Maryville College in Tennessee has announced a $15 million bequest from the estate of alumnus Dan McGill and his wife, Elaine, to create a scholarship fund for talented and deserving students.
The largest gift ever received by the college will endow a $14 million fund in support of scholarships awarded in Dan McGill's name and that of the couple's daughter, Melanie. The first scholarships will be awarded in 2019, the college's bicentennial. The gift also includes $1 million in support of Anderson Hall, the oldest building on campus, with the first floor of the building to be named the McGill Family Floor.
Dan McGill, who passed away in 2013, majored in economics at Maryville and graduated in 1940. After serving in the Army Air Corps during World War II, McGill earned a doctorate from the University of Pennsylvania, where his research focused on life insurance. Considered an authority on the pension industry, McGill began his teaching career at the University of Tennessee, Knoxville and later joined the faculty at the University of North Carolina at Chapel Hill before resuming active service during the Korean War. Following his military service, he taught at the University of Pennsylvania and was named the first Frederick Eckert Professor of Life Insurance in 1956. He chaired the Insurance Department for the Wharton School of Finance for nearly twenty-five years and served as a consultant to the Board of Governors of the Federal Reserve for almost twenty. Elaine McGill died last July.
"Dr. McGill was deeply involved in the life of the college for seven decades and, as a former chairman of the college's board of directors, understood the power of a transformational gift better than most," said Maryville College board chair Mary Kay Sullivan. "Maryville College will be a much stronger institution because of his foresight and his and Elaine's incredible generosity."