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FOR IMMEDIATE RELEASE
No. COC-10.19.09-OsherDonation
October 19, 2009
Western Filter Establishes Endowment at College of the Canyons
The College of the Canyons Foundation has received a donation of more than $13,000 from Western Filter, a division of Donaldson Company (NYSE:DCI), which when combined with matching funds from the Foundation for California Community Colleges (FCCC) will establish a permanent scholarship endowment for students pursuing careers in manufacturing technology at the college.
The donation from Donaldson is the college’s first gift to receive a 50 percent donation match from the FCCC Endowment, which was established in May 2008 with a $50 million commitment from The Bernard Osher Foundation.
With a matched commitment of more than $6,000, the newly formed $20,000 Donaldson Western Filter Joe Novotny Scholarship Endowment -- named in memory of Joe Novotny, former General Manager of Western Filter -- will provide annual scholarships in the amount of $1,000 to students enrolled in manufacturing technology courses and programs at College of the Canyons.
Located in Valencia, Western Filter was considered to be the nation’s largest independent manufacturer of liquid filters for the aerospace and defense industries when it was acquired by Minneapolis based Donaldson Company, Inc., itself a leading worldwide provider of air and liquid filtration systems, in October 2008.
By establishing the Donaldson Western Filter Joe Novotny Scholarship Endowment the Company hopes to promote careers in the manufacturing technologies industries, while providing financial support to students showing both academic promise and demonstrated financial need.
“We anticipate that these funds will help students receive the necessary training to prepare them for manufacturing careers in the local community,” said Sheila Peyraud, General Manager, Aerospace and Defense at Donaldson Company.
The FCCC endowment is a permanent fund that provides scholarships of up to $1,000 annually to students who have already completed 24 units of study, are enrolled in at least six units for the current semester and who qualify for a Board of Governors fee waiver.
The endowment combines the historic $50 million commitment from the Osher Foundation -- including an upfront gift of $25 million -- with a three-year match fundraising campaign involving all 110 California Community Colleges.
Each year only the endowment’s investment earnings will be used to provide student scholarships, leaving the principal in the account to remain earning interest. Through this campaign, the endowment will ultimately grow to $100 million and provide scholarships for thousands of students on an annual basis.
“Normally scholarship money is raised, awarded and expended in the same year. But with an endowment, your contributions will be here helping to make a difference in students lives for many years to come,” said Murray Wood, COC Chief Development Officer. “Endowments are the gifts that keep on giving.”
For more information about the California Community College Endowment Fund or to find out how to make a donation please contact Murray Wood at (661) 362-3433.
About Donaldson Company:
Donaldson is a leading worldwide provider of filtration systems committed to satisfying its customers’ needs for filtration solutions through innovative research and development, application expertise and global presence. Donaldson employees contribute to the company's success by supporting customers at our more than 100 sales, manufacturing, and distribution locations around the world.
Donaldson is a member of the S&P MidCap 400 and Russell 1000 indices, with shares trading on the NYSE under the symbol DCI.
Additional information is available at www.donaldson.com.
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