McKay's Estate Leaves University $8,600,000

Over $8,600,000 has been turned over to the President and Fellows, the University announced last night, as the final major addition to the 40-year-old Gordon McKay Endowment for the applied sciences.

The gift came to the University following the death of the last of the men who held life interests in McKay's estate. The University had already received over $7,100,000 from the estate.

In announcing the receipt of the gift, President Conant reported that the Corporation had decided to study the entire field of applied sciences and engineering. Conant has already appointed a special committee of scientists and businessmen from outside the University to conduct this study. The group has begun its work toward the preparation of a private report for the President.

Engineering Sciences

Some $6,600,000 of the $15,700,000 now in the McKay Endowment has not yet been allocated. Two million dollars of the new funds have already been given to the Faculty of Arts and Sciences for the Department of Engineering Sciences and Applied Physics which was established in 1946.

In the past, the McKay Endowment has been mainly devoted to the engineering sciences.

The McKay gift was announced in a quarterly statement of donations to the University. This list inaugurates a new policy of acknowledging gifts every three months. Up to this time, the President has reported the contributions in his address on Commencement Day.

Besides the McKay money, Conant announced gifts of more than $1,300,000 in the period from July 1 to September 30.