- Associated Press - Wednesday, July 6, 2016

LYNCHBURG, Va. (AP) - Randolph College has received a $7.82 million gift.

Multiple news outlets report that college officials made the announcement Tuesday, saying the gift is the second-largest individual gift in the school’s history.

The gift was a bequest from late alumna Laura Maud Battle Winstead, a graduate of 1950, and her late husband, Emerson Clarence Winstead, both of North Carolina.

The Winsteads left the money for student scholarships, with a preference for students from North Carolina.

College president Bradley Bateman says the gift was a very pleasant surprise.

He says the school plans to invest the money alongside its endowment and use a small percentage each year for scholarships: possibly 5 percent, or about $400,000 per year.

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