are protected as long-term investments in the program.

Santa Fe President Mark Roosevelt said Fielding’s and Spector’s philanthropy has already galvanized more support. “Others are now working with us to match areas of need with their giving priorities,” he said, “and I expect to be able to announce more good news in the near future.”

Annapolis President Christopher Nelson said the gifts acknowledge the importance of securing the future of the college for the sake of our country and many generations of students to come.

“St. John’s has a long history of alumni and friends stepping forward to safeguard the college's distinctive and highly regarded program of study. These two gifts are extraordinary in their size and in the message they send about our future. I dare say that Spector and Fielding have seeded the ground for a fourth century of a flourishing St. John’s College.”
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