Four Universities are collectively receiving nearly $1 billion in a gift from foundations run by LORD Corporation.
Recently, the corporation, which is a privately owned global manufacturing company, was sold for approximately $3.675 billion, out of which $1 billion was given to four Lord foundations for the benefit of their affiliated institutions.
The funds will be equally divided among the University of Southern California, Duke University, Massachusetts Institute of Technology and Cleveland Clinic in 2020 following legally required approvals.
Different schools will spend the funds according to their own priorities. Duke University will use it to fund STEM Education, research and provide financial aid to make college experience seamless for students.
“This is a transformative moment for Duke, for the Pratt School of Engineering and for generations of students to come,” said Ravi V. Bellamkonda, Vinik Dean of Engineering.
“In addition to expanding access to Duke’s world-class education, the Lord contribution will provide a powerful boost to engineering research and our ambitious vision for reimagining engineering education.
The University of Southern California plans to spend the gift on artificial intelligence, big data and analytics, and to support its faculty.
“This tremendous distribution of funds provides us with one of the greatest opportunities in our history to think boldly and to invest in cutting-edge and strategic initiatives that accelerate our research and teaching to address major societal issues for decades to come,” USC President Carol L. Folt said.
Higher Ed. Groups Call for Changes in Reporting Foreign Gifts