The University of Virginia’s College at Wise (UVA Wise) announced a historic investment in its students, programs and facilities.
The Bill Gatton Foundation gifted the College $11.2 million to establish funds to support multiple key initiatives at UVA Wise.
Located in Bristol, the Foundation honors the life and many impacts of Carol Martin “Bill” Gatton, a highly successful businessman and investor, generous philanthropist and bridge builder who not only led successful businesses in several states but did so for the purpose of making gifts to help future generations to succeed.
The gift, which is the largest single gift in UVA Wise’s history, will have an impact of $15.7 million as the University of Virginia’s Bicentennial Scholarship program will match portions of the generous donation.
The Foundation’s investment will create six endowed funds and support:
The Chancellor’s Greatest Needs Fund, which includes the naming of the C.M. “Bill” Gatton Hospitality Suite and the C.M. “Bill” Gatton Chancellor’s Seating Box in the David J. Prior Center.
The naming of the Bill Gatton Department of Nursing.
The naming of the Bill Gatton Department of Technology Management and Data Analytics and, once constructed, the Bill Gatton Technology and Data Analytics Hall.
The creation of the Bill Gatton Scholars Program, which includes three incredible new scholarship funds: the Bill Gatton Academic Scholarship, the Bill Gatton Athletic Scholarship, and the Bill Gatton Technology & Data Analytics Scholarship. These particular funds will be matched by the University of Virginia’s Strategic Investment fund at $4.5M.
Create the Rachel Clay-Keohane Mathematics Fund to honor the former star basketball player and head coach of the UVA Wise women’s basketball team, member of the UVA Wise Hall of Fame, and long-time faculty with the UVA Wise Department of Mathematics.
And, finally, the gift includes support and naming on the Bill Gatton Softball Field.
“To say this gift will be transformative doesn’t really capture the monumental impact that it will have,” says Donna P. Henry, UVA Wise’s Chancellor. “Every future student at the College will benefit from this gift.”
The Bill Gatton Foundation trustees’ generosity ensures Bill Gatton’s legacy will live on at UVA Wise.
“I had the good fortune to have spent some time with Mr. Gatton and it was immediately clear why he had been so successful. Mr. Gatton was incredibly smart, funny, and dedicated to making life better for others. We are honored to carry forward his legacy,” Chancellor Henry concludes.
The Bill Gatton Foundation gifts, along with the matching funds, will add another $15 million to our endowment, which currently sits $166 million dollars.
“We are deeply grateful to The Bill Gatton Foundation trustees for the generosity to UVA Wise,” said Valerie S. Lawson, vice chancellor for advancement and alumni engagement at UVA Wise. “These funds will be game changers for our students and institution, and we look forward to seeing the impact of Mr. Gatton’s legacy.”
A native of Kentucky, Carol Martin “Bill” Gatton possesses an entrepreneurial spirit and an eye for successful business ventures that began when he was only 8 – selling watermelons on the side of the road. He progressed up the ladder from there.
After graduating as valedictorian of his high school class, he enrolled at the University of Kentucky to study business administration and economics.
As a sophomore Gatton began working part time in automobile sales where his perseverance quickly resulted in success. Following a stint as an officer in the United States Army, Gatton pursued an M.B.A. in finance and banking at the Wharton Graduate School, University of Pennsylvania.
From there, Gatton renewed his interest in automobile dealerships and in the banking industry, broadening his business investments along the way. Gatton invested in banks in Kentucky and Indiana over the years. He served as Chairman of the Board for Area Bancshares based in Owensboro, KY. Under his leadership, Area Bancshares became the largest bank holding company headquartered in Kentucky. Area Bancshares was sold to BB& T in 2002. Today, in addition to Tennessee, he has business interests in Alabama, Kentucky and Texas.
He is a recognized philanthropist in higher education. The Univeristy of Kentucky’s College of Business and Economics building proudly bears his name. One of the reasons for Gatton’s generosity to institutions of higher education is because as he says, “I truly believe education expands one’s vision and self-confidence.”
For East Tennessee State University, he has generously supported many academic and athletic opportunities over the years.
“Pharmacy is a great career opportunity for young people. Prospective students will be able to attend ETSU without going all the way to Memphis for their education. We have an aging population, and trained pharmacists are essential for the health care of our older citizens. Also, the new College of Pharmacy will be a great boost to the economy of this region,” Gatton said.
Over the years, Gatton has been known for his numerous community and regional affiliations including the Bristol Chamber of Commerce, Bristol Rotary Club, Salvation Army, Humane Society, and Bristol Boys and Girls Clubs, among others. He has garnered a number of awards and honors including the ETSU Foundation Margin of Excellence Award.