Valero Energy Corp.’s philanthropic organization is donating $2.5 million to support graduate students in engineering and business at the University of Texas at San Antonio (UTSA), the San Antonio Business Journal reported.
“This gift demonstrates the Valero Foundation’s commitment to education in San Antonio,” said Bill Klesse, chairman and CEO of Valero. “It is our hope that these scholarships will help people get a quality education and enable them to work at companies like Valero in the future.”
UTSA will request matching funds for the gift through the state’s Texas Research Incentive Program (TRIP) and, if approved, UTSA could receive $5 million in educational support.
The Texas Legislature created TRIP as a $50 million fund seven universities can use to request matching funds. Each of the seven universities in Texas are working to become the state’s next premier research university, also known as Tier One school, the San Antonio Business Journal reported.
UTSA will use the gift to establish two graduate fellowship funds-each endowed with $1.25 million-in both the College of Engineering and the College of Business, its fastest growing colleges in terms of student enrollment.
“The strategic vision that motivated this gift and its impact to change lives reflects Valero’s keen focus on building better communities,” says UTSA President Ricardo Romo. “Even in tough economic times, Valero again demonstrates leadership in philanthropy by investing in opportunities for San Antonio students to be successful.”