Delaware Tech receives $500,000 contribution for nursing scholarships
James T. Cavanaugh III has contributed $500,000 to Delaware Technical Community College's Educational Foundation to support scholarships for nursing students enrolled in the college's new bachelor of science in nursing degree program. The contribution consists of a $400,000 charitable remainder unitrust and a pledge of $100,000. Upon termination, the trust will establish the Cavanaugh Family Nursing Scholarship Endowment and fund approximately $20,000 annually in scholarships for BSN students at all Delaware Tech campuses. Cavanaugh's pledge of $100,000, payable over five years, will establish the James T. Cavanaugh III Nursing Scholarship Fund, enabling scholarships to be awarded to eligible students in the first class of BSN degree seekers beginning in January 2017.
The scholarship will be awarded to BSN students who demonstrate financial need and maintain a minimum 2.75 GPA. Scholarship funds will be provided in the amount of 50 to 100 percent of the student's outstanding cost for tuition and other expenses, depending on their GPA. Students maintaining a 3.5 GPA or higher will have the full amount of their outstanding costs covered.
Cavanaugh was founder and chairman of Cavanaugh Capital Management. He also previously served as head of the Public Finance Department at Alex. Brown and Sons Inc., where he began his investment career in 1961. While at Alex. Brown, he was part of an underwriting team that financed the Delaware Turnpike and the second span of the Delaware Memorial Bridge. From 1972 until 1989, under Cavanaugh's direction, Alex. Brown was the financial advisor to the State of Delaware Department of Transportation.
In 1990 and 1991, Cavanaugh served as the State of Delaware's financial advisor. In this capacity, he advised the State Department of Transportation and the State Department of Housing on the refinancing of several hundred million dollars’ worth of bonds. In addition, beginning in 1994, Cavanaugh Capital Management became the investment advisor to the Delaware River and Bay Authority.
Cavanaugh said, "I feel great affinity and gratitude for everyone I have worked with in Delaware for the last 50 years. This is my way of giving back. The college's accountability to students, taxpayers and donors is commendable. Student debt is a huge issue in this country, and Del Tech's affordable tuition allows students to graduate with little or no debt while preparing them for jobs. That is why I am investing in Delaware Tech and encouraging others to join me in supporting the college and its students."
Patti A. Grimes, Delaware Tech Board of Trustees vice chair and chair of the board's development committee, said, "Delaware Tech could not be more proud to be a steward of the Cavanaugh family investment in Delaware Tech and its students. With this gift, Jim has established an amazing legacy of helping our current and future students accomplish their educational and career goals, and fulfill their dreams of a better life. There is nothing more meaningful, and on behalf of the entire board of trustees, we thank Jim and his family for their belief in the college's mission and support of our students."
"Jim's incredible generosity to support Delaware Tech BSN students is a testament to his understanding of the changing workforce needs in healthcare and the college's commitment to provide high-quality nursing graduates that meet these needs," said Delaware Tech President Mark Brainard. "We are extremely proud to present this scholarship in the Cavanaugh family name and very, very grateful for Jim's leadership in raising additional funds to support BSN students."
Delaware Tech's BSN degree program is an online, competitive admissions program with limited enrollment. Students are admitted twice a year and have already been selected for the spring 2017 semester. Applicants interested in applying for the fall 2017 semester should complete the steps to admission by Thursday, June 15. For more information about the steps to admission, go to www.go.dtcc.edu/RNtoBSN.
For more information for individuals interested in supporting Delaware Tech's BSN program or other areas of need at the college, contact David R. Morris at drmorris@dtcc.edu or 302-857-1666.
