Mitte Foundation Announces $8.2 Million Gift To Penn State’s Business School

October 20, 2000
University Park, Pa.–An $8.2 million gift from the Austin, Texas-based Mitte Foundation to Penn State’s Smeal College of Business Administration will support undergraduate and graduate students in the college.

The gift will provide scholarships to 60 undergraduate and 15 graduate students each year over the course of 20 years. Each Mitte Scholar will receive a $5,000 scholarship that may be renewed annually.

"The Mitte Foundation’s primary mission is to enhance the future of the world through the development of outstanding business scholars," said Scott Mitte, executive director of the Foundation. "This means giving to students who excel in academics and community leadership. Right now, we are interviewing the top business schools across the nation in an effort to find universities to receive Mitte scholarships. Penn State’s outstanding Smeal College of Business Administration attracted our attention. We will have 15,000 Mitte Scholars in the next 20 years. Their collective community involvement could eradicate some of our nation’s community needs."

Roy F. and Joann Cole Mitte established the Mitte Foundation in 1997. Since then, it has committed $45.1 million to cultural and educational programs including gifts to universities such as Southwest Texas State University, Texas A&M University, and Ohio State University, and community programs such as Leadership Austin, the Rotary Club of Austin and the Lone Star Girl Scout Council.

"We are overjoyed to receive this special award, and privileged to be participating in the vision of the Mitte Foundation for development of the future leaders of America," said Judy Olian, Dean of the Smeal College. "This tremendously generous gift will enable us to support especially talented students and prepare them to become community and business role models. And, consistent with the admirable goals of the Mitte Foundation, this program will fit perfectly with our mission of reinforcing the values of academic excellence and civic involvement."

Recipients of Mitte Scholarships must participate in community service and maintain superior academic records each semester that they receive the award.

First-year students applying for the scholarship must be commended students in the National Merit competition or in the top five percent of their graduating class. They must also have maintained a cumulative high school grade point average of 3.5 or better.

First-year and continuing undergraduate students applying for the Mitte Scholarships must complete an application that includes a resume, personal essay, college transcripts and three letters of recommendation. Both Mitte Undergraduate Scholars and Graduate Fellows may have their scholarships renewed each year if they maintain a 3.5 cumulative grade point average and volunteer their time toward community service.

"The depth and breadth of this commitment is breathtaking," said Penn State President Graham Spanier. "The Mitte family will be associated with excellence in business education and community service across this country for decades to come. The University is extremely proud to be a recipient of this prestigious national scholarship program and to play a role in fulfilling the vision of the Mitte Foundation."

The Smeal College will begin to accept applications for the Mitte Scholarship from students in November, and the first of these will be awarded in fall 2001.

Contacts:
Mike Bezilla 863-4512 (work) 238-5842 (home)
Anne Danahy 863-4512 (work) 466-4834 (home)