C of C receives $60M
Gift from businessman is largest ever donated to public S.C. college
By Diane Knich
Beatty
Previous stories
Business school to kick off expansion, published 01/23/03
The College of Charleston received a $60 million gift from businessman Guy E. Beatty Jr., the largest single donation ever given to a public South Carolina higher education institution.
The college will receive $2 million a year for 30 years from a trust Beatty set up in his estate, College of Charleston President George Benson said Thursday. Beatty, 75, has requested that $1 million per year be used for scholarships and $1 million for buildings and infrastructure.
Beatty did not attend the news conference at which the announcement was made. Benson said Beatty is "a low-profile individual, a private man" who wants to keep the focus on the college.
Benson, however, thanked Beatty in front of a standing-room-only crowd in Randolph Hall. "You'll have the gratitude of many generations of students," Benson said. "You've changed the College of Charleston forever."
In a news release from the college, Beatty said, "... you will never appreciate your wealth until you learn how to give it away."
Benson said that Beatty made the gift to the college because he is interested in young people and in education. "He started from nothing and built a real estate empire," Benson said.
Beatty is chairman of Beatty Companies, a Virginia-based real estate development enterprise that he founded in 1962. He also helped launch more than 40 companies in the fields of real estate, music and entertainment.
Beatty and his wife Betty spend most of the year in Charleston but also have a home in Virginia.
Their daughter Susan Beatty graduated from the College of Charleston's School of Business and Economics in 1985, and their grandson Brian Beatty in 2006.
Guy Beatty previously donated $2 million to the college for the Beatty Center, home of the School of Business and Economics. The building was completed in 2004. He also established the Guy Beatty Scholarship Fund, which gives $75,000 per year to about 12 School of Business and Economics students known as the "Beatty Bunch." He's a member of the school's Board of Governors.
Benson said the college hasn't decided specifically how it will use the money. The school is developing a strategic plan that will be completed in the summer. The money will be used to further the plan, Benson said.
He asked the faculty to be creative and entrepreneurial in developing the plan, he said, saying the college now will have more resources to work with, he said. That's important because state support for public higher education is shrinking, he said.
Benson said Beatty's gift is probably the largest he will see in his career. And he hopes it will be "a catalyst for a new era of private fundraising for the college."
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Comments
LutherVanderhorst (anonymous) says...
Thank you sir. I only hope we remain as appreciative in 2037, as we are today.
October 3, 2008 at 5:01 a.m. ( permalink | suggest removal )
oldglory (anonymous) says...
I think most are aware that Mr. Beatty receives a tax deduction/credit for his gift. So what? The important thing is that he finacially supports education, an important area in this world, giving something back to life as he travels the last portion of life's journey. Thank you, Mr. Beatty, for recognizing that your donation can ensure something important to the younger generation for years to come.
October 3, 2008 at 6:30 a.m. ( permalink | suggest removal )
ChrisPia (anonymous) says...
Thomas, There are Specific Stipulations placed on the Money.That should not Happen.
October 3, 2008 at 6:45 a.m. ( permalink | suggest removal )
CarolinaWren (anonymous) says...
Reminds me of what I read recently somewhere.."You will never enjoy your wealth until you give it away." If only there were more of you in this world. Thank you Mr. Beatty.
October 3, 2008 at 8:23 a.m. ( permalink | suggest removal )
supportfamilyfarms (anonymous) says...
Well said, oldglory.
They could rename the comment section for most stories as barf bags for those who have become nauseous with cynicism.
October 3, 2008 at 9:46 a.m. ( permalink | suggest removal )
summerville_guy (anonymous) says...
$60 million and that is the best picture the P&C could get of the donor? Wow...
But aside from all of that, I admire Mr. Beatty's dedication to higher education.
October 3, 2008 at 11:05 a.m. ( permalink | suggest removal )
Possibility (anonymous) says...
I applaud Mr. Beatty and his awesome gift.
The School of Business and Economics which he supports so well and the Post & Courier business staff most likely know that the Time Value of Money makes the present value of the gift something like $31 million.
October 3, 2008 at 11:23 a.m. ( permalink | suggest removal )
CHRISJIII (anonymous) says...
Thank you Mr. Beatty!!!!!
October 3, 2008 at 12:15 p.m. ( permalink | suggest removal )
Rggr (anonymous) says...
What a tremendous gift!
October 3, 2008 at 12:46 p.m. ( permalink | suggest removal )
guidedbystewart (anonymous) says...
Damn Thomas1776, you are such an idiot!!!!!!!!!!!!!!!!!
October 3, 2008 at 2:16 p.m. ( permalink | suggest removal )
UrGatorbait (anonymous) says...
What a great gift to higher education here in Charleston. Well done sir.
I'm looking at the selection they have for Masters programs they have on offer there.
I see the uber idiot 1776 appreciates education. What a miserable outlook he has.
October 3, 2008 at 5:08 p.m. ( permalink | suggest removal )
guidedbystewart (anonymous) says...
Thomas1776,
You are like a pathetic baby, always crying about something! It is either wah! wah! Taxes! wah! wah! Someone investing in something like education. wah! wah! I can not get my head out of my own backside. Wah! Wah! wah! You one are like one of the people that complains just to complain, just because no one loves you means that anyone wants to hear your bitter crap! I would tell you to bite me, but I am sure you would enjoy it way to much!
Pathetic!
October 3, 2008 at 7:08 p.m. ( permalink | suggest removal )
UrGatorbait (anonymous) says...
Really 1776, grow up. Is that a threat? Really is it a threat? You know what I'm going to treat it as one and do my damnedest to get your miserable butt off here.
October 3, 2008 at 7:21 p.m. ( permalink | suggest removal )
UrGatorbait (anonymous) says...
Oh 1776, I don't work for Berkeley county and don't make threats on the net. It's childish and would sound like the majority of your posts if had to lower myself.
October 3, 2008 at 7:23 p.m. ( permalink | suggest removal )
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