Western Michigan Receives Record $550M Gift
Western Michigan University announced Tuesday that it received a record-breaking $550 million gift, The Washington Post reported.
The gift from an anonymous Western Michigan alum is the largest ever private donation to a public university. It eclipses the university’s $480 million endowment.
The money will be delivered to the university’s foundation over 10 years. Most of the gift — $300 million — will go toward Western Michigan’s Homer Stryker M.D. School of Medicine. $200 million will pay for need-based financial aid, faculty hiring and other university initiatives. The remaining $50 million will go to the university’s athletics programs, according to the Post.
“We do a good job in promoting social mobility,” Edward Montgomery, president of the university, told the Post. “Our donors believe in that vision. … I’m immensely pleased to have this gift. Its size allows it to be transformative.”