The sum represents 50 percent of the club's net profits during the past year, according to John E. Joyce '61, co-founder of the popular dining room and meeting place located in Boston's financial district. The club did more than $4 million in business last year, said Joyce, a member of the club's board of directors.
The gift will raise the club's scholarship fund to $351,000, and officials expect to provide grants to eligible Boston students when the endowment reaches the $500,000 level, as is expected in the coming year, Joyce said.
Joyce said the club's membership has grown from 1,400 at its opening in 1998 to a current total of 2,473. "That is a very significant number for a private club in this city," he said.
"I think it is also significant that the gift averages $142 per member. That is the result of a successful club and a well-managed facility.
"We have a special spirit at Boston College, and I knew when we started five years ago that our alumni and friends would support this project. It's good for them and good for the school."
The club made scholarship fund donations of $20,000 in 2000 and $68,000 last year. The club also generated enough income in its first two years of operation to retire the original construction debt of the facility, which overlooks the city of Boston from its location on the 36th floor of the Fleet Bank Building at 100 Federal Street.
The Boston College Club is a partnership of the Boston College Alumni Association and ClubCorp, a professional club management service.
The March 1 anniversary celebration, which will be a formal affair, will start at 6 p.m. and is open to all club members. In addition to the gift presentation, the evening's events will include a buffet, performances by Boston College student musical groups and a short speaking program.
- Reid Oslin
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