Penn State

Chaikens Commit $1 Million for Trustee Scholarships in Liberal Arts

University Park, PA—In hopes of inspiring the business leaders of tomorrow, Penn State alumnus Gene Chaiken and his wife, Roz, of Bryn Mawr, have committed $1 million to endow a Trustee Scholarship in that will support undergraduates participating in the business minor offered by the College of the Liberal Arts.

When fully funded, the Gene and Roz Chaiken Trustee Scholarship will assist up to 40 students each year. In part, this broad reach will be possible through the Trustee Matching Scholarship program. In creating that program in 2002, Penn State's Board of Trustees agreed to match 5 percent of the principal of each gift annually with University funds, and combine these matching funds with income from the endowment to effectively double the financial impact of the scholarship.

The Chaikens said that after much consideration, they decided Trustee Scholarships were the best way for them to help keep a Penn State education accessible to qualified students while also fostering a generation of business leaders well-versed in the world beyond balance sheets and stock figures.

Gene Chaiken, who graduated from Penn State in 1962, recalled that as an undergraduate he focused almost exclusively on accounting and finance classes. Those skills served him well in his business career; and he went on to become president and CEO of the Almo Corp., one of the nation's largest distributors of consumer electronics, major appliances, and wire and cable. Nonetheless, he said, when looking back on his time at Penn State, he wishes he had expanded his course selection.

Chaiken said he is sure tomorrow's business leaders will need a broader perspective than one can get from business classes alone, adding, "We want to help turn out the best possible leadership in the business community for the years ahead."

This belief led them to the recently revamped business minor offered through the College of the Liberal Arts. Recognizing that many businesses value the critical thinking and problem solving skills inherent in the Liberal Arts, the college looked to strengthen the foundation it provides for students interested in a business career. A new course that brings Liberal Arts alumni with careers in business back to campus to share their insights is just one facet of this effort.

In previous philanthropy to Penn State, Gene and Roz Chaiken along with Gene's brother and sister-in-law, Sheldon and Gail Chaiken, made a gift that more than doubled the endowment for the faculty chair in Jewish Studies, now named the Chaiken Family Chair in Jewish Studies. They also created the Gene and Roz Chaiken Endowment for the Study of the Holocaust.

"The Chaikens clearly understand the value of a liberal arts education in today's global economy and the important role the liberal arts play in creating tomorrow's business leaders," said Susan Welch, dean of the College of the Liberal Arts. "We are very grateful that the Chaikens are continuing to ensure this crucial learning experience is available to all students, regardless of financial need."

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