Gregoire appoints Opportunity Scholarship board

For Immediate Release: December 21, 2011

OLYMPIA -- Gov. Chris Gregoire today announced the board of directors for the state�s Opportunity Scholarship, a new endowment fund proposed by the governor�s Higher Education Funding Task Force and passed by the Legislature last session to ensure all Washingtonians have the resources needed to afford a higher education.

�This endowment will give kids who are struggling to afford college the opportunity to get the education needed to improve their lives, and the lives of their families,� Gregoire said. �There are many high school kids who just need to be given a chance. In return, we ensure our state and employers have the knowledge and skills necessary to keep our economy strong.�

The board will oversee the fund, which combines public and private dollars for higher education scholarships. The goal is to raise $1 billion by 2020.

Gregoire named the following individuals to the board:

o Jim Albaugh, executive vice president of The Boeing Company and president and chief executive officer of Boeing Commercial Airplanes;
o Theresa Gillespie, co-founder and managing director of Trilogy Partnership;
o Jerry Grinstein, co-founder and strategic director of Madrona Investment Group, and former chief executive officer of Delta Air Lines;
o Kimberly Harris, president and chief executive officer of Washington-based Puget Sound Energy, the utility subsidiary of Puget Energy;
o Mack Hogans, former Weyerhaeuser Company senior vice president;
o Jim Sinegal, founder, president and chief executive officer of Costco Wholesale Corporation; and
o Brad Smith, general counsel and executive vice president of Legal and Corporate Affairs at Microsoft.

Gregoire announced the board members at a press conference in Olympia, joined by Albaugh, Smith and Grinstein.

�These ladies and gentlemen find themselves with a real hands-on opportunity to help build the future of Washington,� Gregoire added. �They will build a scholarship fund so Washington�s most promising young people earn a four-year degree. At the same time, they will help assure our businesses have skilled, knowledgeable employees. I thank all of the new board members for stepping up and taking time from their successful and busy careers to help the people of Washington.�

�Washington has a distinguished history of innovation and world-changing achievement, and ensuring that legacy continues is important for a strong state economy and healthy aerospace sector,� said Albaugh. �Supporting and encouraging the young people who will invent the future is the most important investment we can make, and we are pleased to join Governor Gregoire and the business community in transforming education in Washington. The Opportunity Scholarship ensures students have access to an affordable college education, and it sends a powerful message to our next generation of leaders: We're with you.�

�Our goal is clear � to raise the money that will enable more kids in Washington state to go to college,� said Smith. �We need to ensure that a college education is accessible to hard-working students of all economic backgrounds. We have a unique opportunity for the private and public sectors to come together and make that dream a reality for families across our state.�
Boeing and Microsoft each pledged to give $25 million to the fund over the next five years. The state�s goal is to match these pledges to bring the fund�s total to $100 million.

The board�s duties include overseeing and guiding the fund, fundraising and selecting the nonprofit program administrator. It will also set guidelines for the Expansion Program, which will provide grants to fund innovative college and university proposals to increase the number of students graduating with degrees prepared to enter high-demand fields, like science, technology, engineering and math.

The governor appoints all seven board members, who will serve four-year terms.

The Opportunity Scholarship will provide help to students in families who earn up to 125% of the median family income. The current state need grant only reaches families with 70% of the median family income, or $57,000 for a family of four.