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Stevens Institute of Technology received a historic $21 million commitment from the A. James & Alice B. Clark Foundation.
The Hoboken-based university says the investment is the largest in its 155-year history. The funding will support a number of initiatives, including enhancing the Clark Scholars Program and launching the Clark Scholars Philanthropy Challenge Endowed Fund. It also includes a capital naming opportunity for a tower in the University Center Complex.
That space houses some 1,000 students and serves as a gathering place for the campus community. Stevens says that the A. James Clark Residential Tower will stand as a permanent symbol of the Clark Foundation’s impact on Stevens.
“This extraordinary contribution represents far more than financial support – it embodies the enduring legacy of a man who was my mentor and dear friend,” said Stevens President Nariman Farvardin. “The Clark Scholars Program produces graduates who exemplify Jim Clark’s values: integrity, hard work, commitment to excellence and dedication to humanitarianism.”
The late Clark was a successful business leader and philanthropist. The program identifies and supports students who embody those values that Farvardin noted.
The Clark Foundation is set to sunset in December of this year, which makes this commitment part of the foundation’s final chapter of transformational giving. The partnership between Stevens and the Clark Foundation began during Farvardin’s previous tenure as dean of the A. James Clark School of Engineering at the University of Maryland. When he met Clark, he was inspired by his philosophy of creating concrete connections between effort and opportunity.
Cultivating leaders
The investment marks the culmination of the longstanding partnership that has yielded a ton of positive results. Highlights include graduates of the program landing positions at leading companies, along with others who have earned fully funded Ph.D. fellowships at top institutions and more.
“I am profoundly honored to have been part of this transformational relationship, and I’m confident that decades from now, some of these Clark Scholars will return to Stevens to do for future generations what Jim Clark has done for ours,” said Farvardin.
“This historic investment reflects our deep confidence in Stevens and its commitment to cultivating the next generation of engineering leaders,” said Clark Foundation Board Chair Courtney Clark Pastrick. “We are proud to partner with an institution that so powerfully embodies the values of my father, A. James Clark and to ensure his legacy continues to shape lives for decades to come.”
I’m confident that decades from now, some of these Clark Scholars will return to Stevens to do for future generations what Jim Clark has done for ours.
– Nariman Farvardin, Stevens Institute president
Joe Del Guercio, president and CEO of the Clark Foundation, noted his time serving on the Stevens board of trustees.
“I know how deeply committed this institution is to academic excellence and developing students as leaders,” said Del Guercio. “This investment builds on that foundation, opening doors for future generations of Clark Scholars to thrive not only as engineers but also as leaders dedicated to strengthening their communities.”
