In 1749, Scotch and Irish immigrants founded Augusta Academy, a small classical school deep in the Virginia valley. Inspired by patriotism, the academy trustees changed the name to Liberty Hall. The school relocated to nearby Lexington four years later and was empowered by the Virginia legislature to grant degrees. In 1796, George Washington saved the struggling academy with an endowment of $20,000 worth of stock. In gratitude, the trustees changed the school’s name to Washington Academy. The donation was one of the largest in its time and continues to offset the university’s operating budget today.