Tag Archives: philanthropy

Transformational gift from JPMorgan Chase

Guest post from Michael Verchot, Director of the Business and Economic Development Center at the University of Washington Foster School of Business

On December 6 we’ll formally announce a $600,000 gift from JPMorgan Chase Foundation that will mark a turning point in the life of the Business and Economic Development Center (BEDC). This gift will enable us to fully meet our goals of making a substantial impact on growing jobs where they are needed most by engaging students in learning that matters to them and to businesses. Fundamentally, this gift will enable us to do three things:

  • Increase the number of students engaged in hands-on work with small businesses in low-and moderate-income communities in the Seattle area.
  • Grow our faculty-led small business classes offered in Seattle, Everett, Yakima, Tri-Cities, and Spokane to reach up to 200 small businesses each year.
  • Build a NW regional and national network of business schools that enhance their student learning by helping small businesses in low-and moderate-income communities to create jobs.

BEDC Celebrates JP Morgan Chase GiftWe already know that more than 94% of students who participate in BEDC programs say the experience improves their job performance after graduation and 80% of small business participants report positive financial and performance gains following their work with us. We now have the opportunity to serve more students and business owners.

This is the largest gift the BEDC has received in its 17-year history and brings Chase’s total giving to the BEDC to more than $900,000. As we’ve worked with Chase over the last year in shaping our vision for the use of these funds, they’ve also challenged us to think beyond their gift to what’s next. Chase’s gift will be spent over the next three years which will bring us to our 20th anniversary. It’s time to set our sights on the future. Our overarching goals these next three years will be to:

  • Leverage Chase’s support to secure between $1 million and $10 million in endowment support to sustain the growth in programs made possible by Chase’s gift.
  • Double the number of students who are working with small businesses.
  • Create a self-sustaining series of classes for entrepreneurs and business owners at all levels of business growth.

All of us at the BEDC, students, faculty, staff, and business volunteers, are deeply grateful to Chase for this investment and we look forward to an exciting couple of years ahead of us.

Announcing Dempsey Hall

Today the Foster School held a naming dedication for its newest facility: Dempsey Hall. The building is named after Neal and Jan Dempsey, who have been incredible supporters of the Foster School. Neal is a 1964 alumnus of the Foster School and has been engaged in myriad ways over the years. He has served on the Foster School Advisory Board for more than two decades and is a past chair. Alongside Mike Garvey and Ed Fritzky, he co-chaired the successful Foster School capital campaign that raised $181 million between 2000 and 2008. He has also given over $10M to the Foster School.

Dean Jiambalvo said at the dedication, “Neal is action oriented and unwavering in principle.” When Neal spoke, he called the next generation to action and encouraged them to give their time, energy, and money to the Foster School. He asked everyone in the crowd to raise their hand if they agreed to give back to the Foster School. Everyone’s hands were in the air. Neal took it a step further and shot of video of everyone with their hands raised–proof they would do what they said. He said it’s been a, “fantastic road to the finish line.” And he looks forward to seeing the next generation of supporters give back.

Dempsey Hall from Foster School of Business.

Making a difference

The Nutters, Lee and Darlene (UW BA alumni, 1967), have close ties to the Northwest and the University of Washington. Both graduated from the UW School of Business (now Foster) in 1967, and there are now three more Huskies in their immediate family. Lee also serves as a member of the Foster School Advisory Board.

“We wanted to give something back to this school and the people of this state that afforded us an education and, in doing so, led to the many opportunities we‘ve enjoyed,” Lee explained.

Born in Astoria, Oregon, Lee grew up in small towns in Western Oregon and Washington, where his father worked in the lumber business. He finished the eighth grade in a class of eight in a two-room schoolhouse and graduated from Clallam Bay High School with a class of sixteen. “It was a big change going from those small communities to the University of Washington and Seattle,” Lee said with a smile. He studied accounting and operations at the business school.  Darlene graduated with a degree in marketing.

Two days after graduation, Lee began his forty-year career as an analyst with Rayonier, a global supplier of high performance cellulose fiber and wood products. He retired in 2007, as Chairman, President and CEO. Darlene grew up in Cathlamet, WA, and initially attended WSU to study business, but finished at the University of Washington. Lee said, “She saw the light.”

Although Lee and Darlene married while in Seattle, his career eventually took them and their two children, to the East Coast and ultimately Florida. However, the Northwest and UW still hold a very special place in their hearts and lives and they often return to visit family and friends. The Nutters are also passionate about Husky athletics, managing to attend a few UW basketball and most football games.

Their giving relationship with the University of Washington started modestly and grew over decades. “I found our first check to the UW for $25!” Darlene laughed. More recently, Lee and Darlene have provided significant support to the Foster School of Business for undergraduate scholarships, MBA scholarships and a named team room in PACCAR Hall.

“We paid far less than the cost of our education and its value. The citizens of the state of Washington paid the balance…” Lee continued. “We feel obliged and honored to give back.” He and Darlene hope to inspire other Foster alumni to support scholarships that help future students achieve something that they could not have done otherwise.

“We hear from students who have received scholarships about what it meant to them, what they’re accomplishing and what they hope to achieve,” Darlene described. “It’s very satisfying to know that you have been able to make a difference.”

Giving to Foster since the 1950s never gets old

Family lore has it that Frank Dupar Sr. first arrived in Seattle broke in the early 1900s because a thief got to his money the night before while he was hitching a ride in a boxcar.

He was sitting on the sidewalk near the King Street Station with nowhere to go when a man approached him and asked, “What’s the matter, sonny?” Frank told his story, and the man gave him a dime and an upbeat prognosis: “This town is going to be good to you.”

“What an understatement,” said Adrienne Riley, Dupar’s granddaughter and president of the Dupar Foundation.

After his rough start in Seattle, Riley said in an interview at the Foster School’s 2010 Annual Scholarship Breakfast on Nov. 4, Dupar went on to own a plumbing company and then co-found what became Westin Hotels and Resorts as well as several other iconic and highly successful businesses.

The Dupars made a point of giving back to the community that played such an important role in their lives, contributing to important civic projects like the creation of the Seattle Center so the city could host the 1962 World’s Fair. They also felt strongly about contributing to education.

“Since he only went through the 8th grade, education was really important to him,” Riley said.

The Dupar Foundation was established in Frank Dupar Sr.’s name in 1958 and has been contributing to scholarships at the Foster School nearly since the foundation’s inception, Riley said. And, while she has attended the scholarship breakfast for nearly ten years, she said it never gets old.

“To me it is really meaningful to see kids who have a lot going for them and, because of the scholarship, they are able to attend college and do something with their lives,” she said.

This year the Scholarship Breakfast celebrated 338 Foster students receiving scholarships totaling more than $1.8 million.

Riley said she especially appreciates knowing more about the students who have received the Dupar Foundation’s scholarship. “It’s nice to touch your money,” she said.

“This morning I sat with a young man who, after he graduated college, went into the National Guard and went to Iraq where he was in charge of convoy security missions and now here he is in his first year of the MBA program,” she said. “It is inspiring.”

Brass Media: philanthropy before you’re wealthy

How’s this for brass? Bryan Sims has committed the majority of his future earnings to philanthropy—and he’s just 27. Ambitiously joining an A-list of multi-billionaires in their highly publicized Giving Pledge, the founder and CEO of brass|MEDIA says it’s all in keeping with his fast company’s philosophy: “Young today, rich tomorrow.”

Brass|MEDIA is dedicated to helping young people—those 15- to 25-year olds known as “millennials”—understand money and learn to handle it responsibly. That effort builds around brass|MAGAZINE, a lifestyle money magazine written by young people for young people, and cleverly distributed to nearly half a million readers in partnership with a nationwide network of credit unions that has everything to gain from a fiscally savvy generation of up-and-comers.

Sims defines himself as a “regular guy doing something worth doing.” After watching his own family struggle through adversity, he founded brass|MEDIA in his Oregon State University dorm room at age 19. He partnered with Brent Sumner, an undergraduate friend at the University of Washington, to enter the UW Business Plan Competition, and the team sailed through to the Final Round. After college, Sims quickly led brass|MEDIA to Inc. magazine’s list of the 500 fastest growing private companies. In 2007 BusinessWeek named him one of its “25 Best Entrepreneurs Under 25.”

Sims may be a bit older now, but he still wants what his own audience wants: to make money, invest wisely, give back. But he’s also a willing role model.

“I’ve always known I was going to make a major contribution to charity when got older,” Sims says of his attention-getting pledge. “But I thought that if I started to tell people about it early on, it might have a compounding effect on long-term philanthropy.”

Check it out: www.brassmedia.com

Past recipients renew a deep connection at Scholarship Breakfast

Always an occasion for inspirational stories and life-changing personal connections, the Foster School’s annual Scholarship Breakfast was the venue for an especially meaningful connection this year.

For Barbara and Walter Tomashoff, it was “exciting and thrilling, truly,” to discover that Angelo Ongpin (BA 2003), a past recipient of the scholarship named in memory of their twin son Conrad, had joined them at their table. The Conrad Tomashoff Endowed Accounting Scholarship was established to support an undergraduate accounting major and a twin when possible. Angelo and his twin brother, Victor (BA 2004), had received the scholarship in 2002.

“As we learned about what he has been doing and what he is doing and his plans for the future,” she said, “it was just wonderful. And the idea that he credits our scholarship in any way for his success was simply wonderful.”

Bringing scholarship recipients together with the families, individuals and companies dedicated to helping Foster students afford their education makes the breakfast one of the school’s premier events. This year, attendees celebrated the powerful impact of 273 Foster students receiving scholarships totaling $1.4 million.

For the Tomashoffs, the scholarship named for Conrad (BA 1986) is a constant reminder of the great impact their son was having on the world before he tragically died in 1994, just three weeks shy of his 30th birthday. Conrad, active in several non-profit organizations in addition to pursuing a successful career, had made the University of Washington the beneficiary of a life insurance policy. With counsel from Conrad’s twin brother Curtis, the Tomashoffs established the scholarship the year Conrad died.

“It’s a great feeling and comfort to know that we have been able to accomplish what we think our son Conrad had in mind,” Barbara said when reflecting on the many years Conrad’s scholarship has been improving the lives of Foster students.

Naming opportunities connect more than money to PACCAR Hall

Stepping into PACCAR Hall next fall, you will see a multitude of differences between the Foster School’s spacious, cutting-edge facility and its former primary classroom building, Balmer Hall. Most noticeable will be the feeling one has stepped into the next century where natural light bathes a sophisticated architectural mix of brick, steel, wood and glass.

Pass through the corridor of the second floor and you’ll see a two story atrium complete with a coffee shop and a fireside lounge (again, this isn’t Balmer Hall). To your right you’ll see an undergraduate commons and three of the most advanced multimedia classrooms at the University of Washington. To the left are four more classrooms ranging from 30 to 95 seats. Outside each is a cluster of student team rooms to promote collaboration and business planning… perhaps for the launch of the next Microsoft.

It took more than $80 million in private support to build PACCAR Hall, and a closer look in the new building will show significantly greater signage carrying the names of business partners and alumni who helped make the building possible. Yet, there is more than money behind each name found in PACCAR Hall.

Here’s the story of one such amazing person: Alice W. Sandstrom.

The sign adorning the last team room on the left says Ms. Sandstrom was a 1934 graduate of the business school. 1934! Unlike today’s evenly represented programs, there weren’t many women studying business back then.

In fact, Ms. Sandstrom was one of only two women in the accounting program and an exception to many social restrictions throughout her life. In the midst of the Great Depression, she realized that an accounting degree was necessary for the future she hoped to have.

Alice, who passed away in March of last year, was one of the first female CPAs in Washington and worked as an accountant through World War II. In 1948, she began a 33-year run in helping Children’s Hospital become the vital community enterprise it is today.

When Alice stepped down as CFO in 1981, she did anything but retire. She spent more than 10 years sharing her knowledge as a lecturer at the UW. She was a long-time president and board member at both the YWCA of Seattle and Senior Services. Alice also received numerous awards for volunteerism and community service.

In 2002, on the heels of receiving the Outstanding Alumna Award from Foster students in Beta Alpha Psi, Alice was given Foster’s Distinguished Leadership Award, the School’s highest non-degree honor.

For 94 years, Alice lived in Seattle and eagerly helped those around her. She enjoyed nothing more than the opportunity to share her success and passing on nuggets of wisdom, which included the five rules she lived by:

  • Be passionate about what you do
  • Be a mentor
  • Cherish your friends
  • Always be positive and enthusiastic
  • Dream big

Even in her last few years, Alice frequently attended events throughout the community.

Patricia Angell, Accounting Department Lecturer and Internship Director at Foster, accompanied Alice to many functions and was one of Alice’s many fans and friends.

“Alice was an inspiration to me and all women pursing our professional dreams.” Patricia said. “She was a trailblazer in accounting and she continues to inspire us today.”

There’s no question the Foster School and the University of Washington benefited from Alice Sandstrom’s presence, passion and persistence. The team room named for her in PACCAR Hall is but one small way she will be remembered.

And, knowing Alice, little would bring her more joy than seeing future generations of business and community leaders learning to “dream big” using the Sandstrom Team Room in PACCAR Hall. She’ll be right there with them in spirit as well as name, just like so many others who helped make Foster’s new world-class facilities a reality.