What Does $10 Million Mean For Warren Wilson’s Future?
Cal Dooley | December 11, 2024
On December 3, the president of Warren Wilson College (WWC), Damián Fernandez, announced that the school had received a $10 million donation from an anonymous donor. The donation was directed to the school’s unrestricted endowment, bringing the roughly $55 million endowment up to around $65 million —a nearly 20% increase. Mary Davis, the school’s controller commented on how WWC achieved this gift, what the money will be used for and what this means for the future and longevity of the college.
Davis attributed this gift to the actions taken by President Fernandez since he joined the college 18 months ago in deepening WWC’s commitment to its values – particularly the school’s efforts towards sustainability and environmental conservation. In his email, Fernandez cited recent achievements in expanding the school’s environmental program, including the new master’s program in Applied Climate Studies, the 600 acres of property put under conservation in partnership with the Southern Appalachian Highlands Conservancy and the campus-wide “Climate Action Now” initiative.
“We're building confidence among constituents (potential donors), more so than what we had in the past,” Davis said.
Because the gift is channeled into the endowment, it will not be allocated to specific projects. Instead, the $10 million will help offset the general operating costs of the school, particularly the need-based financial aid offered to 75% of students. Because WWC’s spending rate is determined on a 12-quarter rolling average of the endowment’s return it will take about three years for the gift to fully factor into the school’s spending.
“The donors have begun to witness the improvement of our mission since Damian's arrival… This will help the college get on more stable ground and build and invest in the things that we need more capacity in to provide for the students,” Davis said.
While this donation may not directly mean the return of programs cut last year, resuming construction on the pool, or improvements to infrastructure as some students have hoped, it is a good sign that WWC will be able to keep offering a unique learning experience for students to come.
With several small liberal arts colleges closing in recent years, many have had concerns for WWC’s future. Green Mountain College, a work college in Vermont with a similar mission and student population size as WWC closed down due to financial issues in 2019. Davis sees this donation indicates that WWC is moving in a different direction.
“We are struggling, like other small colleges, but we have come a long way, and this will enable us to come even further,” Davis said.