Apr 21, 2008 / 06:11 am
St. Gregory’s University announced that it has received a challenge grant in the amount of $1.5 million from the J.E. and L.E. Mabee Foundation, Inc. The challenge grant, a conditional grant based on future dollars raised, would provide funding toward construction of new student resident halls for SGU.
“Building new residence halls is an integral part of our strategic plan, and this grant would significantly help us with achieving that goal,” said Dave Wagie, Ph.D., president of SGU in a press release. “We are extremely grateful to the Mabee Foundation for this opportunity and grateful to our donors for getting us this far.”
SGU has pledges totaling $5.2 million toward the $10.2 million project. When the university comes up with an additional $3.5 million in pledges, the Mabee Foundation will complete the funding with its $1.5 million grant. The foundation has set a deadline of April 9, 2009, for SGU to come up with those additional funds. SGU has plans to break ground on the new residence halls in August and estimates a completion date by the fall of 2009.
“This grant is significant because it not only provides us $1.5 million in additionally money, but it also provides our donors incentive to make their pledges in the coming months so we can complete the project,” Wagie said.