Penn State Altoona has received a $50,000 gift commitment from Investment Savings Bank (ISB) to fund annual scholarships for Summer Kids’ College. The commitment is the third from ISB in support of the educational enrichment program. The two previous leadership gifts, totaling more than $200,000, funded need-based scholarships and established a program endowment.
ISB’s original five-year commitment, announced in 2005, was an unprecedented demonstration of philanthropic support -- believed to be the first ever for a program administered by Penn State Altoona’s Office of Continuing Education and Training. All three gift commitments were designed to provide critical funding to fulfill the tuition assistance requests received from the parents of children who, otherwise, would not be able to attend Kids’ College.
“I express my deepest gratitude to the trustees and executives of Investment Savings Bank for their generous support of Kids’ College,” said Penn State Altoona Chancellor and Dean Lori J. Bechtel-Wherry. “ISB’s commitment to the youth of our region creates opportunities for discovery for disadvantaged youths while delivering a powerful message about the potential that exists within every child. Providing access for children to attend Kids’ College is a gift that will last a lifetime.”
Over the last decade, the percentage of Kids’ College scholarship recipients has nearly tripled from approximately 10 percent in 2005, when ISB’s endowment was established, to 29 percent in 2014. The total number of scholarship recipients spanning the decade exceeds 1,500. These numbers reflect the desire of economically distressed families in the region to provide supplemental educational opportunities for their children and underscore the critical need for private support to fund the tuition assistance program.
Kids’ College is providing the foundation for future achievement. At present, over 100 students attending Penn State campuses are former Kids’ College participants.
“Investment Savings Bank is delighted to continue its partnership with Penn State Altoona as the title sponsor of Kids’ College,” said Vic Hrescak, CEO of ISB. “As a true community bank serving Blair County and surrounding counties for over 75 years, we continue to commit resources to make a meaningful difference in our neighborhoods. With Kids’ College, we do this by investing in children’s educational opportunities that we believe will improve their lives. We receive many wonderful thank you notes from the students that ISB sponsors to Kids’ College at Penn State Altoona. ISB is a proud sponsor of this program.”
Private support for Kids’ College is especially vital because it is a self-sustaining program. Penn State Altoona does not receive state funding for the program. Gifts from individuals, businesses, and corporations in support of the program enable Penn State Altoona to accommodate annual requests for financial assistance received from families who cannot afford the full cost of tuition.
Penn State alumni and friends are invaluable partners in fulfilling the University’s land-grant mission of education, research and service. Private gifts from alumni and friends enrich the experiences of students both in and out of the classroom; expand the research and teaching capacity of our faculty; enhance the University’s ability to recruit and retain top students and faculty; and help to ensure that students from every economic background have access to a Penn State education. The University’s colleges and campuses are now enlisting the support of alumni and friends to advance a range of unit-specific initiatives.