Knight donated funds will be donated to the Foundation scholarship program, whose purpose, as stated in the message of the University is “preparing a new generation of world leaders who will be able to solve increasingly complex problems the world faces”. The program will be named in honor of knight, and John Hennessy, President of Stanford.
General scholarship Fund at Stanford now will be $750 million.
Each year recipients of scholarships under the new program will be 100 students that demonstrate outstanding leadership abilities. Scholarship recipients will be able to study in a magistracy or postgraduate study at Stanford, and also trained within the professional programs. To nominate students for participation in the program will be those universities where they were trained before.
Applications for scholarships will be taken from students who have completed at least three courses, starting with the summer of 2017. Studying at Stanford for the fellows knight—Hennessy will begin in autumn 2018.
As noted by The Financial Times, it is expected that approximately one-third of the recipients of the scholarship will be from the USA. However, the founders of the Foundation believe the program was attended by students from all over the world, and the special attention I want to draw on students from Asian countries.
A large donation from the founder of Nike will allow Stanford to compete with Oxford, which has a similar program (Rhodes scholar), specifies FT.
Knight, commenting on the publication of its decision, stated that investment in education is his weakness. In addition, he was attracted by the idea of Hennessy on the preparation of the elite to help “change the world”. Knight is a graduate of Stanford business school, his first education, journalism, he received the University of Oregon. According to Forbes, on 24 February, his condition has reached $25.7 billion
The contribution of the knight is one of the largest in the history of private investment in education. The same amount — then it became a record — in 2015, highlighted one of the most famous investors in the world, John Paulson, a Harvard University to the needs of his School of technical and applied Sciences, which now bears his name.
Prior to that, in 2000, Microsoft founder bill gates gave $210 million to launch a program of two years of study at Cambridge University. And in 2013, Stephen Schwarzman, the head of investment company Blackstone, passed the Beijing Tsinghua University $100 million for a one-year training program.
For fiscal year 2015, Stanford University received $1.6 billion of private donations — this is a record among all universities in the world. In total for 2014 (most recent data), according to Charity Navigator, Americans gave to education of $54.6 billion For comparison, according to the London Bank Coutts, for the same year in Russia the total amount of large donations (over $1 million) totaled $405,9 million, the share of individuals account for only 16% of this amount. The educational programs of the Russian donors gave only $20.3 million