Two generous â but anonymous â alumni have both pledged substantial future gifts to the Serpentine Society, the University’s lesbian, gay, bisexual, transgender and queer alumni network.
The gifts, according to Michael Clarke, Alumni Association vice president of development, are bequests, and thus will be realized only after donors’ deaths through the exertion of their wills.
Clarke said the value of both bequests has yet to be definitely determined, and also noted that because they are future gifts, they are open to possible change.
“There is still some fuzziness as to the exact amounts,” Clarke said. “But they are certainly in the seven-figures.”
Clarke noted, however, that the current pledged values of the gifts are $3 million and $1 million.
These gifts, when received, would support scholarship programs and the Serpentine Society’s mission.
Serpentine Society President Rodney Davis, a 1983 College graduate, said the promised monies will be both restricted and unrestricted.
Davis said the restricted portion of one of the future gifts, as specified by the donor, will support a scholarship fund, while the other part will be used at the Serpentine Society board’s discretion.
Davis added that although the Society has “a lot of different ideas” about how the bequests might be used, no definite proposals have yet been made or planned, because the Society has not yet received the donations.
One of the anonymous donors, who identified himself as a male graduate of both the College and Medical School, said the bequest was his idea and initiative.
“I just retired and took the time after I retired to look at my will, and I changed my will because I have no relatives,” the donor said. “I am going to leave it to a U.Va. fund to gain interest.”
The donor added that he has specified how at least some of the money will be used: A portion of it will be used to create a scholarship fund for gay male students with financial need.
This anonymous donor’s bequest, it was also noted, could rise in value if his financial status changes through increase in property value or an inheritance.
The donor said he chose the Serpentine Society as the recipient of his funds because of both his ties to the University and his desire to aid LGBT students. He said he previously considered willing his gift to the Point Foundation, a national LGBT scholarship fund and support organization, but instead chose the society after learning about it at an Alumni Association-directed reunion.
“I got a good education here, and I had a scholarship,” the donor said. “It’s one way that I can pay back.”
The donor added that he hopes his future gift will aid in the society’s mission of connecting and advocating for LGBT students at the University.
“When I went to school here, being gay was not considered,” the donor said. “It didn’t exist; it wasn’t even thought of.”
Clarke, too, expressed his desire to see the future gifts benefit students and the University community.
“Maybe this will help show that, clearly, things have gone in a much more positive direction for gay or lesbian students at U.Va.,” Clarke said, explaining that more donors might be willing to pledge gifts if they see that the University “is a little different than it was in the 60s and 70s.”
Davis reminded, however, that the gifts are, indeed, future gifts, and that neither bequest may be received for some time.
“The key thing is, we still need money for our immediate needs,” Davis said.