Lenfest Donates $33 Million To Washington and Lee University
LEXINGTON, Va., March 21 /PRNewswire-USNewswire/ — Washington and Lee University in Lexington, Virginia, America’s 9th oldest university, announced today that it will receive a gift of $33 million from H.F. (Gerry) Lenfest to be used to increase and maintain faculty salaries. Lenfest is a 1953 graduate and former trustee of W&L. He is also a graduate of Columbia Law School.
“No matter how much one loves teaching or a particular university, it is important to be adequately compensated for that dedication,” said Lenfest. “Like all Washington and Lee alumni, I am proud of what this school has become, a major teaching institution in the U.S. My life benefited from great W&L teachers and I am happy to make sure that today’s students have that same benefit.”
“This is one of Washington and Lee University’s finest hours,” said University Rector Philip W. Norwood. “Our great friend and benefactor Gerry Lenfest has provided the leadership for us to realize one of our most pressing initiatives: bringing our faculty compensation to the mean of that of comparable institutions. A gift of this magnitude will have a tremendous and enduring impact.”
Gerry Lenfest and his wife, Marguerite have now contributed a total of almost $63 million to Washington and Lee University. The University’s performing arts center is named for him and he provided major funding for Wilson Hall, the University’s art and music building.
The gift will require a match of $33 million to be raised from other sources by the University. Lenfest matching funds will be transferred as University money is raised. The gift is solely for enhancing faculty compensation.
Lenfest is president and chief executive officer of The Lenfest Group in West Conshohocken, PA. Following graduation from law school, he practiced law with the New York firm of Davis Polk & Wardwell. In 1974, he started Lenfest Communications with the purchase of two cable television companies. By the time he sold his cable television company to COMCAST Corporation in 2000, it had become the 11th largest in the country.
“What separates W&L from other schools is the quality of teaching and our student/ teacher relationships,” said University president Kenneth P. Ruscio. “What better testimony is there than a $33 million gift from a successful alumnus like Gerry Lenfest dedicated solely to faculty compensation. It is, plain and simple, recognition of the positive role that W&L teachers played in his life.”
Lenfest has received numerous awards for public service and philanthropy. In 2005, he was named one of the 50 Most Generous Philanthropists by Business Week Magazine and in 2006, he was recipient of the Horatio Alger Award given to those who “rise from humble beginnings and overcome adversity through hard work.”
“Every faculty in America would love to have a benefactor like Gerry Lenfest,” said Washington and Lee provost Tom Williams. “As professors, we teach because we love the challenges and the promise of human potential. A gift like this is just affirmation of the importance of what we do.”
“Cradled between the Allegheny and Blue Ridge mountains in Lexington, Virginia, Washington and Lee University has, since 1749, produced principled leaders with a commitment to civility, service, and honor. One of the nation’s top liberal arts colleges and finest law schools, W&L offers a unique convergence of arts & sciences, law, journalism and commerce.”
Washington and Lee University
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