A Pennsylvania college preparatory academy received the largest sum of donation money ever given to an independent school in the United States on Thursday.
Class of 1974 Alumna and board of regents member Deborah Joy Simon donated $100 million to Mercersburg Academy, a private boarding school in the southern Pennsylvania town of the same name.
"To me, the school was a lifesaver," Simon told the Associated Press. "It was like a home away from home."
Mercersburg Academy administrator Douglas Hale announced the school will use put the cash toward financial aid, bolstering faculty development and sprucing up facilities and programs. The gift was made during a fundraising campaign, from which Mercersburg hopes to raise $300 million.
"It affirms that what we're doing is important work and worthwhile work, and it really transforms young people's lives," Hale stated.
One of the administration's aims for the fundraiser is to make the school need-blind - that allows admissions officers to ignore the applicants' ability to pay for school. Almost half of the students who attend Mercersburg Academy receive financial aid in some capacity to go to the boarding school, which comes with tuition of about $51,000 each year.
Simon told the Associated Press that she started going to Mercersburg at a trying time in her life. But the school turned out to be "one of the most magical places I've ever been," Simon said - a beacon of safety amid the storm of difficulties that teenagers experience.
Simon went on to work for her family's real estate firm, Simon Property Group, then worked in the entertainment industry. Now, she heads up the Simon Youth Foundation, which works with at-risk young people.
Her donation will come in three parts: first, $50 million of her contribution will go to the school, along with $25 million in matching funds and lastly, a $25 million estate commitment.
Hale told AP that Simon's contribution is a reminder that larger institutions like universities and museums shouldn't be the targets for would-be benefactors.
"I hope it will help people to step back and realize those places in their lives that have been formative for them," Hale stated. "Those places need support."
