Moore School receives $1 million from Wachovia Foundation

By Gail Crouch, assistant editor, Moore School of Business Progress Report 2005

A gift of $1 million from the Wachovia Foundation will help to ensure the education of students pursuing a business degree at the Moore School of Business. The gift is the largest ever from Wachovia to the University of South Carolina, according to Kendall Alley, Wachovia's regional president for South Carolina.

"Education is one of the top priorities of the Wachovia Foundation and using its funds to find ways to strengthen the educational system in the regions where we do business is critical," said Alley. "[The] scholarship component will give young people the financial means to attend college...The other part of the funding is for a summer camp that would allow kids, who otherwise would not have the chance, to gain new educational experiences and most importantly, get a sense of college.

"The biggest impact we can have is to give bright kids, who may not have the opportunity or the wherewithal, the chance to understand what it takes to get to college and reinforce that this is something within their reach, regardless of their background."

The gift, in the form of $200,000 annually for five years, is intended to recruit and retain underrepresented students, including African American and other minority students. Enrollment statistics for 2005 show that African Americans represented 8.2 percent of the undergraduate enrollment at the Moore School of Business, and Hispanic enrollment was 2.1 percent. While Hispanic enrollments have increased slightly in recent years, they are still underrepresented in comparison to both U.S. and South Carolina populations.

The Wachovia Undergraduate Scholars Program will include direct educational grants, as well as funds for work-study assistantships for Wachovia Scholars. In addition, the funds would support numerous other initiatives to recruit and retain students including summer programs, workshops, and mentoring programs. Wachovia Scholars would also have opportunities to meet and interact with Wachovia executives. The first summer camp for high school students will be in 2007, with the first class of Wachovia Scholars entering USC in the fall of 2008.

Ultimately, the gift supports the long-term goals of the University of South Carolina and the Moore School of Business to increase student diversity and to prepare tomorrow's business leaders to work in a global economy. "Increasing access for underrepresented students," the Wachovia proposal states, "makes a major contribution to ensuring that the work place of the future is not only diversified, but staffed by highly skilled employees prepared to work in a global and multicultural environment."

And, Alley believes, success breeds success.

"Hopefully those who will benefit from the gift, students who might not have otherwise had the opportunity to get a college degree, will take what they've learned, use it in their jobs and in the community and ultimately elevate South Carolina," said Alley. "We're hoping that the recipients of this funding will give back to the state with their experiences and what they've learned to maybe inspire others to do the same."

Joel A. Smith III, dean of the Moore School, said the Wachovia gift "is a testament to the common interest of the Moore School of Business, the University, and Wachovia to increase student diversity through innovative recruiting and retention programs."

USC President Andrew Sorensen thanked Wachovia for its "generous gift." The gift, he said, "strengthens my conviction that education must be a partnership between the public and private sector, particularly as experiences outside the classroom become just as important as those inside the classroom for students to obtain a well-rounded education. This program will expose these students to the life-altering experiences and opportunities of a college education."

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