Friendships Build a Scholarship

Inspired by friendships created five decades ago, Howard Stein made an extraordinary challenge to his classmates in the summer of 2024: He would give $71,000 to the Class of 1971 Scholarship as long as the rest of the class would match that amount, and if at least 25% of the class made a gift to the scholarship at any level. The result: 32% of the class made gifts and pledges totaling $88,885, easily surpassing the goal.

The terms of the challenge also meant that Peddie would transfer an additional $71,000 to the scholarship, resulting in a total of $230,885 in new funding added to an existing endowment of just over $100,000.

The Class of 1971 Scholarship was established in 2021 as the world was emerging from COVID isolation and as the class was preparing for its 50th Reunion. Richard Sachs stepped forward with a leadership gift that got it all going. A legendary craftsman known for making world-class bicycles, Sachs summed up his gift by saying, “It’s my turn at the pull,” referring to the lead cyclist who helps pull others along in the draft he creates. A handful of others joined in to build the initial $100,000 principal. Three years later, the Stein challenge further galvanized class support and connection. Every donor to the scholarship will receive a report every year telling them about the student receiving the scholarship.