Bill Gatton Foundation Donates $14 Million to King University
Bristol, Tenn. – King University has received an incredible boost to its scholarship funds thanks to a generous $14 million gift from the Bill Gatton Foundation. This donation, announced on Wednesday, is mainly aimed at supporting students from Northeast Tennessee and Southwest Virginia, reflecting Bill Gatton’s longstanding vision for expanding educational opportunities in the region.
King University President, Andy Tooley, enthusiastically shared the news with the community. “We are overwhelmed with gratitude to Mr. Bill Gatton and his foundation for this momentous gift, which has been thoughtfully structured to encourage others to join in supporting King,” said Tooley. This substantial donation is a testament to the foundation’s belief in the transformative power of education. **”The Foundation sees the incredible value in the power of education to transform lives,**” Tooley added.
Out of the total $14 million, a chunk of $4 million is earmarked for what the university has termed **”The Gatton Challenge.”** This part of the donation will be used for matching gift opportunities over the next two fiscal years. Essentially, the Bill Gatton Foundation will match any donations made by alumni, local businesses, or friends up to $2 million for each year in 2024 and 2025. This creative approach is designed to stimulate further contributions, multiplying the impact of the initial gift.
King University is inviting everyone connected to the institution to contribute to this matching gift challenge. These contributions can be designated for any team or academic program within the school, thus ensuring that a wide range of initiatives can benefit.
Bill Gatton, originally from Kentucky, was a philanthropist and entrepreneur who made a significant mark in various industries, from car dealerships to banking and real estate. He became a key figure in Northeast Tennessee after purchasing car dealerships in Bristol in 1967. Gatton lived in the area until his passing in 2022, leaving behind a legacy of generosity and community support.
King University plans to use the bulk of the funds to create scholarships. This allocation is especially aimed at students from Northeast Tennessee and Southwest Virginia, aligning with Gatton’s passion for providing educational opportunities in local communities. This targeted use of funds hopes to make higher education more accessible for students who might otherwise face financial barriers.
**”The Gatton Challenge aims to create a ripple effect,**” said Tooley. **”We hope this will inspire others to invest in our students and our community.”** The university’s goal is to leverage the $4 million matching fund to encourage others to contribute, thereby potentially doubling the impact of the donation.
The enthusiasm surrounding this announcement extends beyond the university itself. Local businesses and alumni are expected to rally around the initiative, spurred on by the matching gift opportunity. The potential for a $2 million match each year over the next two years provides a significant incentive for contributors.
Overall, this $14 million gift from the Bill Gatton Foundation is poised to have a far-reaching impact. Not only will it directly benefit students through scholarships, but it is also set to galvanize further community support through the matching gift challenge. It’s a win-win for King University, its students, and the surrounding community.
As Tooley summarized, **”This donation is more than just a generous gift; it’s an investment in our community’s future.** We are enormously encouraged and look forward to the multiplying effect these gifts will have on our university, its students, and the surrounding communities.”**
With this significant contribution, King University is well-positioned to broaden its support for students and enhance the educational opportunities available in Northeast Tennessee and Southwest Virginia. The King community is looking forward to seeing the full impact of Bill Gatton’s philanthropic legacy unfold over the coming years.
