Trustee makes $20M gift for international aid
Funds go to need-based aid, research scholarships
By: David Graham
Issue date: 1/31/08 Section: News
Last update: 1/31/08 at 6:30 AM EST
Last update: 1/31/08 at 6:30 AM EST
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The majority of the Karshes' gift-$15 million-will provide need-based grants for international students. The remaining $5 million will be split between a fund to cover student expenses such as travel and the Karsh International Scholars Program, which will provide research funding to approximately five international students per year.
Bruce Karsh, Trinity '77, is chair of the Duke University Management Company, a member of the Board's Executive Committee and president of Oaktree Capital Management based in Los Angeles.
"A university should be a stimulating environment, where there's a lot of give and take," he said in an interview with The Chronicle Wednesday. "I think it's great for kids at Duke to have the diversity of meeting kids from all around the world and for kids from all around the world to be at one of this nation's top universities."
Although the University has a need-blind admissions policy for domestic students, neither that policy nor sweeping increases in aid passed by Trustees in December apply to international students.
The Karshes have previously made several donations for need-based aid, both for domestic and international students.
Karsh said that in addition to helping to promote goodwill toward the University and toward the United States, the new gift will help to make Duke competitive in the global race to win the best students.
The third component, the Karsh International Scholars Program, will provide a select number of international students on aid with three summers of funding for research or research-service in Durham, elsewhere in the United States or abroad. The program will be administered through the Office of Undergraduate Scholars and Fellows.
In addition to providing support for travel, the benefit fund will expand international orientation programs.
Karsh said President Richard Brodhead played a major role in developing the contours of the program.
"President Brodhead has a deep commitment to need-blind financial aid and takes a strong personal interest in seeing the University achieve its Financial Aid Initiative goal and was deeply influential in our decision to make this particular gift," Karsh said.
Viewing Comments 1 - 7 of 7
Reader 63
posted 1/31/08 @ 8:37 AM EST
Thank you Mr.and Mrs. Karsh. No wonder Mr. Brodhead was recently so effusive in thanking Bruce for his work in the Duke Management Company!!!
One problem though -- this gift should NOT count toward the Financial Aid Initiative, including its $230 million component for undergraduate need-based financial aid. (Continued…)
Justin
posted 1/31/08 @ 1:42 PM EST
Karsh can do what he wants with his money, but aren't there plenty of Americans who would benefit from the assistance? Most of the foreign engineering and math students we train here go back to help business (jobs, investments, technology, long term financial security) migrate away from the US - how is that good?
Do we not have health issues with the underclass, neglected primary and secondary public education problems, teenage pregnancy, crime induced substance abuse, violence, decaying infrastructure, you name it, we have compelling domestic social needs. (Continued…)
Kaaawa Hoohekili.
posted 1/31/08 @ 1:56 PM EST
The donation is very, very generous. However in Hawaii they are having a raging battle with Oaktree Capital, (the company donor Bruce Karsh is president of) to save our scenic North Shore from their proposed massive mega-development. (Continued…)
SCMom
posted 1/31/08 @ 2:40 PM EST
Thanks to Kaaawa Hoohekili for the heads up, shall we say.
Personally, I'm not surprised by this side of a trustee that would uphold Bob Steel as Board President. (Continued…)
the graham critic
posted 2/01/08 @ 12:25 AM EST
this was a nice article about the charity of a man who made his money in distressed bonds...restoring junk companies with financial engineering tchniques. (Continued…)
drsl
doris
posted 2/01/08 @ 10:13 AM EST
So, if one of India's best scholar-students at Duke is murdered in Durham's runaway crime spree, just how impressed do you think savy international students will be with Mr. (Continued…)
blue devil
posted 2/17/08 @ 3:11 AM EST
all these negative views of this incredible contribution are really pathetic and you should be ashamed of yourselves. karsh made a lot of dough doing something im sure he loves and, because he got lucky and struck it rich, he gave back. (Continued…)
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