While studying political science at the University of St. Thomas after World War II, Guy Schoenecker also managed to start a small business selling diamond rings to fellow undergraduates hoping to get hitched.
That business grew into BI Worldwide, an international business loyalty and incentive company. About 25 years ago, Guy Schoenecker set up a foundation to give back to causes he valued.
On Thursday, the Schoeneckers Foundation gave the University of St. Thomas a generous donation — the largest scholarship gift given to a university in the state’s history and among the five largest-ever donations to a Minnesota university.
Though they’re not sharing the dollar amount, St. Thomas officials said they can confirm it’s larger than $50 million; students will start getting scholarships from the funds next year.
“The need is great, obviously,” said Larry Schoenecker, Guy’s son and chair of the Schoeneckers Foundation, of the foundation’s decision to give money for scholarships. St. Thomas officials “tell us that scholarships are their greatest need right now and will be for some time.”
The funds are for general scholarships based on financial need at the St. Paul-based university’s discretion, he said.
The endowment will cover “a substantial portion of tuition” for 250 St. Thomas undergraduates every year into perpetuity, University of St. Thomas President Rob Vischer said.
“It’s a tremendous encouragement in any field when you’re passionate about the work you’re doing and others come along to really accelerate ... what you’re doing because they’re so passionate, too,” Vischer said.
