Business leaders join with PSU to raise $25 million annually for scholarships and student success

Portland State University (PSU), the PSU Foundation, and local business leaders today announced a new College Affordability and Success Coalition. The Coalition’s goal is to raise a minimum of $25 million a year to support PSU scholarships and student success.

The co-chairs of the Coalition are Greg Ness, chairman, president and chief executive officer of The Standard, and chair of the board of Oregon Business Council; and Wim Wiewel, president of PSU.

“This is an important breakthrough for students who either can’t afford to attend a university or drop out because of financial reasons,” said Wiewel. “We need a long-term solution, and today is a step toward that goal.”

The Coalition will develop and execute a plan of action to generate at least $25 million per year in new and discrete funding by 2019. The money will provide disadvantaged students from the tri-county area with scholarships and resources that support their academic success.

“I’m grateful that this Coalition of business and PSU representatives came together to remove impediments to local students’ success,” said Ness. “This agreement will help meet the needs of our community, while avoiding what would have been a damaging and divisive political campaign. Our human and financial resources are better put to use finding solutions, and when we work together we’re more likely to achieve lasting results.”

Mark Rosenbaum, Chair of the PSU Foundation, said, “In light of the creation of this Coalition and its goals, the foundation is ceasing further contributions to the ballot measure and will provide staffing to the Coalition.”

Initial areas of consideration for funding include:

• Commitment by Portland metro area businesses to assist PSU in building a significant scholarship and student success fund, the annual income of which would be part of the $25 million per year goal.
• New regional revenue stream to help fund annual scholarships and student support with the revenue mechanism to be recommended by the Coalition and to take effect no earlier than 2018.
• New state funding, over and above funds appropriated to maintain current service levels; funds to be dedicated to improving outcomes for economically disadvantaged Oregon students at the seven public universities.
• State incentives to increase private philanthropy for expanding access and improving graduation rates for economically disadvantaged Oregon students at the seven public universities. 

The PSU Foundation and metro area businesses will provide staffing and funding for research, public education and outreach to make the effort successful.