July 08, 2021

Gift from Trustee John McCarthy ’86 and wife, Amy, boosts Providence College endowment

By Melanie Thibeault

In an act of generosity for the Providence College community, John R. McCarthy ’86 and Amy McCarthy, parents of students in the Class of 2022 and the Class of 2023, made a significant contribution to the institution’s endowment.

In recognition of their generosity, which shows a commitment to the College’s leadership, the College will name Suites Hall, a six-story residence hall for 350 students, in their honor.

McCarthy, a member of the College’s Board of Trustees for three years, cited his faith in both the board, which has prioritized endowment growth as a key imperative, and in the leadership of College President Rev. Kenneth R. Sicard, O.P. ’78, ’82G.

John R. McCarthy ’86 and Amy McCarthy
John R. McCarthy ’86 and Amy McCarthy

“Through this wonderful gift to the endowment, John and Amy have demonstrated their commitment to the future of Providence College,” Father Sicard said. “This donation aligns well with the College’s strategic plan and positions us for success as we look forward to our next fundraising campaign. I am grateful not only for their leadership and their investment, but for their embodiment of God’s goodness through this donation.”

The College’s endowment value as of April 20, 2021, is $294.6 million. Endowment gifts remain permanently invested and only a portion of the total return is expended annually. Through their gift, at an amount they preferred not to publicize, the McCarthys ensure the long-term sustainability of the College.

“John and Amy exemplify the selflessness that is characteristic of great leaders, and we are grateful for their abiding commitment to Providence College and its mission,” said Christopher K. Reilly ’84, chair of the Board of Trustees. “Their decision to direct this extraordinary gift to unrestricted endowment ensures that it will be both meaningful and enduring, two words that aptly describe their impact on the College they love.”

The McCarthys are longtime supporters of the College and are members of the 1917 Society, which recognizes cumulative lifetime giving; the St. Dominic Society, which recognizes leadership giving levels, and the Loyal Friar Society, which recognizes those who consistently donate to PC.

Their latest gift shows confidence in Father Sicard, who became the College’s 13th president on July 1, 2020. Having taken over as president for Rev. Brian J. Shanley, O.P. ’80 during the pandemic, Father Sicard has proven himself capable of handling complex obstacles while continuing the College’s forward momentum.

“I really think the school has been on a roll,” McCarthy said. Recently, he was back on campus for his 35th reunion celebration in June. He said the College has improved physically, aesthetically, spiritually, and financially, and that enrollment trends are positive. “We’re a very healthy institution. I see Father Sicard continuing the trend that we’re on.”

McCarthy said the couple’s donation is “not a reward by any means but a demonstration of our comfort and backing of Father Sicard in the challenge of leading the school going forward.”

“We’ve been very involved with Providence,” he said. “It’s been the core of my world for many years.”

That connection started with his father, Eugene F. McCarthy ’60. The McCarthy Information/Data Lab in the Arthur F. and Patricia Ryan Center for Business Studies is named in honor of him. The bond continues with two of the McCarthys’ four children, who are “loving their experience” at PC.

For the past several years, the McCarthys have hosted a reception for members of the incoming first-year class at their home in New Jersey, which has meant a great deal to them. McCarthy said that this past year has been a period of reflection. Coming out of the COVID-19 pandemic, they were thinking of ways to help others.

“What better gift to give than the gift of education, to those we believe are doing it the right way?” McCarthy said.

McCarthy serves on the trustees’ Building and Property Committee and the Development and Alumni Affairs Committee.

He believes the College prepares students for success by providing an understanding of how to use one’s education to impact others.

“Amy also feels the special type of environment that Providence fosters,” McCarthy said. “It’s difficult to put into words what it means to so many people.”

McCarthy, who majored in marketing at PC, is president and CEO of Mainline Information Systems, an information technology solutions and IT consulting firm headquartered in Tallahassee, Fla.

Over the years Providence College has meant more to McCarthy’s family than just education.

“It’s a way of life,” he said. “It’s a family.” Shared faith takes the bond to the next level. “That Friar culture is a rallying cry.”

The McCarthys said they are honored that the College is naming Suites Hall after them.

“It’s a great honor,” McCarthy said, adding that it will carry the name of multiple generations of their family and, hopefully, generations to come.

“I’m very proud of what John’s done for the school and all of his hard work,” Amy McCarthy said.

John McCarthy added that Father Shanley, Father Sicard, Reilly, and Gregory T. Waldron, senior vice president for institutional advancement, are stepping up and bringing the school to the next level.

“It really is a team effort,” he said. “It’s much more about that than us.”

Reflecting on his family’s experiences and his hopes for the College’s future, McCarthy summarized the reasons for this gift.

“It’s about Providence,” he said. “It’s about our love and support for an institution. It’s not about a name on a building or a number tied on a gift. It’s the ability to help others, to give others opportunities to have the same experiences.”

More Providence College news