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John and Marion Anderson, long-time supporters of the business school at UCLA, in California, have given a further $25m to the school that bears their name. The gift, the largest in the history of the business school, brings the total given by the couple to nearly $42m.
The donation comes at a time when the publicly-funded University of California is facing a crisis in revenues as a result of the recession. Last September the Financial Times revealed that the Anderson school had decided to apply to the university president to opt out of state funding and rely on private funding to fill the gap.
Anderson dean Judy Olian said the $25m gift would be invested in research, curriculum initiatives and student support.
John Anderson is a member of the UCLA Anderson board of visitors. After graduating from UCLA, he received an MBA from Harvard and a law degree from Loyola University in Los Angeles. He is currently president of Topa Equities, which owns more than 42 businesses in the agriculture, insurance, real estate and distribution businesses. Marion Anderson is vice chairman of Topa Equities and is also an active member of the UCLA Anderson board of visitors.