The Horatio Alger Association of Distinguished Americans, a Washington, D.C.-based nonprofit that recognizes the achievements of outstanding Americans and encourages youth to pursue their dreams through higher education, has announced an endowment gift of $30 million from Giving Pledge signatory and Horatio Alger member T. Denny Sanford.

The largest gift ever to the 71-year-old organization will establish the Horatio Alger-Denny Sanford Scholarship Program, a ten-year initiative that, starting with the 2019-20 academic year, will provide $3 million annually in scholarships to Alger scholars who choose to attend any of a dozen institutions selected by Sanford. Participating universities will receive a scholarship allocation from the $3 million total based on their current enrollment.

Institutions receiving up to $250,000 in scholarship funds annually from the program include the universities of South Dakota, Minnesota, and California at San Diego, as well as South Dakota State University, National University, Long Island University, and Arizona State University. Schools designated to receive up to $150,000 in scholarships annually, all of them located in South Dakota, include Augustana University (Sioux Falls), University of Sioux Falls, Dakota State University (Madison), South Dakota School of Mines and Technology (Rapid City), and Black Hills State University (Spearfish).

"When Denny Sanford became a Horatio Alger Member in 2016, he spoke of making the world a better place, and with this gift he is doing exactly that," said Terrence J. Giroux, executive director of the Horatio Alger Association. "We are grateful for his commitment to our scholars and we are honored to have the twelve selected universities under this new program as collegiate partners of the Horatio Alger Association."

(Photo credit: Horatio Alger Association)