Family contributes $50 million to Harvard University
April 30, 2013
It's not uncommon, especially when the economy is doing well, for individuals to donate money to their alma maters. This can be a great source of income for the nation's colleges - by using such funds, if the school makes notable advances or looks better because of renovations, the value of degrees from the institution can rise.
Recently, the Blavatnik Family Foundation donated $50 million to Harvard University, the college of organization leader Len Blavatnik.
The money will be directed toward a project that will use basic scientific facts to create new forms of therapy and disease cures called the Blavatnik Biomedical Accelerator. The main focus will be to identify the most promising technologies and strategies as quick as possible, which will allow researchers to dedicate their attention to licensing and developing the choices that are most likely to pan out. The rest of the money will be used to form the Blavatnik Fellowship in Life Science Entrepreneurship Program at Harvard Business School.
According to Access Industries, a company also fronted by Blavatnik, the foundation has been a strong supporter of the arts, having donated substantially to The National Gallery of Art, The Metropolitan Museum of Art and the Royal Academy of Arts, among other institutions.
Organizations that are providing funds for multiple nonprofit programs might find it easier to manage their large-scale efforts with fundraising management programs that can account for funds as they are disbursed to recipients.