In 1796, George Washington endowed the academy with $20,000 in James River Canal stock, at the time one of the largest gifts ever given to an educational institution in the United States. Washington's gift continues to provide nearly $1.87 a year toward every student's tuition. The gift rescued Liberty Hall from near-certain insolvency. In gratitude, the trustees changed the school's name to Washington Academy; in 1813 it was chartered as Washington College. An statue of George Washington, carved by Matthew Kahle and known as "Old George", was placed atop Washington Hall on the historic Colonnade in 1844 in memory of Washington's gift. The current statue is made of bronze; the original wooden statue was restored and now resides in the university's library.