Complex sentence: Mercer was founded (1833) by Georgia Baptists, but had an independent board of trustees and was not directly controlled by the convention; the convention funded scholarships for Baptist students and other special projects.
Split into simpler sentences: Mercer was founded by Georgia Baptists, but had an independent board of trustees and was not directly controlled by the convention. The convention provided financial support used to fund scholarships for Baptist students and other special projects.