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.
St. Thomas receives largest scholarship gift to a university in state history
The Schoeneckers Foundation isn’t sharing how much it is giving, but it’s larger than $50 million.
The Minnesota Star Tribune
September 19, 2024 at 10:34PM
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.
Vischer said today’s college students have a greater financial need than students did 10, 25 or 50 years ago.
“So that put some pressure on [us] regarding the question, ‘Will we be able to keep St. Thomas accessible and affordable?’” Vischer said. “A gift like this is a resounding ‘yes’ to that question.”
Vischer said St. Thomas is deferring to the family’s wishes to not disclose the amount.
The family’s foundation also provided the main donation for the university’s Schoenecker Center, which opened last spring. The 130,000-square-foot center is dedicated to studying STEAM (science, technology, arts, engineering and mathematics). Other notable campus buildings bearing the family’s name include the Schoenecker Arena and the law library in downtown Minneapolis.
In honor of the latest gift, the Tommie North residence hall will be renamed Guy and Barbara Schoenecker Residence Hall North. A celebration on campus was held Thursday.
“St. Thomas had a big impact on his life,” Larry Schoenecker said of his father, who graduated in 1949. “He loved the school.”
The university has seen several significant donations in recent years, including $75 million for the Lee and Penny Anderson Arena and $50 million for scholarships from real estate developer Gerald Rauenhorst. The donation for the arena is believed to be the largest to any university in Minnesota.
Haji Osman Salad, 34, admitted to his role defrauding the U.S. government out of $19 million.
