Oregon State University announced today it's received a $2 million commitment to fund the school's academic programs in Central Oregon. The gift comes from two OSU Alumni, Carmen and Mike Cutting, as part of their estate plans.
OSU Vice President Becky Johnson says the commitment is the largest gift in the history of the OSU Cascades campus.
Johnson says the money will eventually be used to fund an endowment for the school. Interest generated by the fund will be available to future administrators.
Johnson says the gift doesn't place any restrictions on how the money can be spent. "That's very unusual for a gift of this magnitude so it really is a show of support and trust in our future that they left it for us to use for whatever our highest priority is."
Earlier this year, the Cutting family made a similar pledge of $2 million to create an endowment for OSU's athletic programs. This latest gift comes as school administrators lead a capital campaign to fund an expansion of the Central Oregon campus. Johnson says so far the school has managed to raise $3 million of its $4 million goal.