That guy sounds seriously awesome.
I don't get the hate. You can take all the money and help a bunch of people now or help a few people spread over a long time, but there's nothing inherently wrong with choosing the former. Money has a time value precisely because its utility today is always greater than its utility later.
Well, the simple math is 3,000,000 / 33 = $90,909. That's more than enough for a full ride at a state school + room and board for 4 years.
Either it was funding some expensive education, or padding a few pockets for "administrative fees". It says it was doled out starting in 2005, education was a bit cheaper then, and it would allow for interest.
Let's see if we do an annuity calc over 10 years, at 1.5%(Saving/CD) interest, that's 325K a year * 10. Divide that by 20K ~= 162 / 4 years ~= 40 people at $20K+ a year.
Not too far off, but that's 7 extra people.
Of course if you had it invested and use the four percent rule, you could have funded 6 people per year in perpetuity. 3000000*.04 = $120K
6 p * 10 yr = 60 p/yrs / 4yr/deg = 15 full rides in the same time frame. So slightly less than half the scholarships in the same time frame, but of course could continue for a very long time/forever.
Anyway, just some back of the napkin math. Of course it was a very generous thing to do, but I'm not sure it was carried out very optimally, which I'm reading as the OP's point.