Grant to Spur Fundraising as Second Phase of Renovation Draws Near
The University of Virginia’s ongoing effort to restore, repair and renovate the Rotunda has received a major commitment in the form of a $1 million challenge grant from The Mary Morton Parsons Foundation.
This one-to-one challenge grant from the Richmond, Virginia-based foundation will help the University raise an additional $1 million by November 2014. The Commonwealth of Virginia has committed to funding more than half the $50.6 million renovation project and challenged the University to raise the balance. The first phase of work was completed in August and the University hopes to begin the second phase of work in late May.
“We are grateful to The Mary Morton Parsons Foundation for partnering with us toward this worthwhile goal,” said Amy Yancey, executive director for development for the Jeffersonian Grounds Initiative. “Stewarding Jefferson’s architectural masterpiece and legacy at the University of Virginia is both timely and timeless. The grant is a great boost to funding the Rotunda project. We’re thankful to have a great incentive for donors who now have a rare chance to triple the impact of their gift through the challenge grant and the matching funds from the Commonwealth.”
The Mary Morton Parsons Foundation was founded in 1988 by Mary Morton Parsons as a private, non-operating foundation to support the capital needs of charitable organizations. To date, the foundation has awarded approximately $73 million to qualified grantees. The foundation typically issues between $3-5 million annually in grants to support capital projects, mostly on a challenge or matching basis. In addition to the University of Virginia, the foundation has supported capital campaigns of Union Theological Seminary, the Virginia Museum of Fine Arts, and Virginia Commonwealth University’s Schools of Business and Engineering and Massey Cancer Center.