CORVALLIS - Oregon State University's College of Business today announced receipt of the largest stock gift in OSU history.
The gift, valued at $6.1 million, will create two new endowments to directly benefit students and academic programs in the college.
"The gift will bring an extraordinary enhancement to the college and to Oregon State," said OSU President Paul Risser. "It comes from a remarkable alumnus, Bing Newcomb, whose personal story is as inspiring as his gift.
"Because of Mr. Newcomb's gift, we will be able to improve opportunities for future students and strengthen OSU's business programs at precisely the time when interest in business careers is growing throughout our state and region. We are excited and honored by this marvelous investment in OSU's future."
Bernie "Bing" Newcomb, 54, grew up in Oregon. Now a resident of Palo Alto, Calif., he is the son of Mr. and Mrs. Lyle Newcomb, long-time residents of Scio and North Albany.
Visually-impaired from birth, Newcomb graduated as valedictorian of his high school class in Scio. After graduating with honors from OSU in 1965, he fashioned a long career as a pioneer in computer systems development, eventually helping to form the E-Trade Group, one of the nation's first Internet stock trading companies. The success of that company led to his gift to OSU.
"I wouldn't be where I am without OSU," Newcomb said. "I've been fortunate and I wanted to give something back. That's what people are supposed to do. I wanted to put my good fortune to some greater use."
Newcomb's gift of 200,000 shares of E-Trade stock will create the "Newcomb Family Endowed Scholarship Fund" and the "Bernard A. Newcomb College of Business Fund for Excellence." Interest from the $1 million scholarship endowment will establish new financial aid opportunity for OSU business students. Interest from the faculty fund will enhance individual support for innovative faculty, infuse strategic investments in targeted academic programs in the college, and help to create new internships modeled on OSU's successful engineering internship program.
"All of us in the College of Business are enormously grateful to Mr. Newcomb for his foresight and generosity," said Don Parker, dean of the OSU college. "Because of his gift, the quality of education in this college is going to improve dramatically, and the effects will go on far into the future.
"We will have funds to provide scholarships for many more students. The quality of our faculty, which is already excellent, will grow at an even faster rate. Our degree programs will improve significantly and continually; and a much larger number of Oregon State business students will have productive internships, leading directly to good jobs and successful careers.
"Bing Newcomb deserves the heartfelt thanks of everyone in this college," Parker added. "For as far as I can see into the future, his gift will have a profound effect on each student who studies business at Oregon State University."
Newcomb's gift is the largest privately held stock gift and the third largest gift in OSU history. In 1995, the Wayne and Gladys Valley Foundation of Oakland, Calif., pledged a $10 million grant for construction of the university's new library. And in 1993, OSU received $23.8 million from a gift of real property given to the College of Forestry by the estate of Kay Richardson of Falls City, Ore.