A liberal arts college in Galesburg now has the largest endowment in its history. This week, Knox College announced last year's donations helped the fund reach $111 million.
More than 8,000 alumni and others gave $14 and a half million to Knox for a variety of funds, including the endowment. That includes a $5 million gift from Dick and Joan Whitcomb, the largest donation the college has ever received from living alumni. Their contribution will pay for a new art building.
Knox College plans to use part of the money for various renovation and expansion projects on the Galesburg campus.
The college also says private donations are now the second largest source of income, after tuition. Endowment income is now third.