The University of Virginia’s (UVA) Darden School of Business will soon be able to upgrade its educational facilities, after receiving the largest gift in its history.
On Monday, the university announced that it received a $68 million gift from Frank M. Sands Sr., the founder of Sands Capital Management, to boost the business school’s performance, bring innovation to several key areas and retain and develop world-class faculty.
Out of the total gift, $20 million will establish a new Sands Institute for Lifelong Learning that will expand degree, non-degree and online spaces.
“This historically generous gift will allow Darden to reach even more students and continue to lead the way in global business education,” UVA President Jim Ryan said.
A $35 million Sands Professorship Fund, comprised of $21 million from Sands and another $14 million from the University’s Bicentennial Professors Fund, will be created as well. The fund will support 12 new faculty chairs to “bolster excellence and innovation in pedagogy and engagement with practice,” the school said in a statement.
The fund will also establish four distinguished professorship chairs to honor Darden professors with outstanding teaching legacies at the school.
“The Darden School was a transformational experience for me, and I am an ardent supporter of its mission and values,” said Sands, a Darden alumnus.
“I am a big believer in lifelong learning, and that learning is enabled by great faculty. I hope this gift will inspire others to give and hope that the school will continue to be a true force for good in the free markets and broader world.”
The university will use another $20 million to fund the construction of the new UVA Inn at Darden and Conference Center for Lifelong Learning in Charlottesville, and $7 million to renovate the C. Ray Smith Alumni Hall.
In the past, Sands Sr., along with his son Frank Sands, donated a joint $5 million to fund the construction of Darden’s new campus in the Rosslyn district of Arlington as well.