Private donors bail out state college

Friday, Oct. 19, 2001 | 10:44 a.m.

FALLON -- The proposed Nevada State College at Henderson received a major boost today with the announcement that more than half a million dollars has been raised in private funds to allow planning to continue toward opening the school next year.

Bill Martin, president of Nevada State Bank and president of the college foundation, said that the foundation had raised slightly less than $500,000 as of Tuesday night. He added that a total of $565,000 has been secured "so the college can go forward."

Martin said the money was raised in 24 hours from 10 to 12 donors. The smallest amount was $25,000 and the largest amount was $50,000, he told the Board of Regents during a meeting this morning.

He said the target of $565,000 will be reached in the next few days. The foundation will then turn its attention toward raising money for long-term projects such as buildings, Martin said.

The identities of the donors were not disclosed at today's meeting of the regents. The donated money means that it will no longer be necessary to ask for a loan for the college.

A proposal was supposed to go before the board today to ask the Legislature for $565,000 from the state's portion of estate tax funds. Regents have now canceled that request.

The college had asked the 2001 Legislature for $1 million in planning money to hire necessary staff for this year to get ready for the opening next year, but the bill failed.

The Board of Regents earlier this year agreed to loan the college $700,000 from the estate tax but the Legislative Interim Finance Committee tabled that recommended agreement at its last meeting.

College President Richard Moore said in light of the Sept. 11 terrorist attacks, he felt it was necessary to raise private funds to get the college moving.

The money will be used to hire a vice president of academic affairs and other key staff personnel to help set up the curriculum. The state has set aside $5 million for release to the school for operating costs after it opens in September 2002.

Moore has had great trouble raising money for the college. The $565,000 will help start the stalled college but Moore estimates that the college needs a total of $3 million this year to get it opened properly.

Sun reporter Jennifer Knight contributed to this story.