Earl and Lanice Riopelle of Fort Worth, Texas, graduated from Kettering University in 1937 during one of the worst recessions in history. They likely experienced the struggles of Americans facing high unemployment rates first-hand. Now, the late Kettering graduates are making a gift to their alma mater in a period when college graduates face unemployment rates of similar proportions to the Great Depression.
The Riopelles bequested $1.2 million to Kettering University to establish post-baccalaureate courses to better prepare engineers for corporate management roles. The money will be used to develop new coursework and provide resources and library material for graduate-level classes.
According to Kettering provost Michael Harris, the funds will be directed to Kettering’s graduate program, continuing education program, and the department of business. He thinks the development of these programs will not only strengthen the university but also result in graduates who will be well-equipped to serve America in the current, trying climate. "Economic conditions now require stronger skill sets in international commerce, management and forecasting."
Kettering University officials told the Toledo news that the gift from the estate of Earl and Lanice Riopelle is one of the largest ever received by the school.
Notably, the gift comes in a period when most universities’ endowments are getting hit hard by the recession. According to a preliminary report for the National Association of College and University Business Officers and the Commonfund Institute, university endowments fell 10 percent on average in 2009.
Nonetheless, the Riopelles have made a sizeable contribution to Kettering University in the midst of recession. Their endowment could not only help start off the new year with more favorable giving trends for univiersites, but it could prepare students to find jobs in spite of dismal unemployment rates.
According to Career Builder, 23 percent of financial service employers plan to add full-time, permanent employees in 2010. The Kettering grads benefiting from improved courses on corporate management could be competitive applicants for these positions.
