One who may endow a scholarship, informally

I believe the answer is:

alum

(Other definitions for alum that I've seen before include "Sulphate; maul (anag.)" , "Colourless compound used in dyeing and tanning" , "Sulphate used in dyeing and tanning" , "Potassium compound; IoW sandy bay" , "double sulphate" .)

I've seen this clue in The New York Times.

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