Guy Schoenecker, who was studying political science at the University of St. Thomas following World War II, also managed to create a modest business selling diamond rings to other undergraduates planning weddings.
That company evolved into BI Worldwide, a global business loyalty and incentive provider. Guy Schoenecker established a foundation about 25 years ago to support topics that he cared about.
On Thursday, the Schoeneckers Foundation made a substantial grant to the University of St. Thomas, the largest scholarship gift in the state’s history and one of the top five greatest donations to a Minnesota university.
Though they won’t reveal the dollar amount, St. Thomas authorities confirmed it’s more than $50 million; students will begin receiving scholarships from the monies next year.
“The need is great, obviously,” said Larry Schoenecker, Guy’s son and chair of the Schoeneckers Foundation, on the foundation’s decision to provide scholarships. The leaders of St. Thomas “tell us that scholarships are their greatest need right now and will be for some time.”
He stated that the cash will be used to provide general scholarships based on financial need at the discretion of the St. Paul-based university.
According to University of St. Thomas President Rob Vischer, the endowment will cover “a substantial portion of tuition” for 250 freshmen each year in perpetuity.
“It’s a tremendous encouragement in any field when you’re passionate about the work you’re doing and others come along to really accelerate … what you’re doing because they’re so passionate, too,” Vischer told the audience.According to Vischer, today’s college students are in greater financial need than students from 10, 25, or 50 years ago.
“So that put some pressure on [us] regarding the question, ‘Will we be able to keep St. Thomas accessible and affordable?'” Vischer stated. “A gift like this is a resounding ‘yes’ to that question.”
According to Vischer, St. Thomas is respecting the family’s desire not to reveal the sum.