FOR IMMEDIATE RELEASE July 17, 2000 CONTACT: Lisa Lacher, (515) 271-3119 CAMPAIGN DRAKE REACHES $153 MILLION DRAKE UNIVERSITY ANNOUNCES TWO GIFTS TOTALING NEARLY $10 MILLION Drake University President David Maxwell announced today that Drake has received two gifts totaling $9.6 million to Campaign Drake, the University's $190 million fundraising effort. One of the gifts is part of the estate of Edward H. Dahly, a retired farmer and business executive who died in 1992. Dahly, who was born and raised in rural Fillmore County, Minn., was chairman emeritus of Dalen Corp. Under terms of the estate settlement, Drake has received $4.6 million that has been designated for the Edward H. Dahly Scholarship Fund at Drake University. An additional $1.3 million from the Dahly estate came to Drake in 1994 as part of an earlier campaign. "This magnificent gift will provide financial assistance to many deserving young men and women for their education at Drake," President Maxwell said. "Mr. Dahly was a close friend of an assistant to Daniel Morehouse, who was president of Drake from 1922 to 1941. The assistant asked Mr. Dahly to remember Drake if he were in a position to consider an endowment to an educational institution. We're very grateful that he did just that." The second $5 million gift is part of the estate of Mary Collier Baker, a native of Fremont, Iowa, and the mother of Drake alumnus James Collier. Baker, who died in 1999, moved to Des Moines when she was 8 years old and graduated from East High School in 1922. She worked her way through Des Moines University, earning a bachelor's degree in mathematics and science. She taught high school business classes in Spirit Lake and Greenfield, Iowa, and later worked for the U.S. Department of Agriculture in Des Moines. "Mary Collier Baker had an intense love of learning that she imparted to her students, family and friends," President Maxwell said. "This tremendous gift she has made to Drake will extend that love of learning to even more people. Plus, it will provide scholarships that will enable many deserving students to attain a Drake degree." James Collier, a retired California school teacher who received his master's degree in education from Drake in 1970, said the gift reflects his mother's affection for Drake and her lifelong devotion to teaching and learning. Baker's gift totals $5 million and includes $1 million to establish the Mary Collier Baker Student Scholarship Fund. Another $1.5 million has been designated to support Drake's National Alumni Scholar Program by creating the Mary Collier Baker National Alumni Association Scholarship Fund. The gift also includes $500,000 for a scholarship fund for adult students and $500,0000 for a scholarship fund for international students. In addition to the $3.5 million designated for scholarships, Baker's gift provides $1.5 million to create and endow the Mary Collier Baker Chair in the School of Education at Drake. "It's a great honor to have an endowed chair, especially one funded by someone like Mary Collier Baker who dedicated her life to education," said Jamie Ferrare, dean of the School of Education. "We will conduct a national search to fill this new position with a highly qualified faculty member with expertise in the area of teacher education and preparation. Our students will benefit from this expertise and, once they graduate and begin teaching, so will their students. It's a true domino effect." Campaign Drake, which was launched in November 1997, has progressed steadily, President Maxwell said. At the end of Drake's fiscal year on May 31, total gifts and pledges to the campaign totaled $153 million, pending a final audit. The largest portion of Campaign Drake, $115 million, will fund endowments that ensure the long-term financial strength and stability of the University. The income from the endowment will help cover the costs of professorships, scholarships, lectureships, and academic program and faculty development. Campaign Drake also includes $43.5 million for facilities and other capital projects, such as an expansion of Olmsted Center, renovation of Drake Stadium, improvements to student housing, and enhanced facilities for academic support and information services. The Campaign also includes $16.5 million for special projects such as science laboratory equipment, special library acquisitions, academic program enrichment, alumni programs and fine arts events. In addition, the Campaign encompasses $15 million to underwrite the annual operations of the University.