October 19, 2009
In recognition of a generous donation from lifelong Terre Haute residents, the Indiana State University Foundation has recommended the university's governing board name the ISU College of Business in honor of Donald W. Scott.
"I was in business for 45 years in Terre Haute. Our hope is that people from Indiana will come to the Scott College of Business at Indiana State and then stay in Indiana after graduation," Scott said.
"As we are nationally recognized for our programs, the College of Business is a great center for learning," said Nancy Merritt, dean of the college. "The generous support of the Scotts will support the legacy of our commitment to excellence at Indiana State."
A major construction and remodeling project in the former Terre Haute federal building is creating the new home for the Scott College of Business. Located at the corner of Seventh and Cherry streets, the building stands near the historical "Crossroads of America." It housed the U.S. Post Office, federal offices and courtroom.
"The courtroom is spectacular," Scott said, adding that it will make an impressive space for speakers, presentations and other campus-wide events.
"I am very appreciative that Don and Susan Scott have the confidence in the College of Business and Indiana State University to put their name and resources into these programs," President Daniel J. Bradley said. "This is a historic event for Indiana State, and I am pleased that the institution's first named college will have such a great local connection."
Scott began his business career at Home Packing Co. in Terre Haute but spent four decades in the insurance industry with the Sycamore Agency, now Old National Insurance. At the time of his retirement in 2003, Scott was chairman and chief executive officer of Terre Haute's Old National Insurance, one of the state's largest independent insurance agencies. Old National Insurance is in the top 15 in the country for bank-owned insurance agencies.
Indiana State's insurance and risk management program is one of the top-ranking programs in the country. Last year, Risk Management Magazine featured Indiana State as part of a tribute to eight of the nation's most distinctive programs.
"The insurance program is one example of where the Scott College of Business may not be the biggest in the nation but it could be the best. I hope we can help find those niches for Indiana State," Scott said.
The college has received international accreditation by the Association to Advance Collegiate Schools of Business, representing the highest standard of achievement for business schools worldwide. Additionally, the college's financial services program has been designated as one of only two Programs of National Distinction at Indiana State.
Undergraduate students in the college gain practical hands-on experience in addition to traditional classroom work by participating in the award-winning Sycamore Business Advisors program, which pairs students with local businesses or community service organizations to offer strategic consulting.
Knowing how to build a business successfully is nothing new to the Scotts. Susan Scott's great-grandfather, John A. Templeton, emigrated from Scotland to work in Indiana coal mines. He went on to own mines himself with the founding of Templeton Coal Company, Inc., still in business today in Terre Haute. Don Scott's dad started out at Home Packing wrapping bacon as a teenager and worked his way up to being president and majority owner. Being third- and fourth-generation Terre Hauteans and having ties to the business world helped draw the Scotts to this opportunity at Indiana State.
Don Scott is also a longstanding supporter of the university, including his service on the ISU Foundation Board of Directors.
"Our hope is that our gift can inspire others to give to such a worthy institution," Scott said.
The Scott College of Business is expected to move from its current home in Statesman Towers to the federal building in the fall of 2012.
Photo: http://isuphoto.smugmug.com/photos/215130036_MVayz-S.jpg -The former federal building in downtown Terre Haute will become the new home of what will be known as the Donald W. Scott College of Business, if ISU trustees approve a recommended name change.
Contact: Gene Crume, president, Indiana State University Foundation, 812-237-3777 or firstname.lastname@example.org
The Donald W. Scott College of Business would become ISU's first named college under a proposal that will go before the university's board of trustees on Friday, Oct. 23. The ISU Foundation is recommending the name in recognition of a generous gift from Scott and his wife Susan.