Clark Foundation Awards $15 Million to Stevens Institute of Technology

Clark Foundation Awards $15 Million to Stevens Institute of Technology

The in Hoboken, New Jersey, has announced a $15 million endowment gift from the in support of engineering scholarships.

The largest endowed scholarship gift in the school's history will support the A. James Clark Scholars Program, the foundation's signature initiative, and provide financial support and enhanced learning opportunities for exceptional undergraduates from underrepresented backgrounds, including first-generation college students. To be selected annually based on financial need, academic achievement, and community involvement, the first cohort of up to ten Clark Scholars will enroll in the fall of 2018.

Stevens president Nariman Farvardin was dean of the at the when Clark established a $30 million scholarship program there. Soon after Farvardin was appointed president of Stevens in 2011, Clark made a $2 million endowment gift to the school to establish the Nariman Farvardin Endowed Chair in Civil Engineering. The Clark Foundation also recently committed nearly $219.5 million to the University of Maryland's School of Engineering.

"Mr. Clark was an inspiration, a mentor, and a friend to me," said Farvardin, "and I am profoundly honored that this program — a symbol of his legacy — will benefit current and future generations of deserving and talented Stevens engineers. Through the Clark Scholars Program at Stevens, we will create an environment that we hope will produce many more graduates who will make their mark on the world and who possess the rare combination of attributes that Mr. Clark embodied: remarkable leadership skills, unquestionable integrity, business acumen, engineering prowess, and a selfless dedication to humanitarianism."