Washington College Awarded $5 Million Grant to Pursue Business Department Accreditation
The JHC Foundation Awards $5 Million Grant to Invest in Pursuit of Accreditation by the AACSB
The JHC Foundation has awarded a $5 million grant to Washington College, one of the largest gifts in the institution’s 239-year history. School officials said the gift will enhance the overall student experience while accelerating the pursuit of accreditation for its Business Management department, a longtime goal.
President Michael J. Sosulski said the gift will provide direct investment to move the College’s business management program toward accreditation by the Association to Advance Collegiate Schools of Business (AACSB), positioning the program for long-term sustainability and impact.
“AACSB accreditation is widely recognized as the most respected credential for business and accounting programs around the world,” said Sosulski. “State university programs and business-focused private schools often are accredited, but only a handful of liberal arts colleges earn the distinction. Since achieving AACSB accreditation typically takes five to seven years, this is a truly transformational gift.”
Sosulski said the new grant meets half of a $10 million initiative that will also allow the College to endow key faculty positions in business management and provide upgrades to Daly Hall, the department’s home on campus. The proposed renovation will provide gathering spaces for students and faculty; modernized classrooms, including an expanded Brown Advisory Investing Room with Bloomberg terminals; and offices and conference areas.
Today’s historic donation is in addition to $500,000 the JHC Foundation granted to the Business Management Department in 2020, as well as a $1 million gift that was awarded by the Foundation in 2019, establishing The Warehime Fund for Student Excellence in Business. The Warehime fund supports activities and opportunities for students enrolled in a business management program, including advanced research techniques, both on and off campus. Warehime Fellows work closely with faculty mentors to produce high-quality academic research, with the aim of submitting their final products for publication in peer-reviewed journals and participation in academic and practitioner conferences, as well as case competitions.
“We are so fortunate to count the JHC Foundation among the leaders of the Washington College community,” said Sosulski, who joined the school in September. “Their work to further the strategic vision of the Business Management Department creates a remarkable legacy and affects our students, faculty, and staff right now, while also helping us to attract new students to our community each day.”
The business management major at Washington College will celebrate its 40th year next fall. The comprehensive program covers accounting, marketing, finance, organizational behavior, information systems, strategy, global business, corporate social responsibility, and nonprofit management. The portfolio of the department’s Brown Advisory Student-Managed Investment Fund has won first place in the value portfolio category at the renowned Quinnipiac Global Asset Management Education Forum for the past two years.
“The business program has proven over the last several years that we are able to recruit highly talented faculty by searching for colleagues who share our love of teaching, who desire rewarding interaction with students, and who are able to pursue successful scholarly projects with available resources,” said Susan Vowels, the Constance F. & Carl W. Ferris Associate Professor and Chair of the Department of Business Management at Washington College.
“AACSB accreditation will be a further proof point of Washington College's excellence to our greater community, our faculty and staff, and our students of today and tomorrow,” Sosulski said.