CC receives $2.3 million for unrestricted financial aid
Colorado College has received more than $2.3 million from the James W. Austin Charitable Remainder Unitrust, which will go toward a scholarship fund providing unrestricted financial aid. The donation is the single largest life income gift in the history of Colorado College.
The funds will establish the James W. and Esther Austin Scholarship Fund, in memory of Austin and his wife. James W. Austin graduated in 1929 from Colorado College with a degree in geology.
The gift to fund the Unitrust was originally made in 1993. Austin received monthly payments from his Unitrust until his death in 1997; payments then went to beneficiaries, the last of whom died in August 2009. The remaining principal and interest of the Unitrust will now go to Colorado College to establish the scholarship fund.
Austin was an alumni trustee at Colorado College from 1958-60. He was awarded CC’s Louis Benezet Award in 1991 for outstanding professional achievements.