Colby receives $16M gift as it continues capital campaign

File Photo / Maureen Milliken Colby College, in Waterville, recently received a $16 million gift, part of which will be used to expand financial aid.

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By Staff

Colby College has received a $16 million gift that will be used to expand financial aid at the Waterville school and fund an arts center and an athletic complex that are in the works.

The donation comes from Colby trustee Marieke Rothschild and her husband Jeff Rothschild, according to a news release Thursday.

Colby said $5 million of the gift will go toward efforts to make costs of attending the school more affordable for families of all income levels. Equal amounts will fund the planned Gordon Center for Creative and Performing Arts, expected to break ground this summer, and a new athletics and recreation center, slated to open later this year. Another $1 million will be reserved for future funding needs.

“This is a magical gift,” Colby President David A. Greene said in the release. “It accelerates the implementation of initiatives that better the lives of students and strengthen the college. It will also encourage others to join in at this important moment to guarantee Colby’s mission is met at the highest level.”

Colby, which has about 1,800 students, is in the midst of a capital campaign, dubbed "Dare Northward," to raise $750 million by June 2023. In November, the school said it had surpassed $500 million in contributions.