GAINESVILLE, Fla. — When former teachers Bill and Robbie Hedges saw their 2005 donation of almost $2 million to the University of Florida’s College of Education drop in value during the global financial crisis in recent years, they feared the education research supported by their gift would suffer from the reduced funding.
College officials announced today that the retired Gainesville couple has added another $63,000 to their endowed research fund to restore its value to previous levels.
“We had hoped our gift would grow (through the university foundation’s investment program), but the stock market tanked shortly after we made it,” said Bill Hedges, a retired professor emeritus at the College of Education. “We had some stocks that appreciated, so we decided to add another contribution to make up for the loss. We wanted to keep the research fund strong.”
Hedges and his wife committed more than $1.9 million to the college six years ago to support research aiding slow learners. It was the second largest individual donation ever made to the College of Education. Their gift was made in the form of a charitable remainder trust, which provides them with a variable income for life until the trust terminates, when the remaining assets will be transferred to the college.
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