Bernard Osher Foundation Provides $1M Endowed Fund
July 19, 2011:
The Professional Studies Program Class of 2011
Menlo College is delighted to announce that it has received a generous gift of $1,050,000 from the Bernard Osher Foundation in support of scholarships for its Professional Studies Program (PSP). The PSP is Menlo College’s highly successful, accelerated undergraduate business degree program for working adults.
One million dollars of this award will go into the College’s endowment, yielding annual scholarships for working adults to achieve their dream of securing undergraduate degrees. The remaining $50,000 will bridge the PSP’s scholarship support during 2011-12, until the endowment produces interest.
“We are delighted and grateful to be recipients of the Osher Foundation’s generosity,” said President James Kelly. “Inherent to the Osher gift is demonstrated financial need. Many of our PSP students balance full-time careers with finishing their bachelor’s degrees and raising their families. It is a considerable challenge. The visionary philanthropic support of the Osher Foundation not only allows PSP students to meet the cost of attendance, but also, to finally succeed in gaining a degree and advancement in their business careers here in Silicon Valley.”
Known as “the quiet philanthropist,” Bernard Osher has been a major supporter of higher education and the arts. He co-founded Golden West Financial in 1963 along with his sister Marion and her husband Herbert Sandler. He then took over the auction house Butterfield & Butterfield in 1970, building the company into one of nation's largest auction houses. He sold it to EBay in1999.
For the past four, consecutive years, the Osher Foundation has awarded $200,000 in scholarship support to Menlo College.