Endowment
MSU's (private, non-Morrill Act) endowment started in 1916 when the Engineering Building burned down. Automobile magnate R. E. Olds helped the program stay afloat with a gift of $100,000. While this opened the door for other types of private donations, MSU has often lagged behind peer institutions in terms of endowments. As recently as the early 1990s, MSU was last among the eleven Big Ten schools, with barely over $100 million in endowment funds. However, in the early 2000s, the University started a campaign to increase the size of the endowment. At the close of FY 2004–05, the endowment had risen to $1.325 billion, raising the University to sixth of the 11 Big Ten schools in terms of endowment; within $2M of the fifth-rated school. The rapid increase in the size of the endowment will help to improve outdated facilities, such as the Music Building, which the College of Music hopes to soon replace with money from its alumni fundraising program.
Read more about this topic: Michigan State University Academics
Famous quotes containing the word endowment:
“The parent must not give in to his desire to try to create the child he would like to have, but rather help the child to develop—in his own good time—to the fullest, into what he wishes to be and can be, in line with his natural endowment and as the consequence of his unique life in history.”
—Bruno Bettelheim (20th century)
“I wish more and more that health were studied half as much as disease is. Why, with all the endowment of research against cancer is no study made of those who are free from cancer? Why not inquire what foods they eat, what habits of body and mind they cultivate? And why never study animals in health and natural surroundings? why always sickened and in an environment of strangeness and artificiality?”
—Sarah N. Cleghorn (1976–1959)
“... it matters not what natural endowment a race may have if it prostitutes itself to the service of death.”
—Rebecca West (1892–1983)