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September 11, 2004

New Record In The Academic Arms Race

FROM THE VANGUARD OF PHILANTHROPIC LARGESSE comes a noteworthy new record in the annals of collegiate giving.

Detroit native and Michigan alum, Stephen Ross, has pledged $100 million to the U of M business school. Mr. Ross is the founder and chairman of the Related Companies, which developed the $1.7-billion Time Warner Center on Columbus Circle in midtown Manhattan.

The school will be renamed the Stephen M. Ross School of Business.

The largest donation ever to a American business school, the Ross pledge is but one of dozens of examples of an academic arms race that go far less noticed that smaller, less frequent gifts to college athletics programs.

Like many a philanthropist before him, Mr. Ross wanted to �give back� to the institution that helped get him started (he earned an accounting degree from Michigan in 1962). Businessmen like Ross have moved on from college studies to fabulously lucrative careers in real estate, Wall Street, media, banking, technology or entertainment.

Similarly, there have been thousands of football and basketball athletes who have moved on to from college stardom to lucrative professional careers.

However, there is a staggering difference in the amount of accumulated wealth between the elite of professional athletes and the elite of businessmen.

Professional athletes have peak earning potential�running at about $5-$10 million per year these days�for less than ten years.

Meanwhile, the top level of successful businessmen often have a much longer peak earning potential�as many as 30-40-50 years�and their far-reaching investments, alliances, mergers, stock splits and real estate bonanzas are often measured in the hundreds of millions of dollars per year (or per deal).

It�s no wonder that top athletes donate to college athletic programs in �only� the million dollar range and top businessmen donate to general college funds in the hundred million dollar range.

And what would the rest of us do with spare money if we had that much?


Compiled by the Chronicle of Higher Education Almanac, the following lists major private gifts since 1967. Amazingly, there are 51--fifty one!--gifts of $100 million or more (the amount of the Ross gift to Michigan that was just announced).

� Gates Millennium Scholars program: Bill & Melinda Gates Foundation, $1-billion; 1999

� California Institute of Technology: Gordon and Betty Moore Foundation, $600-million, 2001

� Stanford University: Hewlett Foundation, $400-million; 2001

� Rensselaer Polytechnic Institute: anonymous donor, $360-million; 2001

� Massachusetts Institute of Technology: Patrick and Lore McGovern, $350-million; 2000

� Univ. of Arkansas: Walton Family Foundation, $300-million; 2002

� Emory University: Evans, Whitehead, and Woodruff Foundations, $295-million; 1996

� New York University: Sir Harold Acton, $250-million; 1994

� University of Colorado System: William and Claudia Coleman, $250-million; 2001

� University of Texas: John Jackson, $232-million; 2002

� Ave Maria University: Thomas Monaghan, $200-million; 2002

� Olin College of Engineering: Olin Foundation, est. $200-million; 1997

� UCLA School of Medicine: David Geffen, $200-million; 2002

� Vanderbilt University: Ingram Fund, $178-million; stock; 1998

� Johns Hopkins University: Sidney Kimmel, $150-million; 2001

� New York University: Julius Silver, $150-million; 2002

� Polytechnic University: Donald and Mildred Othmer, $144; 1998

� DePauw University: Ruth and Philip Holton, $128-million; 1997

� Louisiana State University: Claude B. Pennington, $125-million; 1981

� University of Nebraska: Mildred Topp Othmer, $125-million; 1998

� University of Utah: Jon M. Huntsman, $125-million; 2000

� LaGrange College and Mercer University: Remer and Emily Crum, $123-million; 2000

� University of Pennsylvania: Walter H. Annenberg, $120-million; 1993

� University of Southern California: Walter H. Annenberg, $120-million; 1993

� University of Southern California: Alfred E. Mann, $112.5-million; 1998

� University of California at San Diego: Irwin and Joan Jacobs, $110-million; 2003

� University of Southern California: W.M. Keck Foundation, $110-million; 1999

� Emory University: Robert W. Woodruff, $105-million; 1979

� Indiana University: Lilly Endowment, $105-million; 2000

� U-Cal at San Francisco: Catellus Development Corp., $101.3-million; 1999

� The Broad Institute: Eli and Edythe Broad, $100-million; 2003

� Lerner College of Medicine of Case Western Reserve Univ.: Alfred and Norma Lerner, $100-million; 2002

� Cornell University: anonymous, $100-million; 1999

� Cornell University Medical College: Sanford and Joan Weill, $100-million; 1998

� Cornell University Medical College: Sanford and Joan Weill, $100-million; 2002

� Johns Hopkins University: anonymous, $100-million; 2001

� Massachusetts Institute of Technology: Kenan Sahin, $100-million; 1999

� Princeton University: Gordon Y.S. Wu, $100-million; 1995

� Regent University: Christian Broadcasting Network, $100-million; 1992

� Rowan University: Henry and Betty Rowan, $100-million; 1992

� Scripps Institute: Samuel and Aline Skaggs, $100-million; 1996

� Stanford University, Packard Children's Hospital: Packard Foundation, $100-million; 2001

� Technion-Israel Institute of Technology: Alfred Mann, $100-million; 2004

� University of Michigan: Stephen M. Ross; $100-million; 2004

� University of Mississippi, Barksdale Reading Institute: James and Sally Barksdale; $100-million; 2000

� University of North Dakota: Ralph and Betty Engelstad, $100-million; 1998

� University of Pennsylvania: Abramson Foundation, $100-million; 1997

� University of Pennsylvania, Annenberg School for Communication: Annenberg Foundation, $100-million; 2002

� University of Southern California, Annenberg School for Communication: Annenberg Foundation, $100-million; 2002

� Washington University: Danforth Foundation, $100-million; 1986

� Washington University: Danforth Foundation, $100-million; 1997

(this 784 word excerpt�with attendant commentary�was distilled from a 2413 word article in The Chronicle of Higher Education of 9-10-04, plus the Chronicle 2004-05 Almanac)