All articles tagged with #endowment
The Metropolitan Opera is in a deep financial crisis, depleting its endowment by a third, and is pursuing cash infusions from Saudi Arabia and even Elon Musk, exploring unconventional ideas such as a Tosca on Mars.
Amazon Data Services, an AWS subsidiary, purchased George Washington University’s Virginia Science and Technology Campus in Ashburn for $427 million. GW can continue using the campus for up to five years under the deal; proceeds will fund an endowment to strengthen research, teaching, and student financial aid, with some funds potentially used for one-time staff bonuses. The campus hosts programs in nursing, engineering, physics and chemistry, plus labs and administrative buildings; GW says there is no immediate impact on its programs.
David A. Duffield, a Cornell alumnus and founder of PeopleSoft and Workday, is donating more than $520 million to Cornell, including a new $371.5 million pledge and a $100 million 2025 commitment, to establish the Cornell David A. Duffield College of Engineering. The historic gift—the largest in Cornell history—will fund a $250 million Duffield Legacy Fund and a $50 million priorities fund, with the remainder supporting the Duffield Launch Fund to upgrade infrastructure and advance research in areas like quantum engineering, artificial intelligence, and health as part of the university’s final campaign, “To Do the Greatest Good.” It also includes plans to expand Duffield Hall, cementing Duffield’s name for generations and continuing his broader support of Cornell programs.
Facing ongoing financial strain, the Metropolitan Opera announced layoffs, salary cuts for top executives, and postponement of a new production, while drawing on its endowment and a $200 million Saudi funding deal; the company may also sell its $55 million Chagall murals to stabilize finances.
Vanderbilt University announced an anonymous gift to endow the baseball head coaching position in honor of Tim Corbin, celebrating his successful tenure and contributions to the university's athletics, as part of the broader Dare to Grow campaign and Vandy United initiative to enhance athletic facilities and support student-athletes.
Harvard University experienced its largest operating loss in 14 years, totaling nearly $113 million, due to federal funding cuts and increased costs, despite record donations and a strong endowment return. The university is negotiating with the White House over funding disputes.
The Metropolitan Opera is partnering with Saudi Arabia to perform there for three weeks each winter, a deal expected to generate over $100 million to help address its severe financial difficulties caused by pandemic-related fund withdrawals and declining revenues.
Brown University has secured a $500 million loan amid financial difficulties, planning significant cost reductions and operational changes due to deep financial losses and a relatively small endowment, amidst broader challenges in higher education funding.
Billionaire couple Ronda Stryker and William Johnston have donated $100 million to Atlanta's Spelman College, marking the largest-ever single donation to a historically Black college or university. The donation will be used to endow scholarships, develop an academic focus on public policy and democracy, and improve student housing. This significant contribution reflects a growing trend of increased support for HBCUs following racial justice protests, with recent large donations also made to the United Negro College Fund and other historically Black institutions.
The New York Philharmonic has received a groundbreaking $40 million donation from financier Oscar L. Tang and his wife, Agnes Hsu‐Tang, the largest endowment gift in the orchestra's history. The donation will be used to endow the Philharmonic's music and artistic director chair starting in the 2025-26 season when Gustavo Dudamel becomes music director designate. The gift is seen as a significant boost for the Philharmonic, which has recently stabilized its finances and undergone a major renovation of its concert hall. Tang and Hsu-Tang expressed their confidence in the Philharmonic's new leadership and their desire to support music education and social change initiatives.
Former math professor and billionaire hedge funder James Simons has donated $500 million to Stony Brook University, making it the largest unrestricted donation to a college in US history. The donation is expected to grow by up to $1 billion in contributions for Stony Brook University’s endowment, thanks to New York State’s public matching program for donations. Simons has steadily contributed to Stony Brook, including a record $60 million donation in 2008. The founder of Renaissance Technologies investment firm credited his time at Stony Brook with honing his skills.