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Delaware Tech receives $500,000 contribution for BSN scholarships

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Front row: Jim Cavanaugh and Jack Cavanaugh
Back row: President Mark Brainard, Board of Trustees Chair Scott Green
and Board of Trustees Vice-Chair Patti Grimes

DOVER ““ James T. Cavanaugh, III has contributed $500,000 to Delaware Technical Community College’s Educational Foundation to support scholarships for nursing students enrolled in the college’s new Bachelor of Science in Nursing (BSN) degree program.

The contribution consists of a $400,000 charitable remainder unitrust and a pledge of $100,000. Upon termination, the trust will establish the Cavanaugh Family Nursing Scholarship Endowment and fund approximately $20,000 annually in scholarships for BSN students at all Delaware Tech campuses.

Cavanaugh’s pledge of $100,000, payable over five years, will establish the James T. Cavanaugh, III Nursing Scholarship Fund, enabling scholarships to be awarded to eligible students in the first class of BSN students beginning in January 2017.

Cavanaugh was founder and chairman of Cavanaugh Capital Management (CCM). He also previously served as head of the Public Finance Department at Alex. Brown and Sons, Inc., where he began his investment career in 1961.

In 1990 and 1991, Mr. Cavanaugh served as the State of Delaware’s financial advisor. In this capacity, he advised the State Department of Transportation and the State Department of Housing on the re-financing of several hundred million of bonds. In addition, beginning in 1994, Cavanaugh Capital Management became the investment advisor to the Delaware River and Bay Authority.

“I feel great affinity and gratitude for everyone I have worked with in Delaware for the last 50 years,” said Cavanaugh. “This is my way of giving back. The college’s accountability to students, taxpayers and donors is commendable. Student debt is a huge issue in this country, and Del Tech’s affordable tuition allows students to graduate with little or no debt while preparing them for jobs. That is why I am investing in Delaware Tech and encouraging others to join me in supporting the College and its students.”

 

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