NJ college gets 1st million-dollar gift

June 16, 2011 5:20:02 PM PDT
Richard Stockton College of New Jersey says it has received its first $1 million gift.

Stockton President Herman J. Saatkamp Jr. said Thursday that the donors wish to remain anonymous.

Saatkamp said the funds will be used to support students facing exceptional financial hardship.

He said the money will be invested by The Richard Stockton College Foundation in a permanent endowment. College officials said the gift pushed the foundation's assets over the $14 million mark.