93-09-14 U.Va. To Establish Danville-area Jefferson Scholarship

U.VA. TO ESTABLISH DANVILLE-AREA JEFFERSON SCHOLARSHIP
WITH INITIAL FUNDS FROM PUBLISHER'S ESTATE

     CHARLOTTESVILLE, Va., Sept. 14 -- The University of Virginia will
receive $750,000 over
the next three years and additional funding in the future from a trust
established by the estate of
E. Stuart James Grant, the late publisher of the Danville Register & Bee
newspaper.  American
National Bank and Trust Co. in Danville made the announcement as the trustee.
     A recent resolution of a court case involving the estate allowed the
Grant Charitable Trust
to begin distributing funds to U.Va. and eight other educational institutions
and charitable
organizations late last month.
      The trustee pledged $650,000 to establish a Jefferson Scholarship
beginning in the 1994-95
academic year for a student from the Danville-Pittsylvania County area,
according to James Wright,
director of the Jefferson Scholars program.   Danville area alumni will raise
an additional $50,000,
Wright said.
     Sponsored by the U.Va. Alumni Association, the Jefferson Scholars
program awards full
scholarships on the basis of personal merit to outstanding secondary students
from designated
regions around the state and country.  "We are elated," Wright said.  "It is
a wonderful way to
reward excellence for secondary school students in the Danville area."
     The University will receive an additional $100,000 from the trust over
the next two years,
in part to support an endowed professorship in the department of economics. 
The trust will
continue to distribute undesignated funds in the future and will also
consider proposals for certain
restricted funds.
     American National Bank and Trust Co. also serves executor of the estate
of Mrs. Grant, who
attended law school at U.Va.  The estate's main asset is the Register
Publishing Co., the corporation
that owns and operates the Danville newspaper.
                               ###
                                               September 13, 1993

 
Karen Castle, Office Services Specialist, University News Office
P.O. Box 9018, Booker House, Charlottesville, VA  22906
(804) 924-7116, kac@virginia.edu


[Submitted by: John Price-Wilkin (jpw@sansfoy.lib.virginia.edu)
               Tue, 14 Sep 1993 19:42:00 -0400 (EDT)]