• Nov.12. 2010



BOISE, Idaho — There is a unique scholarship program at the University of Idaho called the found money fund.

It is just how it sounds -- a fund of money that people have found.

It all started back in the 1970s with a penny-pinching professor.

“I found three pennies on the way to school the third day of January 1981," said Terry Armstrong, a professor at the University of Idaho. "I put my three pennies in there and said, 'how much money can I find this year?' I was in the president's office then, and the press secretary found a nickel. She said, 'I’ll put my nickel in with your pennies. We'll have a party at the end of the year.'"

By the end of that year, Armstrong and his co-worker had saved $11. They decided it wouldn't be a very big party with just $11, so they donated it to the university.

What started out as a joke turned into a real fundraiser, with money being donated from all over the world, mostly from alumni.

"On a serious note, I have taught here for 44 years," said Armstrong. "You never have money to do the kinds of things you need to do."