Multnomah has received a large gift through the estate of Elton and Carol Lovitt. Mr. Lovitt passed away this spring at age 95. The Lovitts are long-time friends of Multnomah and donated money to help construct the seminary building partly named in their honor. Carol Lovitt will act as the trustee for the endowment.
The donation, $2.6 million, will go into two separate accounts. Fifteen percent of the money goes into Multnomah's general fund. This money will help Multnomah end its fiscal year in the black. The remaining 85 percent will help fund student aid. This money will allow the college and seminary to expand their scholarship programs for students.
A number of dean's scholarships, based more on merit than need, will be available for the 2004-2005 school year. "We wanted to do something right away," Dr. Lockwood said.
Multnomah will also begin planning how best to develop student aid and scholarships over the summer to recruit and retain students more effectively. "We can experiment a little," Dr. Lockwood said. "We want to learn what kind of scholarships are most helpful."
The money will help increase financial aid for every student at Multnomah, helping to cover the 3 to 5 percent rise in tuition that will be implemented next fall.
The Lovitts spent many years at Central Bible Church where they met John G. Mitchell, Multnomah's founder. Mr. Lovitt worked at American Sheet Metal and Mrs. Lovitt discovered and developed her gift at managing investments.