LINCOLN — A lifelong resident of Gresham, Neb., has provided a $3.5 million gift to the University of Nebraska Foundation to create scholarships for students.
Walter Schmitt, a blacksmith, died in January of 2008. As the sole beneficiary of Schmitt’s estate, the foundation received $2 million in September and another $1.5 million by the end of the year. It is one of the largest estate gifts the foundation has ever received for scholarships.
“Walter never went to college, but he loved to learn,” said Cindi Heiden of York, a friend and personal representative for Schmitt’s estate. “He read constantly and paid close attention to the political world, agriculture, history and finances. He told me he chose the University of Nebraska Foundation as his beneficiary because of his passion for education.”
|
|
“Walter Schmitt’s generous gift will make a significant difference in our ability to offer affordable access to a high quality education,” Milliken said. “Clearly, Mr. Schmitt recognized the importance of a college education, and we are very grateful for his generosity.”
Clarence Castner, president of the University of Nebraska Foundation, said Schmitt’s gift will help fund one of the university’s highest priorities: creating need- and merit-based scholarships for students.
“We are in awe of Walter Schmitt’s generosity, directed to young people he has never met and a school he never attended,” Castner said.
Schmitt specified that his gift be permanently endowed, which means the $3.5 million will be invested and the net income available each year for scholarships. Scholarships awarded from the Schmitt Scholarship Fund will be available to students this fall.
It is estimated that about $170,000 will be available annually to help students who are attending the University of Nebraska at Omaha, the University of Nebraska-Lincoln, the University of Nebraska at Kearney or UNMC.
Schmitt, who never married and whose closest living relatives are in Germany, also requested that his body be donated to science.