Stevens Institute of Technology announced it has received a $15 million endowment, the largest in the school’s history, to provide financial support for undergraduate students that are considered underrepresented in the field of engineering.
The endowment came from the A. James and Alice B. Clark Foundation, an organization that honors the legacy of A. James Clark, an engineer and philanthropist who served as president for Maryland-based Clark Construction Group LLC.
Stevens’ President Nariman Farvardin noted that Clark was a friend.
“Mr. Clark was an inspiration, a mentor and a friend to me,” Farvardin said in a release. “ I am profoundly honored that this program — a symbol of his legacy — will benefit current and future generations of deserving and talented Stevens engineers.”
The $15 million endowment is part of a larger trend across the state of New Jersey of higher education institutions amplifying their efforts, and providing more opportunities for success, in STEM fields.