The Pennsylvania Academy of the Fine Arts has announced a $1million gift from the Philadelphia-based Maguire Foundation to create a scholarship fund for gifted emerging artists.

The gift will establish the James J. & Frances M. Maguire Scholarship for Artistic Excellence, a full-tuition scholarship for selected students entering PAFA between 2015 and 2018. Three students will receive the inaugural scholarships in the fall of 2015, with three additional scholarships awarded in both 2016 and 2017, and two scholarships to be awarded in 2018.

The Maguires are longtime supporters of the school. James Maguire is the founder and chairman emeritus of Philadelphia Consolidated Holding Corp., while Frances Maguire is a PAFA alumna and trustee. The couple previously made a naming gift to the school to establish the Frances M. Maguire Gallery in Honor of PAFA Faculty and have supported many PAFA students through the Maguire Scholars Program.

"PAFA is honored to offer the James J. & Frances M. Maguire Scholarship for Artistic Excellence, said PAFA president and CEO David R. Brigham. "PAFA has a two-hundred-year tradition of educating many of the most renowned American artists, and this new opportunity ensures our ability to continue attracting the most promising student artists. We are very grateful to the Maguire family and its foundation for this generous grant and the scholarship program it makes possible."