The University of Maine Foundation has received more than $2 million from the Veronica Pendleton estate to fund the Raymond K. and Veronica Pendleton Fund at the University of Maine. Mrs. Pendleton created the fund several years ago with a plan to provide an eventual gift from her estate.
The bequest gift to the Raymond K. and Veronica Pendleton Fund was announced at the University of Maine Foundation’s annual meeting and luncheon Oct. 16 by foundation President Jeffery Mills.
The endowed fund will provide monetary support to students who choose to study forestry, agriculture or marine sciences in the College of Natural Sciences, Forestry, and Agriculture. It is expected that the fund will provide $100,000 in scholarships annually.
“Our work at the foundation is very rewarding on a day like today, when you have assisted someone in planning a legacy and witness it become a reality,” says Mills. “University of Maine students will benefit from this generosity every semester, in perpetuity.”
The scholarship will be awarded to undergraduate students who demonstrate financial need or academic excellence. During even-numbered years, a preference shall be given to students studying agriculture or forestry, and during odd-numbered years to students studying marine sciences.
“The college is delighted to receive the Pendleton bequest. It will assist students who will become future natural resources managers in sectors important to Maine’s economy and quality of life,” says Edward Ashworth, dean of the College of Natural Sciences, Forestry, and Agriculture.
Mrs. Pendleton, who passed away in August 2014, established the planned gift at the University of Maine Foundation. She and her husband, Dr. Raymond Pendleton, who attended UMaine, lived on Islesboro for many years.
Distribution of the fund, which will be administered by the UMaine Office of Financial Aid, will begin for the fall 2016 semester.