News Release (May 13, 1968)

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;N-EWS RELEASE NEw CoLLEGE SARASOTA, FLORIDA 33578 813 / 355-7131 FOR RELEASE: MONDAY, MAY 13, 1968 1 191 -5/10/68 Ref. : Furman C. Arthur SARASOTA--Two grants totaling $15,000 have been received by New College from the United States Steel Foundation and the C.I.T. Foundation. President John Elmendorf said that both grants by the New York foundations were directly related to the recent accreditation of the college by the Southern Association of Colleges and Schools. A $10,000 gift from u.s. Steel's Foundation will be directed to the cost of developing plans for the new undergraduate facilities to be constructed on the Palmer Campus. A $5,000 gift from the C.I.T. Foundation is unrestricted and will go toward operating expenses of the college. Dr. Elmendorf said that the gifts were among the first tangible financial results of the accreditation of New College, granted last November. While the u.s. Steel Foundation grant has no matching provisions, the c.r.T. one does. That gift must be matched on a dollar for dollar basis by local business sources. more

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NEW COLLEGE = Page 2 "This challenge grant reinforces our own belief that, while New College will be able to find increasing support from sources outside its own community, even those sources recognize the primary responsibility of the local community to the institution," said Dr. Elmendorf. New College was one of 12 institutions to receive a grant from the C.I.T. Foundation. The parent C.I.T. Corporation, a widely diversified company with interests in commercial and industrial banking, insurance. and manufacturing and merchandising, made similar grants to 11 other newly accredited institutions. "The C.I.T. program is designed as a form of recognition and encouragement for colleges who have achieved accreditation as a further step in helping to meet the ever-increasing need for higher learning," said C.I.T. Chairman L. Walter Lundell. "The stimulating effect of the C.I.T. challenge to raise matching funds is demonstrated by the fact that the colleges that have become for the grants in prior years have raised total matching funds amounting to twice the amount of the C.I.T. contribution," Lundell added. New College's grant from the u.s. Steel Foundation was one of 22 grants made for major purpose or capital priorities to such institutions as Columbia University, University of Chicago, and New York University. The college was one of only 15 liberal arts and sciences colleges on the list for that foundation's 1968 grants program. more -

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NEW COLLEGE Page 3 Of the 1968 grants, u.s. Steel Board Chairman Roger Blough said "As in prior years, our program is strongly related to our belief in the importance of the opportunity for the colleges and universities to pursue excellence in their own ways--including the opportunity to experiment and innovate with new patterns of thought and knowledge transmission." "It is significant," said Dr. Elmendorf, "that the Ford Foundation and the United States Steel Foundation have made gifts to New College and pointedly remarked about innovation in education. We have dedicated ourselves to finding new ways to educate young people at the college level and we are gratified at this recognition of our success." 30 -