Oil Company CEO Donates $110 Million To USC -- Undergraduate Scholarships

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USC engineering school alumnus John Mork, 63, and his wife will donate $110 million to the University of Southern California to set up a fund to cover tuition and expenses for about 100 academically-gifted USC undergraduates annually.

The scholarships will be set aside for graduates of high schools near the USC campus south of downtown. Each scholarship will be worth about $47,000: $42,000 for annual tuition and $5,000 for expenses.

John Mork is the chief executive of Denver-based Energy Corp of America (privately held) which "controls vast lease acreage and thousands of wells in Appalachia, the Texas coast, the Rockies and New Zealand."

The scholarships will be awarded on academic promise, and not financial need. The high schools around the USC campus are located in some of the poorest neighborhoods in southern California attended by students of low-income families.