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Hollingsworth
gift could help us reach our dreams
By Furman President David E. Shi
Furman has always been an institution whose quality - and aspirations - have been higher than its financial resources. Our endowment, while large for South Carolina colleges, is the smallest among the institutions that Furman competes with for students and professors - Duke, Vanderbilt, Wake Forest, Davidson, Emory, and Washington and Lee.
The announcement last month that Furman would be a major beneficiary of the estate of the late John D. Hollingsworth will have a magnificent long-term impact on Furman. It has the potential to help us do more than achieve many of our current goals; it will also encourage us to develop a more compelling vision of Furman's future as one of the nation's leading liberal arts colleges.
As a Furman community, we are profoundly grateful for the Hollingsworth bequest. To be sure, this is an exciting time to be a part of the Furman family. But we should also understand that there are many unanswered questions and concerns regarding the gift.
Mr. Hollingsworth stipulated in his will that the bulk of his estate be transferred to The Hollingsworth Funds, a non-profit organization based in Greenville. He further directed that 45 percent of the annual net income from the funds' assets be distributed to Furman each year. The Greenville County YMCA and Greenville County charities will receive the rest of the income. The funds' seven-member board of directors will manage the estate's assets and distribute the funds.
The value of the Hollingsworth estate remains unclear. The estate consists of Mr. Hollingsworth's textile machinery company and a portfolio of real estate parcels in South Carolina totaling more than 40,000 acres. There is a possibility that the Hollingsworth will could be challenged in the courts. If this is the case, it could be years before Furman receives any funds.
With such wonderful opportunities come significant challenges and responsibilities. History shows that some colleges that have received similar "transforming" gifts have failed to fulfill their potential. Instead of galvanizing their alumni and friends - including faculty and staff - to sustain their support for the institution, such magisterial gifts have instead bred complacency. Some mistakenly conclude that their university is "taken care of."
We cannot let this happen to Furman.
Last month, the university mailed a letter to alumni and friends, informing them of the Hollingsworth bequest and encouraging their continued support. Alumni, staff, and faculty support has always been a part of our culture as a university. More than half of our alumni contribute to Furman annually and a very high percentage of faculty and staff. This is a remarkable figure matched only be handful of other institutions in the nation. We cannot allow our momentum to flag in this vital area. In the coming months and years, we must all seek to reinforce the message that "Furman still needs you."
Thank you for your support. We will continue to keep you updated on the Hollingsworth bequest.
