Presbyterian Methodist Congregational Foundation gift student hall and scholarships to University of Auckland
Fri Dec 18 2015 13:00:00 GMT+1300 (New Zealand Daylight Time)
Presbyterian Methodist Congregational Foundation gift student hall and scholarships to University of Auckland
18 December 2015
The University of Auckland has taken over student accommodation Grafton Hall in a generous arrangement with the Presbyterian Methodist Congregational (PMC) Foundation, which sees the net proceeds of the sale surrounding properties owned by PMC Foundation returned to University students through a scholarships programme.
Under the terms, the University has taken over the 202-bed student residence and in exchange, the PMC Foundation has endowed the University Foundation with the $8.4m net proceeds from the sale of its surrounding properties for the establishment of the Presbyterian Methodist Congregational Grafton Scholarship Fund that will provide residential scholarships for undergraduate students.
“The donation by the PMC Foundation is an extremely generous one which will benefit the University and students in need for years to come,” says Vice-Chancellor, Professor Stuart McCutcheon.
“We have a long-standing association with the PMC Foundation and the endowed gift will ensure help is at hand for students who cannot afford to fund their accommodation, and also help us fund pastoral care initiatives for our students.”
The first three-year undergraduate student scholarships will be available in 2017; initially up to 15 scholarships will be available and the number will increase to up to 45 scholarships yearly from 2019 and thereafter.
Mel Easton, a member of the PMC Advisory Committee that will assist with the initial administration of the scholarships, says: “By establishing the residential scholarships the PMC Foundation will ensure its original purpose of providing accommodation for University of Auckland students continues to be achieved even though the Foundation has wound up its activities."
For media enquiries, please contact Gabriella Davila - g.davila@auckland.ac.nz