University of Michigan receives $110 million gift to build new residence hall
April 22, 2013
Constructing buildings at universities can be extremely costly ventures, given that schools have to pay for materials, get contractors to create designs, pay the salaries of all associated workers and many other expenses. As such, these initiatives tend to cost millions of dollars, which is commonly financed through asking for alumni donations, launching fundraising projects or even raising tuition.
However, these things may not be necessary for the University of Michigan, as the school recently received a gift of $110 million in securities from academic investor and philanthropist Charles Munger. This is the biggest gift ever given to the school.
?Most of Munger's money will be put toward a new residence hall named after the philanthropist for graduate students to facilitate interdepartmental collaboration. A smaller portion, amounting to $10 million, will to go fellowships that create a society of idea exchanges from those studying many different subjects.
"Charlie Munger is passionate about improving graduate student housing, and believes that educating one's self, in the right setting, is very powerful," university president Mary Sue Coleman explained.
Munger told The Associated Press that the avenue he chose isn't necessarily a common form of donating to nonprofits, but he thought the interactive housing project would be a good idea, because it worked well when he did the same thing at Stanford University.
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