Philanthropist Penny Stamps Left Powerful Legacy Across Higher Ed

Penelope “Penny” Stamps helped change the lives of countless undergraduate and graduate students, including many at the University of Virginia Darden School of Business. And so Darden and its students lost a generous friend and supporter in late 2018 when Stamps’ battle with leukemia ended.

The Stamps Family Charitable Foundation partners with schools nationwide to recognize students who demonstrate academic merit, leadership potential and exceptional character. Beginning in 2006, Penny and E. Roe Stamps, founder of the Boston-based Summit Partners, created merit scholarships for undergraduates at their respective alma maters through the launch of the Stamps Scholars Program.

The couple generously grew the list of recipients of their philanthropy, adding UVA and Darden in 2010. A news obituary in the Miami Herald said 900 students were currently attending college across the country as a result of the Stamps’ generosity.

An Immense Legacy at Darden

Darden remains the only graduate school supported by the scholarships, among the most prestigious full scholarships offered at the School.

Up to five fellowship recipients each year are awarded full-tuition scholarships — funded 50 percent by the Stamps Foundation and 50 percent by Darden — in addition to an enrichment fund to support research, conference attendance or participation in Darden Worldwide global experiences. The funding arrangement for the fellowships leverages giving to drive additional support for a philanthropic passion.

To date, there have been 25 Stamps Fellows at Darden. Le Michael Song (Class of 2020), who is pursuing the MBA/Master of Science in Data Science dual degree, said the fellowship enabled him to take on the cost of earning two degrees over his two years at UVA.

“I hope to bring skill sets from both programs into my career,” said Song, who worked most recently in Hong Kong before enrolling at Darden. “This way, I can give advice with a business and technology background to stakeholders and make better-informed decisions.”