Stellenbosch University receives R194.6 million private donation – the largest in its history
Stellenbosch University (SU) has received its largest individual donation ever – an amount of R194.6 million, the University confirmed in a media statement on Thursday.
According to the university, the donation was made by Mr DW (Dirk) Ackermann, an engineer by profession. Ackermann, who passed away a number of years ago, bequeathed R8.4 million to the Stellenbosch University in the form of a share portfolio in 2006.
“The value of these shares has in the meantime grown from R8.4 million to R194.6 million. Subject to the conditions of the bequest from Mr Ackermann, this gift recently came to vest at full value at the University,” explained Mr Hugo Steyn of SU’s Development and Alumni Relations Division.
As stated in Mr Ackermann’s will, the University will use this bequest to establish the DW Ackermann Bursary Fund to benefit deserving students in the electronic and electrical engineering disciplines, invest the capital accordingly, and use the annual income for bursaries, which are to be awarded in terms of the criteria set out in his will.
“The fund will be managed as an endowment fund and will be sustainably used to benefit many students in future. The funds will be available soon and, after consultation with the faculty, we should be able to award bursaries from 2018,” said Steyn.
Other donations
Total donations to SU in 2016 were up 53% from the previous year and also exceeded donations received in 2014, said the University.
“The assumption that all SU students are from affluent backgrounds is incorrect. Substantially more than a third of our most recent graduates received some form of financial assistance during their studies,” said Professor Wim de Villiers, Rector and Vice-Chancellor of SU..
“And it is fascinating to see how this has changed over time. In 2000, 28% of Maties received some form of financial assistance.
“By 2014, this was up to 38% of our students. And last year, 41% of our students were from the so-called missing middle, i.e. from households with a combined income of R600,000 or less per annum.”
At the beginning of 2017, SU received R1.1 million in philanthropic donations specifically earmarked for addressing financial need among students.
These donations were aligned with the purpose and role of the ‘Register All’ bursaries administered by the SRC, the university said.
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