Anonymous Benefactor Gives 400-Acre Gift to SSU Foundation

Thursday August 27, 1998

SALISBURY, MD--Salisbury State University's 128-acre campus is quadrupling in size. An anonymous benefactor has given more than 400 acres of land to the University.

 

But don't look for construction along side main campus. The new acreage is some 30 miles away--on the water.

 

To protect the identity of the donor, University officials aren't giving out the exact location--yet. According to Vice President of Advancement Martin Williams, it includes 7,000 feet of shore land with a market value of some $600,000.

 

"The donor is an exceptional businessman with personal ties to Salisbury State," said President William C. Merwin. "We appreciate his vote of confidence in the University. His gift will provide our students with unique learning opportunities."

 

At the donor's request, the property will eventually be sold to establish an endowment for SSU's emerging engineering program. The sale is not anticipated for at least two years, however, during which time the waterfront gift will be used for marine/estuarine studies, biology and other environmental classes, and student groups such as the Outdoor and Sailing clubs. "We want this generous donation to be of maximum benefit to students," added Merwin.

 

Most of SSU's major endowments have been established by cash or stock gifts from such local donors as Franklin P. Perdue or Edward H. Nabb of Cambridge. "This latest benefactor, however, is typical of those wanting to improve their overall financial plan by giving property, often a second home, and deriving a full tax deduction--at the same time helping their favorite charity with important community needs," Williams said. Traditionally the University sells the property at a later date, establishes an endowment fund, and uses the interest income--about 5 percent annually--to supplement academic programs picked by the donor, he added. "It's a win-win for both the donor and students."

 

The shore land is the latest marker in SSU's Capital Campaign which began in 1995 and will end in 2002. Recent major gifts have included $200,000 from Charles and Martha Fulton of Snow Hill for scholarships, $500,000 from Nabb to endow the Research Center for Delmarva History and Culture and $1 million from Richard A. Henson for science equipment. So far SSU has raised more than $9 million toward its $13 million goal.