C of C gets $60 million donation

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Businessman Guy E. Beatty Jr. is donating $60 million to the College of Charleston. The college said the donation is the single largest ever to a public institution in South Carolina.

Guy E. Beatty

A press release explains:
Under the agreement, the College of Charleston will receive $2 million a year for 30 years from a trust Mr. Beatty set up in his estate. Beatty has requested that $1 million per year be used for scholarships and $1 million per year for buildings and infrastructure.

“This incredibly generous gift from Guy Beatty will permit our faculty to develop the kinds of scholarships and programs they once could only dream about,” said College of Charleston President George Benson. “In addition, we expect the gift to be a catalyst for a new era in private fundraising for the College. The primary beneficiaries, however, will be the generations of students who will live and learn at a strengthened College of Charleston.”

Mr. Beatty has had a long relationship with the College of Charleston. He serves as a member of the School of Business and Economics Board of Governors. He donated $2 million to create the College’s Beatty Center, home of the School of Business and Economics. He also established the Guy Beatty Scholarship Fund, providing $75,000 a year to School of Business and Economics majors.

Beatty is a member of the School of Business and Economics advisory board, and is chairman of the Beatty Management Company which is based in Virginia but locally owns the Trolley Square Shopping Center, James Island Shopping Center, and Crowfield Village Shopping Center.

Beatty has twice before made Slate's list of the biggest philanthropists of the year. Once in 2003 for $40 million donated to the Virginia College Fund, and in 2002 for $60 million donated to Fork Union Military Academy.

The full press release is your best bet for more information.

Update October 3: The Post and Courier has added an expanded story that mainly talks about how grateful the school is for the donation.