UMaine Foundation gets $7.9M gift
The University of Maine Foundation has received a $7.9 million gift from the estate of alumnus Thomas Hosmer, the third-largest single gift to benefit the university.
The gift will primarily support maintenance projects at the University of Maine, according to a press release. According to foundation President and CEO Amos Orcutt, more than 90% of the gift is designated for the Thomas P. Hosmer Fund, an endowed fund established at the foundation in 2005 to provide supplemental income for maintenance and repairs that would not otherwise be done due to budget limitations. The remainder of the gift is designated for an endowed scholarship and an endowed lab to benefit the University of Maine Department of Mechanical Engineering that are both also in Hosmer's name.
Hosmer graduated from the University of Maine in 1958 with a degree in mechanical engineering. He spent the majority of his career as a consulting engineer for Arthur D. Little in Cambridge, Mass. He died in May 2011.
The University of Maine Foundation is a separate nonprofit organization with offices in Orono and in Falmouth. It has nearly $200 million in assets.
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