CONWAY, S.C. (WMBF) – Administrators with Coastal Carolina University announced Tuesday the college has ended its relationship with an anonymous donor who pledged a $95 million planned gift to the school.
“The University/donor relationship surrounding such substantial amounts of money is complex and normally includes some baseline expectations of the University and the donor,” CCU said in a statement. “Unfortunately, the donor, who will continue to remain anonymous, has not fulfilled an early expectation of the arrangement causing the University to reevaluate and ultimately terminate the agreement.”
Back in July, the university announced that it had secured a $95 million planned gift from the donor. A planned gift means that language in the donor’s will or trust specifying that a gift will be made to an individual or organization as part of an estate plan. Planned gifts are most often granted once the donor has died.
The school said the money would provide unprecedented funding for CCU’s academic and athletic programs.
“While we are disappointed this gift will not come to fruition, we remain excited to work with donors to positively impact the future of Coastal Carolina and its students,” university officials said Tuesday.