It’s been more than four decades since Elizabeth Vaughn Jacobs Earp donated Wesley College about $50,000 to be only used for student loans. But because shortly afterward the College decided to stop giving out loans, it moved the money into its endowment fund. Since 1977, the money has grown into nearly $2 million. Last fall, the Board moved the money from the endowment into the College’s operating income, reducing Wesley’s endowment. The College needed the money to remain in a good financial position, said Dr. James Wilson, associate professor of music. He also is a liaison to the Board of Trustees.
http://www.whetstone.wesley.edu/2020/03/16/college-moves-scholarship-fund-into-budget-to-stay-afloat/
