Albion College gets $10 million with no strings attached, the largest outright gift in its history

Albion College announced on October 14 that Joe Serra, a 1982 graduate, and his wife, Julie, have made a $10 million unrestricted commitment, the largest outright gift in the Michigan college's history. Because the gift carries no restrictions, the college can direct it where it sees the greatest need.

Where the college plans to use it

Albion said the money will support scholarships, new experiential learning opportunities and a redesigned core curriculum, its first full revision in 27 years. The college has also adopted a graduation guarantee called Experiential Learning for All, under which each student completes at least one credit-bearing, hands-on experience before graduating.

"Because it is unrestricted, it lets us put resources exactly where they will make the greatest difference," said Wayne Webster, Albion's president, in the announcement. The Serras said, "We don't want to tie their hands; we want to strengthen them."

Donors who have given before

Joe Serra came to Albion to play basketball and co-captained the 1981 MIAA championship team. He has served on Albion's board of trustees and is president of Serra Automotive, which his father, Albert, founded with a single dealership in Grand Blanc in 1973. Julie Serra, a Michigan State graduate, is a retired kindergarten teacher. The couple gave $5 million in 2019 for the Serra Fitness Center and $1 million in 2024 to lead the renovation of Kresge Gymnasium, according to the college. They have also agreed to co-chair Albion's comprehensive campaign, which is in its leadership phase.

The gift comes as the college works on its finances. Albion said that since Webster arrived in July 2023 it has sharply reduced a $16 million deficit and is working toward a break-even budget, while fundraising has tripled.

Albion is one of several small colleges to announce record gifts this month. Franklin College in Indiana announced a $15 million gift on October 5 for a center that will house business and pre-law, and Warren Wilson College in North Carolina announced on October 9 an $11 million gift from anonymous donors for undergraduate science, which it called the largest in its history.

What other campaigns can learn

In our view, the notable feature is the absence of conditions. Most large gifts arrive tied to a building, a program or an endowed fund, and as Harvard's latest gift report shows, even a very large donor base gives relatively little that is unrestricted. An unrestricted gift is a vote of confidence in the leadership that will spend it. Organizations asking for one can show donors the plan the money will serve, and report back on what it paid for, much as they would honor the terms of a restricted gift.