$13.7 million gift allows Catawba College to clear debt
SALISBURY, N.C. (WBTV) - Catawba College is retiring a majority of its debt after receiving a $13.7 million gift from an anonymous donor.
The anonymous gift was made outside of the college’s current comprehensive MIND BODY SOUL fundraising campaign, which focuses on improving facilities and establishing new programs.
“We can’t fully express how grateful we are to receive this unprecedented gift,” says Meg Dees, Catawba’s vice president of development. “It allows us to create even greater opportunities for thousands of students in the years ahead by accelerating our strategic goals and providing lasting financial stability and flexibility while we continue to transform our campus.”
The college says philanthropic support of alumni, parents, students, and friends during the recently completed fiscal year (June 1, 2020 – May 31, 2021) exceeded $43.4 million.
“This extraordinary gift alters the future of Catawba College,” said Dr. David Nelson, Catawba’s president, “positioning us for financial sustainability that enables us to better provide access and opportunity for students who seek a college experience focused on personal formation as they prepare for meaningful life and work.”
Catawba’s recent gift eliminated 75% of the college’s debt, dropping Catawba’s debt service significantly below that factor to 2%, the college reports. This reduction in debt will contribute to elevating students’ access to high-quality, affordable education.
“This gift increases our capacity to shape the future,” Dees said.
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