Stellenbosch University (SU) has received its largest individual donation ever \u2013 an amount of R194.6 million, the University confirmed in a media statement on Thursday.<\/p>\n
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.<\/p>\n
\u201cThe value of these shares has in the meantime grown from R8.4 million to R194.6 million.\u00a0Subject to the conditions of the bequest from Mr Ackermann, this gift recently came to vest at full value at the University,\u201d explained Mr Hugo Steyn of SU\u2019s Development and Alumni Relations Division.<\/p>\n
As stated in Mr Ackermann\u2019s 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.<\/p>\n
\u201cThe 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,\u201d said Steyn.<\/p>\n
Total donations to SU in 2016 were up 53% from the previous year and also exceeded donations received in 2014, said the University.<\/p>\n
\u201cThe 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,\u201d said Professor Wim de Villiers, Rector and Vice-Chancellor of SU..<\/p>\n
\u201cAnd it is fascinating to see how this has changed over time. In 2000, 28% of Maties received some form of financial assistance.<\/p>\n
“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.\u201d<\/p>\n
At the beginning of 2017, SU received R1.1\u00a0million in philanthropic donations specifically earmarked for addressing financial need among students.<\/p>\n
These donations were aligned with the purpose and role of the \u2018Register All\u2019 bursaries administered by the SRC, the university said.<\/p>\n