$200 million donation largest in USC history
Posted March 9, 2011 at 6:14 am in News
USC has received its largest single donation since the university was established in 1880.
Dana and David Dornsife, longstanding patrons of the USC Brain and Creativity Institute and the university‚Äôs neuroscience program, have donated $200 million in an unrestricted endowment to the USC College of Letters, Arts & Sciences, which will now become the USC Dana and David Dornsife College of Letters, Arts & Sciences.
‚ÄúThis historic investment by Dana and David Dornsife in USC‚Äôs humanities, social sciences and sciences ‚ÄĒ the largest naming gift in the history of higher education for a college of letters, arts and sciences ‚ÄĒ is both transformational and inspirational,‚ÄĚ President C. L. Max Nikias said in a press release. ‚ÄúEven more remarkable is that this unqualified support comes during such a challenging time for many in higher education.‚ÄĚ
Nikias has only been president of the university for about seven months, but USC has already received three sizeable donations.
When Nikias was inaugurated Oct. 15, trustee Ming Hsieh announced a $50 million donation to the university for cancer research, and the Annenberg Foundation announced a $50 million donation to construct a new building for the Annenberg School for Communication & Journalism.
This donation from the Dornsifes, however, is unrestricted and will allow the College to decide how and when to spend the money.
‚ÄúThe College of Letters, Arts & Sciences plays a vital role in the life of USC, and we wanted our support to be unrestricted in order to give the university lasting flexibility,‚ÄĚ David Dornsife said in the same press release. ‚ÄúWe firmly believe that the College will lead the way in solving the major problems facing society and the world today.‚ÄĚ
The gift is not targeted to a specific cause, though it is expected to be used for faculty hiring, research and fellowships, according to the Los Angeles Times, which broke the story Tuesday night.
The university will also implement a new Dornsife Scholars Program to recognize impressive seniors who graduate from the College and plan to continue their academic pursuits and study social challenges on a national and worldwide scale.
‚ÄúDana and David‚Äôs gift demonstrates their deep understanding of a basic truth ‚ÄĒ that all human progress and enlightenment rest on a firm foundation of outstanding scholarly inquiry across traditional and emerging fields within letters, arts and sciences,‚ÄĚ Howard Gillman, dean of the College of Letters, Arts & Sciences, said in the press release.
David Dornsife graduated from USC in 1965 and is a USC trustee. He is also the chairman of the Herrick Corporation, the largest steel fabricator on the West Coast. Dana Dornsife graduated from Drexel University and is the founder of the Lazarex Cancer Foundation.
The $200 million donation by the Dornsifes is larger than the donation by Star Wars creator George Lucas, which helped to design a new building for the School of Cinematic Arts. Lucas donated $175 million in 2006.
Currently, the single largest gift to any college or university in the United States is the $600 million from Gordon Moore, the co-founder of Intel Corp., his wife Betty and their foundation, given to the California Institute of Technology in 2001, according to The Chronicle of Higher Education.
The College enrolls about 10,000 undergraduate and graduate students, has 33 academic departments and 31 research centers and institutes.
The College will permanently be known as the USC Dana and David Dornsife College of Letters, Arts & Sciences following a celebration in Bovard Auditorium on March 23 at 11 a.m.