The Elsie E. and Joseph W. Beck Memorial Fund of the Community Foundation of New Jersey recently awarded a gift of $1 million to the Stillman School of Business.
The gift, which is named the Elsie E. and Joseph W. Beck Memorial Scholarship and Research Fund, will be distributed over the next twenty years. It will support both business students with financial needs as well as faculty who conduct business related research.
"The Beck Foundation gift is especially significant to the Stillman School for two reasons. First it will allow the school to make up to five $10,000 awards to deserving students each year," Joyce Strawser, acting dean of the Stillman School, said.
"The second reason this gift is so important is because it will allow the school to recognize and reward faculty who are making significant research contributions in their field of study. Total awards of up to $25,000 may be made each year to support faculty research."
According to Strawser, the annual awards will be based purely on financial need.
"This means that the Stillman School can direct these funds to its most deserving students, regardless of their field of study," she said.
Currently there are no concrete plans as to exactly how the money will be dispersed.
"The school has not yet developed its specific selection process for either the student or faculty rewards," Strawser said. "We will do so over the next year, prior to the time that the first awards will be made."
The trustees of the Memorial Fund, created in 2010, specifically chose the Stillman School as the recipient of the gift, according to Stephanie Hauge, director of Corporation and Foundation Relations at Seton Hall.
"The decision to give to the Stillman School of Business was primarily the result of the fact that Joe Beck served on an advisory council of the school several years ago," Hauge said.
The Elsie E. and Joseph W. Beck Foundation, the predecessor of the Memorial Fund, has shown generosity to Seton Hall in the past, having funded the construction of the Beck Rooms in the University Library.
"The intent is that these scholars and the faculty researchers provide a living legacy to the memory of this generous couple," Hauge said.
The foundation is part of a group of 20 private philanthropic foundations that "support a range of Seton Hall University projects and programs," according to a webpage for the Office of Corporation and Foundation Relations. The support is used for various University areas, such as faculty research, student scholarships, capital projects and community outreach.
According to a press release, the Elsie E. and Joseph W. Beck Foundation has a philanthropic mission of giving to higher and secondary education, especially at Roman Catholic institutions.
Joseph Grogan can be reached at joseph.grogan@student.shu.edu.
