UW-Madison officials announced a $25,000 donation from the University Book Store to help support need-based financial aid as part of the Madison Initiative for Undergraduates Thursday.
The donation marks the second gift from the University Book Store Board of Trustees Great People Scholarship.
""[We recognized] the importance of need-based aid in line with the chancellor's initiative, as well as in support of the Faculty Senate's scholarship goal,"" Patrick McGowan, president of the University Book Store board of trustees, said.
Chancellor Biddy Martin announced the Madison Initiative for Undergraduates in March. Although it will raise tuition for students, the plan will also generate at least $20 million in additional need-based financial aid—half of which will come from private funding through the UW Foundation.
According to McGowan, the bookstore donates money to scholarship funds every year.
""In 2007, we gave $20,000 to a new Badger scholarship through the College of Letters and Science,"" he said. ""Every year for many years we give some money.""
McGowan said the funds donated to the university came from the business' operating budget.
""We have a choice at the end of the year where if we make money, the money can sit in the equity to the bookstore, or it can be distributed to scholarships, which the board wanted to do this year,"" he said.
According to a statement released by the university, the bookstore's gifts over the last two years total $85,000. UW Foundation will match the funds.
According to Chris DuPre of UW Foundation, the UW Credit Union also contributed funds to help with need-based financial aid.
""From October to the end of last year they made a $215,000 direct gift and then matched gifts that came in through their members,"" he said.
