University of Oregon Receives $74.5 million Donation

Parents Forum
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<p><a href="http://tinyurl.com/yt2gp8%5B/url%5D"&gt;http://tinyurl.com/yt2gp8&lt;/a&gt;&lt;/p>

<p>Lorry Lokey makes largest academic gift in University of Oregon history</p>

<p>$74.5 Million will benefit the sciences and other programs</p>

<p>EUGENE, Ore. -- (Oct. 16, 2007) -- A $74.5 million gift from philanthropist Lorry I. Lokey -- the largest single academic donation in University of Oregon history -- will dramatically transform science teaching and research at the UO. The gift will also benefit a wide range of other programs on campus, UO President Dave Frohnmayer announced today.</p>

<p>"This most recent contribution from Lorry is what we call a catalytic gift," Frohnmayer said. "Catalytic gifts create a rising tide of expectation and achievement. They form a basis for securing additional gifts and competitive grants. They create an esprit de corps. They make the difference between good programs and great ones. But most of all, catalytic gifts have the potential to change the world as we know it.</p>

<p>"This extraordinary contribution from this extraordinary man -- combined with donations of others -- will help secure the University of Oregon's future as a major international force in scientific research and education and as Oregon's flagship institution in the liberal arts and professional education." The gift announced today brings Lokey's total giving to the University of Oregon to $132 million over just the past four years. Lokey grew up in Portland and is a 1949 graduate of Stanford University.</p>

<p>Lokey is the founder of Business Wire, the world's leading international news release wire service, with 30 offices throughout the U.S., Europe and Asia-Pacific. Last year, Business Wire, founded in 1961, was sold to Warren Buffett's Berkshire Hathaway. CEO Cathy Baron Tamraz heads up the Business Wire global operation.</p>

<p>Since 1990, Lokey has contributed more than $400 million to charity, with 98 percent going to universities and high schools. The largest amount has gone to the University of Oregon. For fiscal year 2006, Lokey was listed by the Chronicle of Philanthropy as one of the top ten most generous donors in the country.</p>

<p>"With the help of its many supporters, the University of Oregon's influence is reaching far beyond Oregon's borders, and it is my hope that we soon will see its national recognition grow even stronger as a major center of learning as well as a major center for scientific research," Lokey said.</p>

<p>The $74.5 million gift is the largest gift ever received by the university for academic purposes and the second largest single gift in UO history.</p>

<p>"What Lorry Lokey has done to help the University of Oregon transform lives, and to help Oregon students achieve their dreams, is beyond imagination," said Oregon Governor Ted Kulongoski. "His philanthropy touches everyone who cares about the human condition."</p>

<p>Lokey's forward-looking support of graduate education will enhance the university's ability to recruit and retain world-class faculty in the sciences and educate the next generation of scientists. The bulk of the $74.5 million gift, about $50 million, will go toward the Lorry I. Lokey Science Advancement and Graduate Education Initiative, which features $20 million for endowed faculty support, $10 million for a quasi-endowment for additional faculty support, $10 million for endowed support for graduate students and a $10 million quasi-endowment for program support.</p>

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<p>It's refreshing to see such a generous donation go to a underfunded public university. Lokey completed his undergraduate degree at Stanford, but probably realizes that the University of Oregon would be a greater benefactor of his donation than Stanford (which has a ~$15 billion endowment)</p>

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<p>Catalytic indeed!</p>

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<p>Not to sound too cynical, but I am reminded of the 'record' donations that were given to MIT and RPI in 2000 and 2001, donations that were made, not in cash, but in stock in dot-com companies that are now trading for pennies rather than dollars. </p>

<p>How will this donation be paid? What are the strings attached? Is it all at once or over some years?</p>

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<p>Here's someone who did it right, $600,000,000 actually and anonymously:</p>

<p><a href="http://www.news.cornell.edu/stories/Sept07/feeney.atlantic.html%5B/url%5D"&gt;http://www.news.cornell.edu/stories/Sept07/feeney.atlantic.html&lt;/a&gt;&lt;/p>

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<p>If he sold out to Buffett he got either cash or Berkshire stock which is even better. Given his record of donations I doubt there are any strings--he's obviously a fan of UO. Good for him. Stanford has more money than it needs.</p>

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<p>Great to see some money going towards academics. Up until now Phil Knight has been the big benefactor of UO, but most if not all of what he donates goes towards development of athletics.</p>

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<p>Actually Knight funded both the new Law School Building and a major library renovation/expansion--plus the sports items. A tough guy but very generous as long as you do it his way.</p>

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<p>Yes, Barrons. Phil Knight's cash definitely comes with strings attached. But I've got no problem with that.</p>

<p>As for the gift to UO, now their science departments can finally catch-up to Oregon State University.</p>

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<p>Me neither. I wish he had run track at Wisconsin instead of Oregon.</p>

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<p>I stand corrected. Still, it's difficult to witness the degenerating state of higher ed in Oregon and see the amount of money alums pour into athletics. But that's an old argument and not one that will be resloved here and now.</p>

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