Alum gives $1 million

  A UVM alumnus and his family have donated $1 million to the University to be used for scholarships.   Donald McCree, class of ‘83, announced he was making the donation at the annual Scholarship Luncheon held during Reunion and Homecoming Weekend in October.   The gift will be spilt equally between UVM’s general scholarship fund and the McCree Family Scholarship Fund, which was created in 2006 when the family donated $500,000.   During the announcement, McCree cited his strong admiration for UVM as the motivation for his generosity.    “Simply said, I just love this place,” McCree said at the luncheon.    Additionally, McCree said he hopes his gift will inspire others to support UVM.  The timing of his donation was intended to draw attention to the newly formed UVM Foundation, according to Richard Bundy, president and CEO of the Foundation.   McCree is CEO of Treasury Services for J.P. Morgan Chase, and is a member of the Foundation’s Board of Directors and serves on the Finance and Investment Committee.   The UVM Foundation is a private nonprofit whose mission is “to secure and manage private support for the benefit of the University of Vermont,” Bundy said in an email.   Under the new framework, the UVM Foundation will handle all private donations, instead of having them flow directly into the University’s General Fund.    By streamlining this process, Bundy says that donations will be more efficiently spent and overhead costs will decrease dramatically.   The Foundation was approved by the Board of Trustees in March 2010, and was recognized as a non-profit by the Internal Revenue Service in September 2011.  The Foundation will begin receiving gifts on January 1, 2012, according to Bundy.