A ‘Transformational Gift’: 3 Universities, Cleveland Clinic To Split $1B For Teaching, Research
Money from the sale of The Lord Corp. is being split evenly between Duke, MIT, USC and the Cleveland Clinic. The $261 million gifts to each institution, considered among the largest contributions ever given to universities, come with few restrictions. In other research funding news, Virginia Tech announces a venture with Children's National Hospital.
The Associated Press:
3 Universities, Medical Center Get $1B To Teach And Research
Three universities and a health care institution are sharing a gift of more than $1 billion that’s one of the largest in the history of higher education, they announced Wednesday. Receiving $260 million apiece will be Duke University, the Massachusetts Institute of Technology, the University of Southern California, and the Cleveland Clinic. The institutions are free to use the money as they see fit. (Amy and Franko, 11/13)
The Wall Street Journal:
Duke, MIT, USC, Cleveland Clinic To Split $1 Billion Gift
In the early 1980s, Lord Corp.’s then-chairman, Thomas Lord, established the Lord Foundations of North Carolina, Massachusetts, California and Ohio, to benefit Duke, MIT, USC and the Cleveland Clinic, respectively. Since their establishment the foundations had given $200 million to the four institutions, but the latest gifts arrived with little warning. (Korn and Bauerlein, 11/13)
Los Angeles Times:
USC To Receive $260-Million Gift, Among Largest In Higher Education
[The donation] comes as USC has had to assure major donors that it is on the right track after a series of scandals in the last few years tarnished its reputation. The private university was completing the second most successful fundraising campaign in American higher education history — raising $7.16 billion between 2010 and 2018 — when it was hit with controversies involving a former medical school dean who was revealed to have used hard drugs and associated with criminals while in his post. (Watanabe and Agrawal, 11/13)
The Washington Post:
Virginia Tech To Establish Biomedical Research Facility With Children’s National In D.C.
Virginia Tech plans to launch a biomedical research facility in the District by early 2021, focused on pediatric health, in a venture with Children’s National Hospital that will expand the university’s presence in the capital region. The collaboration, announced Thursday, will establish four or five Virginia Tech research teams on a campus Children’s National is developing at the site of what was once the Walter Reed Army Medical Center in Northwest Washington. (Anderson, 11/14)
