Ross to Give $200 Million to University of Michigan
Real estate developer Stephen Ross will give $200 million to the University of Michigan to benefit the business school and athletics.
The gift is the largest in the Ann Arbor-based school’s history and brings Ross’s lifetime gifts to the institution to more than $313 million, the university said today in a statement.
Ross is chairman and founder of Related Cos., developer of the Time Warner Center in New York and the Hudson Yards project under way on Manhattan’s west side. He also owns the Miami Dolphins. The donation will expand career services, research and scholarships at Michigan’s Stephen M. Ross School of Business, named for the developer after a previous gift, according to the statement. It will also improve facilities and academic services for student athletes.
“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 Ross, who earned a bachelor’s degree in business administration in 1962.
The previous record for a donation at the University of Michigan came in April, when Charles Munger, vice chairman at Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), pledged $110 million in securities to fund fellowships and a graduate-student residence.
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