Family gives record-setting donation to liberal arts college

A family with deep ties to a Maine college has made history with their donation.

The Portland Press Herald reports that Alison Grott Bonney and Michael Bonney donated $50 million to Bates College. Campus officials say the gift is the largest school history.

The gift is part of Bates' five-year, $300 million capital campaign. University president Clayton Spencer says the effort will be "transformational for Bates".

A school spokeswoman says the liberal arts college has raised $168 million toward the effort.

The Bonneys' gift will go toward building new facilities and campus renovations for STEM buildings.

Bonney and his wife graduated from Bates in 1980. The economics major went on to work in the pharmaceutical industry. Michael Bonney's grandfather and the couple's three children all graduated from Bates, as well.

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Information from: Portland Press Herald, http://www.pressherald.com