DANVILLE, Ky., Sept. 9 (UPI) -- Centre College, a small liberal arts school in Kentucky, will not be receiving a whopping $250 million scholarship donation announced earlier this year.
School officials said Monday the award, from the A. Eugene Brockman Charitable Trust, was "linked to a significant capital market event, which put considerable time pressure on efforts to structure the gift and the proposed scholarship program."
"In the end, the parties determined that it was not possible to finalize these matters and get the required approvals from both sides in the time available," the school said in a statement.
The $250 million would have offered 40 full scholarships, including four-year tuition, room-and-board, textbooks and money for recipients to study abroad or take internships. It was to be made available to students studying math, science or economics with the hope of fostering a new generation of entrepreneurs and job-creators, WKU public radio said.
The New York Times said the $250 million gift would have been the largest ever to a liberal arts college in U.S. history.
Centre College, located in Danville, Ky., south of Lexington, has a student population of 1,400. Though small, it's well respected among liberal arts schools. It was chosen to host the 2012 vice presidential debate.
