Michigan gets additional $100m from alumnus Stephen Ross
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Real estate developer Stephen Ross has given a further $100m to the business school at the University of Michigan – he gave a $100m naming gift to the school in 2004. Today’s $100m donation is half of a $200m gift to the University of Michigan, the other half of which has been given to U-M Athletics for the athletics stadium.
In addition Mr Ross, who studied at the business school as an undergraduate, will give additional funds for scholarships for Michigan Ross students.
According to the University of Michigan, this makes Mr Ross, chairman of real estate company Related Companies, the biggest donor to the university, having given more than $313m in total, and also the third largest donor to a US business school. University of Chicago MBA alumnus David Booth still holds the record as the most generous donor – he gave $300m to his alma mater in 2008 to rename the school Chicago Booth.
Mr Ross’s initial donation to the business school went towards the construction of the current business school building, which was completed in 2009, and towards the school’s endowment. The latest donation will be used to add to and improve teaching and study space and also to create more modern careers services facilities. Some of the money will also go towards scholarships.
“The University of Michigan had a profound impact on my life and I have received enormous satisfaction from being able to give back to the institution that played such a critical role in my success,” said Mr Ross. “I am confident that the initiatives we undertake will further transform the business school.”
This is not the first six-figure donation to a US business school this year. In May Columbia Business School announced Ronald Perelman had pledged $100m towards the construction of the business school’s Manhattanville campus.
These figures dwarf charitable donations in Europe. This month London Business School announced that it had received its largest ever donation – of £10m.