Endowed Scholarship Support Through Soundbreaking
Scholarship support is a top priority for Soundbreaking. An anticipated outcome of the $100 million campaign is to direct half of the funds raised to scholarships. Berklee is honored to announce the establishment of three new endowed funds, which together generate more than $3 million in campaign support.
Recognizing the tradition of musical excellence at Berklee College of Music, and to ensure that the college continues its role as a leading institution for contemporary music education, John Connaughton and his wife, Stephanie, recently established two endowed funds at Berklee. As the managing director of Bain Capital LLC, Connaughton serves on several private and public boards and is a former member of Berklee’s board of trustees. Bain Capital has served as a presenting sponsor for Berklee’s Encore Gala for more than a decade. Through his involvement with Berklee, Connaughton has offered business experience, networking opportunities, recording industry knowledge, and a special enthusiasm and love for music. In his own words, “The excitement and energy of Berklee is infectious,” Connaughton says. “I believe the school has a unique role to play in contemporary music and significant advantages in developing and promoting new and existing contemporary genres. I also believe that it is a unique asset in the Boston community that can be leveraged for community outreach to support the school and community. It should be more prominently featured and understood as an asset that makes Boston great.”
The newly established Connaughton Endowed Scholarship Fund will benefit not only Berklee students who are financially and academically deserving, but more importantly, those that carry the potential to make a significant contribution to society through music. Each year, Berklee’s scholarship committee will select students to receive this scholarship award, taking into consideration the college’s endowment-spending rule.
In addition to the endowed scholarship fund, the Connaughton Endowed Fund for BerkleeICE will provide an annual source of funds to support the newly founded Institute for Creative Entrepreneurship at Berklee (BerkleeICE). Given the dynamic nature and fast-pace of today’s music industry, developing the entrepreneurial mindset among students, faculty, and alumni is at the forefront of BerkleeICE. Through the institute, students can access an online and on-campus curriculum where music and academic collaboration are catalysts for creative innovation. They will research projects aimed that rethink the future of music, attend creative entrepreneurship workshops, enjoy guest lectures by successful innovators, disrupters, and entrepreneurs, and take part in internship fellowships at industry-leading companies. Monies from the Connaughton Endowed Fund for BerkleeICE will be distributed at the discretion of the institute’s managing director, Panos Panay ’94, and will encourage essential and nimble responses to the changing industry and needs of students and faculty. As with all endowed funds, the annual income level will be determined by the endowment-spending policy.
Berklee is honored to welcome a new donor into the fold with the establishment of the Hostetter Endowed Scholarship Fund. This gift has been made through generosity of Barbara and Amos Hostetter, longtime champions of artistic, cultural, educational, and environmental causes in Boston. Together, the Hostetters serve as board members at many prominent institutions, such as the Isabella Stewart Gardner Museum, WGBH, the Museum of Fine Arts, Boston Symphony Orchestra, Amherst College, North Bennet Street School, and Belmont Hill School. In 1997 the Hostetters established the Barr Foundation, now recognized as the largest source of nonprofit funding in the region. Their endowed fund at Berklee will provide additional scholarship support for deserving and talented students. With this increase in scholarship support, Berklee will strengthen its ability to attract and retrain students from diverse backgrounds by reducing financial barriers and rewarding truly exceptional talent. Berklee is extraordinarily grateful for the generosity of Barbara and Amos Hostetter and looks forward to a productive, enduring, and meaningful partnership for many years to come.
With generous support from donors such as the Connaughtons and Hostetters, Berklee has been able to maintain strong momentum beyond the first year of the Soundbreaking campaign. These kinds of gifts ensure that unbelievably talented students from around the world will have the opportunity to study at Berklee, now and in the future. Endowed scholarships not only create a lasting legacy on behalf of the donor but also serve as the foundation for the future of the college.
Emma Stapleton is Berklee’s director for corporate and foundations relations