Jim ’74 and Augustine ’71 Smith have made the largest scholarship gift in Virginia Tech’s history, endowing $20 million for in-state scholarships to medical school.
The Smiths’ record generosity will help aspiring doctors overcome cost barriers to realizing their potential and will enhance the Virginia Tech Carilion (VTC) School of Medicine’s ability to serve as a pipeline of talent to numerous communities that need physicians.
“The Smiths have been champions of our medical school from the beginning,” said Virginia Tech President Tim Sands. “We are grateful for their remarkable generosity and commitment to help talented Virginian students enter the medical profession. I look forward to seeing the impact of these Smith Family Scholars as they serve the health care needs of communities in Virginia and beyond.”
VTC School of Medicine Dean Lee Learman said the Smiths’ leadership and generosity mark a pivotal moment for the medical school as it looks toward its next phase of growth.
“I want to thank Jim and Augustine for their visionary investment in our students that not only honors the promise of this school but accelerates our ability to educate and retain physicians in Virginia,” said Learman. “By easing the financial burden of medical education, this gift will help ensure that more talented Virginians can pursue careers in medicine and ultimately serve communities that need doctors the most.”
Fueling the talent pipeline
Learman said the new scholarship funding will expand his school’s capacity to recruit and support students committed to practicing medicine in Virginia, reinforcing a goal to address health care access challenges throughout the state.
With rising demand for primary care providers and specialists alike, the Smiths’ philanthropic investment represents a meaningful step toward strengthening the commonwealth’s health care workforce for decades to come, Learman said, adding: “Investments like this don’t just fund scholarships. They fund opportunities, futures, and healthier communities across Virginia.”
Scholarships like those that will be supported by the Smiths’ gift play a critical role in shaping the future physician workforce. National data indicate that more than half of medical trainees remain in the state where they complete their training, making state‑focused medical education a key strategy for retaining physicians in their home region. For example, the Association of American Medical Colleges’ 2025 Report of Residents showed that 55.7 percent of physicians who completed residency training stayed to practice in the same state where they trained.
Champions for community health
Jim Smith was born and raised in Roanoke, served in the Virginia National Guard, and earned his associate’s degree in business management at Virginia Western Community College before completing a bachelor’s degree in sociology in 1974 from what is now Virginia Tech’s College of Liberal Arts and Human Sciences.
After graduating, he worked in job training and health positions for the Commonwealth of Virginia for several years before taking a leadership position with Blue Cross/Blue Shield as an intermediary for the U.S. Department of Defense. Time working in health care led him to recognize a need for senior housing, which he responded to by founding Smith/Packett Med-Com LLC.
Over the course of his career, Smith has helped develop over 200 facilities, ranging from independent living to memory care housing. In addition to Smith/Packett, Jim Smith founded Harmony Senior Services, a senior living operations company, and Wessex Capital Investments, a private equity firm primarily focused on senior housing and commercial real estate, where he continues to serve as president and CEO. The Smiths now live in Charleston, South Carolina, where Wessex Capital is headquartered.
“The opportunity to contribute to a medical education that incorporates research into the curriculum caught my interest,” said Jim Smith. “This was a unique chance to enhance our research capabilities and our health care delivery to rural areas. Investing in the education of our most talented young people, I viewed as money well spent.”
Augustine Smith also grew up in Roanoke. Virginia Tech was the only university to which she applied, after it was highly recommended to her by a Jefferson High School guidance counselor who was active in the Hokie alumnae community. After earning her bachelor’s degree in accounting in 1971 from what is now Virginia Tech’s Pamplin College of Business, Augustine Smith worked for the Niles and Niles accounting firm, then Peat Marwick Mitchell & Co., a predecessor company to KPMG, where she was promoted to the management team.
After auditing the acquisition of a bank in Rocky Mount, Virginia, she recognized the opportunity to open a CPA firm in a region of the state that lacked one. The firm she founded grew from a sole proprietorship to a partnership, and Augustine Smith extended her work to include teaching accounting at Ferrum College, while also serving in her region’s Chamber of Commerce and Business Women’s Association. She eventually sold her share of the accounting firm to her partners and worked alongside Jim Smith to help build Smith/Packett.
“I went to Virginia Tech on several scholarships but primarily a four-year scholarship from the International Ladies Garment Workers Union,” said Augustine Smith. “How could I not want to give back? I have first-hand knowledge of what it means to have ambition but limited resources to achieve those goals. I think a lot of people do not give because they have no understanding of people’s situations and circumstances. It is very satisfying to know you have provided resources to better a person’s life — and if it impacts the entire community, as it generally does, that is even better. Scholarships for the medical school is such an endeavor. I appreciate the opportunity.”