The UW Credit Union announced a $215,000 donation to the university's Great people. Great place."" scholarship initiative Tuesday, and agreed to match member donations dollar-for-dollar up to an additional $215,000 through the end of the year.
""Because of the matching, the gifts are multiplied, which we think is very compelling when people consider even small gifts,"" UW Credit Union President and CEO Paul Kundert said at a news conference, adding plans for the gift began more than a year ago.
The credit union was founded in 1931 by UW-Madison faculty and is the most popular educational loan provider for Wisconsin students. It has established a large presence on campus, sponsoring various UW-Madison events such as the Union Terrace Summer Stage, All Campus Party, Parents' Weekend and UW Athletics.
Chancellor Biddy Martin said she is delighted by the credit union's generosity.
""This new initiative certainly adds to [the] '¦ legacy that UWCU has already established for supporting higher education,"" Martin said. ""We want to ensure that more students from the state actually are able to attend not only UW-Madison, but partner UW institutions.""
Kundert said there is an urgent need to reduce the financial burden on students.
""Wisconsin's communities are strengthened when we allow the talent of our young people to develop regardless of their families' financial needs,"" he said.
Sandy Wilcox, president of UW Foundation - the university's official fundraising and gift-raising organization - said the board of directors will work with the UW Credit Union to match its donations, doubling the amount of money the credit union and its members would supply to need-based students.
""I am always pleased when people like the credit union respond,"" Wilcox said. ""It is a high priority for us to generate more need-based financial aid.""
UW Credit Union also announced a $50,000 gift with up to $50,000 matching for UW-Milwaukee, a $10,000 gift with up to $10,000 matching for UW-Green Bay, UW-Stevens Point and UW-Whitewater, and a $5,000 gift with up to $5,000 matching for Madison Area Technical College.
