Bill Gatton’s enduring advocacy of higher education is again benefiting students in Bristol and throughout the region, this time through transformational philanthropic support of King University.

Carol Martin “Bill” Gatton was an entrepreneur and philanthropist whose generosity and passion for education and health impacted thousands during his lifetime. A Kentucky native, Gatton received his bachelor’s degree from the University of Kentucky and his master’s in finance and banking from the Wharton School of the University of Pennsylvania. His distinguished career led him to operate numerous car dealerships and invest in banks and real estate across the country. He made northeast Tennessee his home for 55 years – from his purchase of the Bristol Chevrolet and Cadillac franchises in 1967 until his death in 2022.

Bill Gatton never lost focus on those in need and believed strongly that education was the key to life improvement and success. Through the success of his businesses and his personal philanthropy, Gatton shared his wealth in many impactful ways during his lifetime. His philanthropic legacy now continues through the foundation bearing his name and vision.

Today, King University announced a gift of $14 million from The Bill Gatton Foundation, $4 million of which is for matching gift opportunities over the next two years. Funds are being used mainly for scholarships for students in northeast Tennessee and southwest Virginia, in continuation of Gatton’s vision of uplifting others through education and opportunity.

“We are overwhelmed with gratitude to Mr. Bill Gatton and his foundation for this momentous gift, which has been thoughtfully structured to encourage others to join in supporting King,” said Andy Tooley, Ph.D., president of King. “That the Foundation sees the incredible value in the power of education to transform lives is reflected not only in the $10 million gift, but also in the matching gifts for the next two fiscal years. We are enormously encouraged and look forward to the multiplying effect these gifts will have on our university, its students, and surrounding communities.”

Critically, the Foundation’s support comes at a time when small, private institutions across the nation are experiencing an array of challenges, including a reduction in the number of those attending college, rising inflation, and increasing regulatory costs.

King alumni, friends, local businesses and foundations are encouraged to participate in the matching gift program, The Gatton Challenge, by contributing to King. Gifts may be earmarked for any area of the institution such as the School of Nursing, School of Business, Economics and Technology, College of Arts & Sciences, School of Education, or a specific athletic team. The Foundation will then mirror those gifts with an unrestricted match, dollar for dollar, up to $2 million in 2024 and $2 million in 2025.

“The Bill Gatton Foundation wants to help build strong, healthy communities, and one of the best ways to foster community growth is to invest in education,” said Foundation co-trustee Danny Dunn. “King is a bridge to a better quality of life for students and citizens alike, and we hope that others will join us in strengthening Bristol by supporting this historic and important institution of higher learning.”

King’s focus of providing a quality private education at a cost similar to public institutions has garnered national attention for the many opportunities it offers to low- and mid-income families. Many of those attending King are first-generation college students, and 100% of students receive some type of financial aid, helping to reduce post-collegiate debt.

The majority of King’s students come from northeast Tennessee and southwest Virginia, and in turn, the university’s most popular degree programs – nursing, business, and education – deliver highly qualified graduates to the regional workforce.

According to Dunn, the spirit of this gift can be summed up in Bill Gatton’s own words, “I know that money is not the most important thing in life, but I hope these students are successful financially and then give back to their community someday. In the next 20 to 30 years, if they are prosperous, they can help out the next generation.”

For more information, or to support King University with a qualifying, tax-deductible gift through The Gatton Challenge, contact King’s Office of Advancement at 423.652.4864, visit www.king.edu/give, or mail contributions to 1350 King College Rd., Bristol, TN 37620.