David Underwood ’54, former President of the Board of Trustees, has pledged $10 million to Andover’s capital campaign. Oscar Tang ’56, the current President of the Board of Trustees, announced Underwood’s gift to the Trustees last Friday morning and to alumni and faculty later that evening. The $10 million pledge, to be paid in installments, will go toward funding the endowment. The contribution brings Andover closer to its capital campaign goal to raise $150 million for the endowment, Tang said. “The reason I am making the gift is the same reason I’ve done whatever else I’ve done for Andover. It’s been a very important part of my life, both as a student there and as an alumnus,” said Underwood. “It’s payback time,” he continued. According to Tang, Underwood announced his intention to donate the money in a letter dated October 22, during a time of market volatility and economic downturn. Underwood said that although he was affected by failing stock markets, there was “no question” about his wish to donate to Andover. “These are difficult times and [the school] needs the money now so I will inconvenience myself somewhat in this first installment between now and the end of the year, and hopefully it will get a little easier as we go on in subsequent years,” Underwood said. Tang said that Underwood’s gift was not only beneficial for its monetary value but also inspirational value. “The fact that he should give it at virtually the worst time, before the end of October, I think is really inspirational,” said Tang. “That he should choose this time to make his commitment is especially significant and especially valuable from the academy’s point of view.” Tang continued, “You would think that in the face of what the markets were doing and what impact it must have had on him, that he might have pulled out and deferred those decisions. To me, the strength of his commitment is that he went ahead in the face of that.” Underwood hopes that his pledge will encourage other alumni to make contributions to the capital campaign. “Some people that we might have been counting on to make contributions won’t feel inclined to do so because of the economic problem that the country is facing,” said Underwood. “But the alumni are very loyal and they will rally to [pledge] when they can.” He continued, “I don’t know whether [my pledge] will inspire anyone but I certainly hope it would encourage other alumni to make gifts and do a little stretching.” Underwood said that his gift to the endowment is not designated for specific projects. His contribution to the current campaign will “be used as the Trustees feel inclined to use it, in order to accomplish whatever goals they have in mind.” Underwood was elected to the Board of Trustees in 1983. He served as President of the Board from 1989 until he retired in 2004 and was succeeded by Tang. During his presidency on the Board, Underwood chaired Campaign Andover, the previous capital campaign, to which he donated over $10 million. That campaign’s priorities included renovation of Cochran Chapel, restoration of the Memorial Bell Tower, and support of faculty. In 2003, he received Phillips Academy’s highest honor, the Claude Moore Fuess Award, for his outstanding leadership and community service. Underwood currently lives in Houston, Texas, where he remains a Charter Trustee Emeritus.
