George and Ruth Pingrey of Sac City have long had an interest in Buena Vista. George graduated from the Normal Training Division of the college in 1936, with a teacher’s certificate. He taught for five years before entering the military service. Ruth attended a church camp on campus during her high school years. Later their daughter, Cheryl, took summer school classes at BV and went on to get her master’s degree and her Ph.D. from Colorado University.

But the Pingreys were totally surprised — and delighted — by a Christmas gift they received in 1998. Printed on a sheet of holiday stationery was a proposal by their children to establish the George and Ruth Pingrey Endowed Scholarship Fund at Buena Vista University “to become a lasting symbol of recognition of George and Ruth’s commitment and deep interest in the lives of and education of young people.”

After the initial investment, their family has continued to build the Fund’s principal in commemoration of birthdays, anniversaries, and other holidays. Because they think the scholarship is such a great idea, the Pingreys have added to the Fund, as well.

"We're at the stage of life where we don't really need or want anything, let alone something to move around," said Ruth.

“Credit really goes to our daughter-in-law, who started working with endowments as a part of her job,” said Ruth.

By the end of 2000, the Fund’s principal had reached the minimum amount required to generate spendable income, meaning that the scholarship could be awarded beginning fall 2001. The first recipient of the scholarship is Leah Swanson, a sophomore in finance and banking from Alpha, Minn.

“We’re really excited about meeting Leah this spring,” said George, a banker for 55 years and a graduate of the School of Finance and Banking at the University of Wisconsin. The Pingreys own controlling interest in First Trust & Savings Bank at Aurelia, Cleghorn, and Marcus, and George is the chairman of the board.

The Pingreys were able to set the terms of their scholarship, which require the recipients to demonstrate financial need and maintain good academic standing, giving preference to finance or other business majors.

“I’ve been interested in these students taking finance. We have finance students intern in our bank each spring, and even our bank president, Scott Monical (’79), is a BV grad,” said George.

What started out as a Christmas gift has grown into so much more. With an endowed scholarship, the principal will never be spent, but will be used to generate earnings for scholarship funding into perpetuity. It is a gift that keeps on giving.

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