Graduate donates record $132 million to Washington and Lee University

Washington and Lee University announced Thursday that it has received $132 million from alumnus William H. “Bill” Miller III.

Miller’s gift is the largest in the university’s history and, according to the announcement, “one of the largest for financial aid at a private liberal arts college.” This will allow W&L to be need-based in the admission of all undergraduate students while meeting its existing commitment to meet 100% of students’ demonstrated financial needs with aid packages that do not include loans. It joins a small number of other institutions that practice need-based admission and also meet the full financial needs of all their students.

“Bill Miller’s historic gift will ensure Washington and Lee’s ability to attract and educate the strongest students,” William C. Dudley, president of Washington and Lee University, said in the announcement. “We are incredibly grateful to Bill for his unwavering belief in the value of a liberal arts education and his visionary support for the future of the university. This gift will transform the lives of W&L students for generations to come.”

With the University’s W&L Promise, students from families with an annual household income of less than $150,000 pay no tuition, and students from families with an annual household income of less than $75,000 pay no tuition, room, or board.

“The liberal arts education I received at Washington and Lee instilled in me values ​​and habits of mind that have enriched my life and are the foundation for much of my professional success,” Miller said in the press release.

He added that Washington and Lee will enable Washington and Lee to “attract the most desirable students with a simple and powerful message: Your financial circumstances, however modest, will not deter you from attending W&L.” I hope my gift will inspire others to support this outstanding university.”

William H. Miller earned a BA in economics from Washington and Lee University in 1972. After graduating, he served overseas as a military intelligence officer and received the CFA award in 1986.

Miller and a partner founded Legg Mason Capital Management in 1982 and were portfolio managers of the Legg Mason Capital Management Value Trust. Miller became sole manager in 1990 and remained in that role for the next 20 years. Before joining Legg Mason in 1981, he was treasurer of JE Baker Company, a manufacturer of products for the steel and cement industries.

Miller is the founder of Miller Value Partners and will serve as Chairman and Chief Investment Officer until May 2023. He is a member of the Board of Trustees of Johns Hopkins University and the Santa Fe Institute, to which he has also made significant charitable donations.

Miller received the Washington and Lee Distinguished Alumnus Award in 2012, and the university awarded him its highest honor, the Washington Award, in October. The Washington Award recognizes exceptional philanthropic acts in support of W&L and other institutions, as well as outstanding leadership and service to the nation.