Hood College in Frederick has been given a financial boost worthy of note, even though the school can't tap the resource for 20 years. Regardless of restrictions, obtaining a development-ripe farm worth $6.3 million today is a significant gift for any institution.
The arrangement will rank easily as one of largest private donations to a college nationally this year (it would have been the eighth largest overall and largest for a women's college in 1990, according to the latest full-year figures). And it is the largest donation that Hood College, which has a $32 million endowment, has received in its 98-year history.
Hood's benefactors are Floyd and June Bowman, dairy farmers in their 70s, whose 170-acre property adjoins Frederick's airport, across town from the college campus. In a deal worked out through their Realtor, the farm is likely to be sold by the college. Proceeds will go to a trust to support the Bowmans for 20 years, when the assets will become part of the college's endowment.