Grant to fund scholarships
Tuesday, October 11, 2011
The J.A. Wedum Foundation has presented St. Cloud State University with $116,000 to fund student scholarships.
Coborn Plaza, which includes the St. Cloud State Welcome Center and Coborn Plaza apartments – the university’s newest residential student housing – is owned by the Minneapolis-based foundation. The Wedum Foundation also has developed senior and student housing in Minnesota communities such as Buffalo, Rochester, Minneapolis, Fridley and Mankato. Jay Portz ’91, the foundation’s president, presented the check to St. Cloud State President Earl H. Potter III.
“The J.A. Wedum Foundation is a family enterprise and has strong ties to education and to St. Cloud State,” Portz said. “We are contributing net revenues from the property for the first year of operation.”
Coborn Plaza opened in August 2010. St. Cloud State leases the apartment space and in turn rents the units to students. As part of the lease arrangement, Wedum has agreed to contribute approximately half of the net revenue for scholarships, said Craig Wruck, vice president for University Advancement.
“The Wedum Foundation has strong roots in central Minnesota and a passion for partnerships with education,” Wruck said. “This arrangement has allowed us to provide state of the art facilities and services to our students.”