NJ College That Faced Funding Loss Amid Federal Changes Gets Largest Ever Donation

HOBOKEN, NJ — The Stevens Institute of Technology, a university on the Hudson River in Hoboken, announced Tuesday that it has received the largest donation in its 155-year history. The announcement came less than two weeks after they had to lay off 45 members of its staff amid changes in federal policy this year.

Stevens received $21 million from the A. James and Alice B. Clark Foundation, the largest grant given in their existence, they said.

The donation will support the Clark Scholars Program and give a new name to the University Center Complex tower, said a University spokesperson.

The Clark Scholars Program supports students who demonstrate exceptional leadership skills, integrity, business acumen, engineering prowess and dedication to humanitarian service, the University said, qualities that exemplified the late A. James Clark, the foundation's namesake.

Graduates from the program have been hired by companies including Lockheed Martin, Bank of America and Procter & Gamble, and others have earned doctoral fellowships at other institutions, the university said.

This is the last year that the Foundation will offer this funding, as the Foundation is shutting down in December.

As reported in Patch and other news outlets last month, the University recently laid off 45 staff members due, in part, to policy changes and expected changes decided by the new federal administration.

Reports cited a loss of international students during the current school year due to policies regarding student visas. Foreign students are not eligible for federal financial aid in America and thus, often pay full tuition, the reports noted.

In a statement provided to NJ.com and cited in Patch, Stevens officials said the challenges of international enrollment and research funding led the administration to make “the difficult but necessary decision to implement a reduction in its workforce.”

Stevens' spokesperson did not respond by press time to say whether any staff will be hired back as a result of the grant, or to confirm whether their federal funding was affected in addition to the anticipated tuition losses.

"This extraordinary contribution represents far more than financial support — it embodies the enduring legacy of a man who was my mentor and dear friend," said Stevens President Nariman Farvardin. "The Clark Scholars Program produces graduates who exemplify Jim Clark's values:
integrity, hard work, commitment to excellence and dedication to humanitarianism."

The Foundation focuses its philanthropy in three strategic areas: educating future engineering leaders (such as at Stevens), improving the lives of veterans and their families, and providing members of the D.C. community the best opportunity to thrive.

A tower within Stevens' University Center Complex will be named for the Clark family. It houses nearly 1,000 students and serves as a gathering place for the entire campus community, said a University spokesperson.

The A. James Clark Residential Tower will stand as a permanent symbol of the Clark Foundation's impact on Stevens, the school said.

“This historic investment reflects our deep confidence in Stevens and its commitment to cultivating the next generation of engineering leaders,” said Clark Foundation Board Chair Courtney Clark Patrick. “We are proud to partner with an institution that so powerfully embodies the values of my father, A. James Clark and to ensure his legacy continues to shape lives for decades to come.”

“Having served on the Stevens Board of Trustees, I know how deeply committed this institution is to academic excellence and developing students as leaders. This investment builds on that foundations,” said Joe Del Guercio, president and CEO of the Clark Foundation.

Stevens, a private research university, was founded in 1870. The university’s three schools and one college educate more than 8,000 undergraduate and graduate students.

They run academic and research programs focusing on business, computing, engineering, the arts to "actively advance the frontiers of science and leverage technology to confront our most pressing global challenges."

The Clark Foundation established its current philanthropic model in 2016. A. James Clark had indicated a desire to spend down the funding and maximize its impact in a short time period, which is why they are shutting down at the end of this year. To learn more, visit: clarkfoundationdc.org.