Pence-Boyce grants are sponsored by Olivet alumni who wish to honor two outstanding former faculty members who exemplify integrity, dedication and spirit in pursuit of academic excellence. Students apply for research grants, and only a select few receive these grants each year in order to study mathematics, science or engineering during the summer.

Elbert Pence was professor of Physics at Olivet from 1962 to 1969. His extensive experience with the U.S. Navy provided valuable background for his students. His energy and enthusiasm were driving forces in developing the physics major at Olivet. He exemplified excellence in higher education in physics and engineering. Professor Pence passed away in 2016.

Fanny Boyce was professor of Mathematics at Olivet from 1963 to 1970. She came to Olivet after many years of service at Wheaton College. Her high standards and teaching performance served as inspiration to those she taught. Dr. Boyce passed away in 1986.