Averbeck gives largest donation
September 18, 1998
The estate of a quiet philanthropist with whom most University of La
Verne students are unfamiliar has presented the school with the largest
cash gift it has ever received.
The $1.2 million contribution is in addition to another $1 million in
gifts the University received from E. Elwell Averbeck during his life time.
The previous gifts went to the E. Elwell Averbeck Endowment, which provides
scholarships and internships for students interested in careers in insurance.
The new gift will be added to the current endowment and will continue to
be used for the same purposes, said a University press release.
Averbeck was founder of the Averbeck Insurance Company. Currently based
in Ontario, the 67-year old company's 35 employees focus on corporate insurance
needs including property, casualty and employee benefits. He died in April
of this year at the age of 92.
Raised in the Pomona Valley from age 2, and a graduate of UC Berkeley,
Averbeck was a longtime, quiet supporter of the University of La Verne.
He also donated significant amounts to Cal Poly Pomona and many other charitable
causes in the area.
"Mr. Averbeck was known for his quiet philanthropy and was one
of the most generous supporters of the University of La Verne," said
ULV President Stephen Morgan.
"Thanks to his generosity, students at the University will have
an opportunity to pursue their dreams," said Dr. Morgan.