Unique Economics Class Pays Off for Students – and Community

For college students who often survive on peanut butter and Ramen noodles, giving away money is not a common occurrence. But several UMW students got to do just that at a ceremony last December, thanks to a unique economics course.

Members of the fall semester’s “Economics of Philanthropy and the Nonprofit Sector” awarded a total of $10,000 to two Fredericksburg-area charitable organizations. The class, offered for the third time at Mary Washington, functions like a foundation, providing real-world experience to students. Funding comes from local philanthropist Doris Buffett and her Sunshine Lady Foundation.

“I hope you will consider philanthropy as part of your life, whether it’s in volunteering or eventually [donating money] when you’re loaded,” Buffett said during the presentation of the checks at UMW’s Jepson Alumni Executive Center. Her brother is billionaire investor and philanthropist Warren Buffett.

The National Housing Trust/Enterprise Preservation Corp. was awarded $7,500 to create an after-school tutoring program for elementary-school children who live in low-income housing. Fredericksburg Counseling Services received the remaining $2,500 to fund the Bounce Back Group, a resiliency program for children living in homeless shelters.

Under the leadership of Professor of Economics Robert Rycroft, students were charged with such real-world tasks as forming a foundation, soliciting grant applications, and deciding upon award criteria. After sifting through 26 applications received from community organizations in need, the class decided to split the cash between the two charities.  Students chose grant recipients based on such factors as organizational mission statements, financial reports, and current program offerings.

With help from Buffett and the skills he learned from taking the same class, Shin Fujiyama ’07 was inspired to form Students Helping Honduras. The nonprofit organization provides opportunities for communities in the impoverished country by involving American students in service projects there and in fund- and awareness-raising at their respective schools.

 “It’s not just reading a textbook,” sophomore business and Spanish major Barbara Ailstock said about the class. “It’s putting what you learned into practice.”