Report: Ross to give $200 million in largest-ever donation to University
The article gives the details and apparently there is a press conf today (Wednesday). Impressive. Some of the donation will go to athletics.
The article gives the details and apparently there is a press conf today (Wednesday). Impressive. Some of the donation will go to athletics.
Lacrosse stadium? Regardless, thank you Mr. Ross, I hope this benefits the university in many ways
You have to love generous alumni.
I just learned that OSUs Fischer School of Business is named after Ross' uncle, the also quite successful Max Fischer. What a savvy, philanthropic family.
I thought Max Fisher had committed all his money to building Rushmore a first rate aquarium?
This is why we need to bring upvotes back.
beat me to it. that was some good work, there.
That's good hustle.
Wow.. How great for the school, students and athletes!
Damn, big gift, looks to be the fourth largest overall and third to a university: http://philanthropy.com/stats/topdonors/
the link you provided is broken down by year, so it does seem to be the third largest donation to a university so far this year but not all-time.
Ahhh, big deal. If I had a sh-tload of money I could donate millions too.
Damn you Bloomberg!
What a cheapskate.
If my math is correct, he gets 20 priority points for his UM degree and 313,000 points for past and present university donations...
He gets the jet pack seat for home games
They have to play around his roped off area dead center of the field. While he shouts bloody marvelous after each play and man servants run curl routes to refill his champagne.
and Dave Brandon will be waving a fan in his face for the early fall games. . .
That's 1 million priority point. Plus the 231,000 for university donations. Plus 20 for his degree equals a crap load of points.
....But how many MGoPoints does he get?
Ha. Look at Vincent Smith and Brandon Hawthorne and all the blood, sweat, and tears they gave to the AD. It'll take them 20 years to catch up to someone like Bry_Mac or MWolverine. You gotta do a little more than donate some cash to the AD to earn MGoPoints. Now, when the point system returns, if Ross were to post a timely photoshop or two he'll be well on his way . . .
He gets to sit on Brady Hoke's shoulders and call out plays.
I'd tell you what I'd do if I had 200 million dollars....
400 chicks at the same time.
You are a disgrace. AIDS is the last thing you should joke about, you mental midget.
Not sure if your actually mad ? Also I'm not sure why i even bothered to comment this but o well im stalling going to bed.
If we're talking hyperbole, Ebola has a much higher kill rate than modern AIDS/HIV.
to Ebola. Hooray for the Internets.
We talk about infectious diseases all the time. Hell, we even talk about Columbus, and we avoid that like the plague.
They prefer little people!
Mental little person, please.
I never knew a modified Office Space quote would result in this.
damnn, that is very generous.
It is very generous...BUT.. his accountant likely told him he needed to make a large donation. He's surely not "donating" as much money as it appears.
I am not trying to minimize his contribution, just stating the facts and realities of wealth. Charles Woodson likely ran into a similar situation with his Mott donations, as he appears to have managed his money very well.
Besides the fact that I don't think he needed to write off $200 Million. The guy has a proven track record of generousity, you are an ass for suggesting any other motive.
While I'm sure he's not doing this just for the right off, to suggest that "suggesting any other motive" makes the poster an ass just makes you look stupid and like a homer. I'm sure it's nice to think Ross and all our alumni are good people but they didn't get to the point they are in their lives by being stupid and doing things for the hell of it. The guy has a LLM in tax and worked at one of the Big 4 back before going off on his own.
As Ross gets up there in age, I am wondering what sort of estate tax implications he has in mind (tax law was my least favorite class). Either way, if you're going to respond, please do so in a substantive and intellectual manner other than in essence saying "HURR DURR MICHIGANZ THE BEST".
why bother? What is with all those dots, not to mention the caps and italics. Is that some kind of code?
It's a discussion. I added some knowledge, personal experience, and factual information about how these large donations work, and often why they go down. It doesn't make Ross's contribution any less grand, relevant, or good-natured. He could have donated the money anywhere but chose a learning institution that he has close ties to. I thought that was inferred, but I was wrong.
"All the dots, caps and italics" are in reference to two casual uses of ellipsis and one word in caps and italics? What - you didn't feel it necessary to call out the donations in quotation marks? You're slipping.
I'm no CPA, but in what scenario does it make financial sense to make a 200 million dollar donation? Is he up into the 110% tax bracket or something?
Is this serious? I can't believe I have to type this: the entire 200 million wasn't needed for the donation. He likely added more to ensure the Business school was finished, etc.
I mean honestly, are you guys seriously that aloof or does Stephen Ross contribute to your Christmas cheer?
Go easy on me, I was one of those sociology majors who gets a meaningless degree and then flips burgers or something. And though I'm plenty aloof, I highly doubt Steve Ross has made these donations because they are good financial moves, not because he's philanthropic, like you're suggesting.
I make donations as well (not of this magnitude, of course) and although I write them off, I don't do it for that purpose, and I'd be in a much better spot not having the write off and keeping the money.
Stephen Ross is like Bill Gates and Gandhi rolled into one, except he's a better blocker out of the backfield and has world class speed.
Charles Feeny would be a better comparison
So maybe they can use part if it to re-design the exterior of the new B-school..?
They might make his name a little bigger on the modest sign out front. That much money ought to buy you a font size you can see from the ISS.
Good for him. Wealthy and generous alums really make a difference.
I've wondered for a while if Larry Page plans to make a large donation one of these days as he is only worth about 25 billion.
Somebody obviously didn't get a decent ticket to UTL II and is trying to buy their way to a good seat.
I'm pretty sure he succeeded. For $200 million he probably gets to sit in Mary Sue's seat in the press box while she washes his limosine out in the parking lot.
Not to be a total buzzkill, but his seat is in a suite next to Dave Brandon's at about the 35-yard line (west side). Can you imagine what kind of donation it would take to get Mary Sue's seat? She and Dave Brandon have suites on either side of the 50. This university has ungodly amounts of money.
entering a tower bearing her name, either.
"In an interview with the Journal, Ross, 73, said the donation will “finish the job” in completing renovations on the Business School’s other buildings. In the last fifteen years, every one of the top 10 business schools in the country has spent at least $30 million on upgrades to its facilities. One of the chief factors in convincing Ross to give his original $100 million donation was to help keep Michigan’s business school competitive with peer institutions."
It's always great to see even the most successful members of the Michigan community continue to circle back, reconnect and give back to Michigan. It speaks to the sort of culture and atmosphere that permeates campus, part of that being a sense of "family" and belonging.
Although I greatly appreciate Mr. Ross's generosity, am I the only one not thrilled that the athetlic campus -- which includes buildings named for Schembechler, Crisler, Yost, and Oosterbaan -- is being renamed after a man who happens to be a wealthy donor?
Big 'meh' on my end. The baseball stadium is named after the Wilpons...and the athletic academic support center is already named after Mr. Ross.
The baseball stadium is named after Ray Fisher, who coached Michigan to a College World Series championship.
The "baseball and softball complex," whatever that means, is named after the Wilpons.
The Ross academic center was a huge help to me in gaining my degrees... He makes a huge difference to athletes everyday just like our coaching greats.
Welcome to MGoBlog! Its good to have you as a contributing member.
Your move, Alfred...
maybe we will now get that football stadium expansion that was hinted at but passed over for the olympic sport upgrade. 10-20k more "cheap" seats would be nice.
Here is the Wall Street Journal article:
For those interested.
If you are an undergraduate student, unless you're in B-school or an athlete, you get nothing. An unfortunate problem with Michigan that doesn't seem to end.
One of the girls I went to High School with ended up getting accepted to Purdue... She majored and graduated with a degree in Comp Lit. She was so proud of her accomplishment and made sure to share that fact with anyone and everyone.. Till employers would tell her she didn't have the right skills needed. The degree from Purdue got her the interviews but she just did not have the knowledge to do the jobs she wanted. Long story short she ended up back at a for profit college with a nursing degree. Yay for Comp Lit!
One person I know who graduated with a comp lit degree is now a name partner at a New York PR firm, and got a job right out of school.
Whee, anecdotal evidence is fun!
A lot of English majors and Comp Lit majors do quite well for themselves.
And there's more to a University than getting a job. Last time I checked the motto of our University was still artes, scientia, veritas -- arts, knowledge, truth -- not "come here for your job training."
Agreed, maybe I just enjoy telling that story because of her smug attitude towards her degree from Purdue.
Sky is still blue, grass, green, and bouje is still very much bouje.
Yeah, English teachers are the worst. I think everyone should be a business man and no one should be an English teacher. What possible service to business could proper use of English contribute?
Most business degrees are equally useless. They get you jobs and looks for sure but a lot of the business majors are as dumb as the others majors you like to deride. Unless you're doing something with finance or financial engineering. Management degrees don't really mean shit.
I am happy for the school and thrilled that Mr. Ross has it in his power to give but Michigan has a huge endowment and seems little interested in making use of it in a way that will help society.
Without getting into to much deep discussion, we need medical doctors! Training for these professionals cost a fortune and contributes to fewer citizens obtaining a medical degree. Use some of this money to train doctors at a cheaper cost, we will need them.
We need docs to go to locales where they are really needed. And not just any docs, but primary care and general surgeons.
Exactly! Thank you for the follow up.
The cost of medical school can run beyound $200,000. Such a high cost for education and definitely a barrier for some.
Nah it isn't as big of a barrier as one may think.
Banks drool at the thought of lending money to physicians (or future physicians). We're a relatively low risk of default, and the thought is we will continue to do business with them in the future. Typically, the loans are offered at below-market rates in hopes of enticing future business out of us.
Aaand, there is always either the US Public Health Corps, or the ROTC programs that will foot your tuition bill for varying degrees of service (primary care + Obgyn in "medically underserved" communities, or 4 years active/8 years reservist military).
It IS expensive, but after 4 years of medschool you are pretty much guaranteed a 40-50K/yr job for 3-7+ years. And if you don't totally F-up, a 6 figure job after that.
The only thing that debt burden does is shunt folks towards specialties rather than primary care.
Not directly, no, but indirectly, yes. Keep in mind the success of the entire University relies heavily on the success of the Medical, Business, and Law Schools. Unlike the other Schools that receive money from the University in order to operate, these Schools actually make net payments to the rest of the University that fund the other Schools (I'm actually guessing the Law school is included in that, but definitely the case for the Medical School/Health System and the Business School.)
Run this by an administrator and see if they keep a straight face.
I guess get better more successful alums and convince them to give back? The Ross school and the athletic program is world famous he's just trying to keep it that way.( not saying there aren't other programs just as good) Not to mention you can get a pretty decent ROI for the athletic donation so in the end maybe that money gets spread toward your program?
looks around this incredible campus with its awesome free museums, amazing faculty, prestigious cultural events, cool programs like Semester in Detroit, GIEU, and UROP, facilities like the VR cave, the North Quad production studios, the Walgreen drama center...
This is what nothing looks like, hey?
I am an absolute turd in terms of giving. Not only in total amount, but also likely in percent of wealth. Good for him and good for U of M. Glad we have alumni that care this much bout their alma mater.
Love that guy.
So guys with his kind of money generally can do these sorts of things off interest alone. Now personally, if I had money like this, I'd be like Jeff Bezos and start a rocket company and find F1 rockets at the bottom of the ocean. I also would own an NFL team that wasn't the Dolphins.
But it is awesome how much he gives back to the University. And while athletic upgrades and academic building upgrades are nice, I think personally if I was to start donating this kind of cash, it would be for scholarships. As most of us are all too aware, the cost of college is incredibly high. Even if you are just cutting the costs by 25% for a ton of students, it goes an incredibly long ways to getting helping more students get one of the best damn educations in the world, and I think that would mean more. But that's just my personal opinion. I'm not going to hate on a guy for giving up $200 mil of his own money back to the University either way, just saying what I would do.
I'd also put huge walls on North Campus splitting the two weirdest groups of people: art/music students and engineers, so they wouldn't even be tempted to interact. But I'm an engineer, I can dream can't I?
According to the articles, it does include scholarship money (though specifically for Ross students, which I'm sure will invoke comments from the masses.)
couldn't find another subgroup that needs a wall less so that they can work on socialization and communication skills. I kid, but those are some interesting cats (in general) in social situations.
Which to others of us is weird and scary. I think a lot of engineers are just lost causes when it comes to associating with non-nerds.
"there are hundreds of athletic directors waking up all over the country right now. i guarantee i'm the happiest."
apparently velveeta called - they want to do a "marching band shell...and cheese" promo on saturday night. it's okay, though, they're giving the athletic department twenty bucks.
email this morningand thought two things:
how the hell can I compete with that donation.
They're running out of stuff to name after him.
That's it. Psshh
Michigan Stadium on the Stephen M. Ross Athletic Campus.
And with that donation he is now eligible to learn the secret location of Yost's seat in the stadium.
I find it a bit annoying that some feel the need to criticize Ross for how he chooses to use his own money. It's his money, which he earned. That gives him the right and privilege to dispose of it as he sees fit. As it is, he may well give anonymously to other organizations.
The other thing is that every individual has the ability to do what they can with their own resources. It isn't just the size of the gift, it is the percentage of income given that matters. I am a man of somewhat modest means. In the end, by giving regularly and generously, (largely for religious purposes,) I'll be contributing more than a half million over my lifetime.
I guess I think Ross's generosity is to be lauded. And those with different prioritites should be glad to support the causes which they find important, without sniping at Ross and what he chooses to do. Virtually everyone can make a difference in this world, if they choose to do so.
Quit bitching and applaud the man.
Just my personal opinion: I think it's great that he gives back, and it's his choice where he puts the money. And so I applaud him for that. I just wish....not to pick on him personally because it seems like it's the fashion.......I wish people who give the mega dollars didn't feel the need to have things named after themselves. I think they should get credit every time the new facillity/building/whatever is mentioned, but can't we just leave it as the Michigan Athletic Facility? I would hate for Schembechler Hall to one day be called the Stephen R. Ross/Schembechler Hall. In Chicago, a huge new children's hospital was built to replace Children's Memorial Hospital(our Mott's), and it's called Lurie Children's Hospital, after the donor. I prefer the way it used to be. Let it be about the kids (or about Michigan) and not the donor.
I respectfully disagree. Hell, I have an entire city named after me! Its a SimCity, but its still named after me. And I'm not losing a minute of sleep over it.
"I prefer the way it used to be. Let it be about the kids (or about Michigan) and not the donor. "
I think this is a longing for a time that never existed. Ferry Field (Michigan's home football field from 1906 to 1926) was named after Detroit businessman Dexter Ferry, not because he was a great guy, but because he purchased the land for the field and gave it to the University.
Mott--something you mention in your post--isn't named after Charles Stewart Mott for any reason other than the amount of money his foundation gave to the University.
Thank you for pointing that out. I couldn't get to the reply icon fast enough.
Just an FYI, I wasn't holding up Mott as "the way it used to be." I used it as an example so you understood how big the presence of Children's is in Chicago, if you didn't already know. And this wasn't a personal slam on Stephen Ross. It's more a comment on philanthropy as a whole, and how I wish it was 100% altruistic. I appreciate the gift, and any effort to give back in any way.
Realistically, the alternative is corporate sponsorship. I'd much rather honor the Michigan Men (and Women) who donate their hard-earned money to have their names on the building rather than a corporate entity with a loose connection to the University. Stephen Ross is an alum who has been hugely successful and generous -- how isn't that an ideal person to name something after? It's pretty much the way things have always worked, as others have pointed out.
Can't we pick on someone other than the Luries? LOL
FWIW, some proportion of donors do not name things after themselves but rather after family members they wish to honor/memorialize. So while there may be still some vanity attached to it, it might be less self-aggrandizing than we first assume.
Anyone else hope that (part of) this goes to some upper-deck type cheap seats at Michigan stadium?
I don't think the demand is there for more cheap seats in the stadium--notice that there is no longer a waiting list for season tickets. It's a nice fantasy to think of crowds of 125,000+, but I don't see them being able to sell that many tickets to watch Michigan play Eastern Michigan or Rutgers or whomever. It really does appear that they are close to the edge right now in terms of ticket sales--any expansion could mean that there will be a few games each year that are not sold out, with big ugly blocks of empty seats in the new sections.
If anything, expect the next round of renovations in Michigan Stadium to be to add more "exclusive" type seating areas, possibly extending the current boxes all of the way around the stadium.
If we had seasons like Alabama is having I'm sure we could fill out a 200,000 seat big house. Winning answers all problems. Look at basketball as an example.
But my 20 had considerably less zeros behind it.
No other sport needs a new facility more than track does.
They are about to build both an indoor and an outdoor track in the new athletic facilities south of the golf course. The money is there, and I'm not sure if the plans are approved, but there are a lot of parts of the planned renovation that depend on the new indoor track and outdoor track facilities.
The information I have heard is that the indoor track building will be torn down to build a new volleyball arena, and the outdoor track will be incorporated into an expanded parking lot.
Well...I can think of one.
Fortunately this gift probably green lights most, if not all, of the remaining facility projects.
The crew team would like a word with you.
I really, really, really dislike handing off the naming rights to an entire section of campus. A building is one thing, but all of South Campus? Are we going to have another situation like the Wilpon complex where everything is "Michigan Stadium the Ross Athletic Campus" or whatever it's going to be called?
No, no, no. It'll be something like MGoShoe suggested on Twitter: "Michigan Stadium Presented by Stephen Ross"
Awesome news. Wish I could have gotten some of that B-School scholarship money a couple years ago! Stephen Ross has done incredible things for the University over the years, and we are lucky to have such an awesome alumnus.
Now, a multitude of expansion projects can be paid for cash-up-front, and existing debt can be paid down quickly. No more need for that pesky progressive ticket pricing, or the perpetual inflation in ticket prices, as these have lost their raison d'être. Right? Guys? Amirite?
The way I understand it is that donations pay for upgrades, and ticket sales pay for expenses like salaries, travel, uniforms, food, tuition, etc. I don't think any of those cost are going down.
Donations can pay for anything unless the donor requests the money be spent on specific things. Other than that, the AD determines how to use the money they get. Ticket sales and revenue can pay for anything and everything. My understanding, at least.
That said -- there is no way in hell prices are ever going down. That was the joke.
is more than the entire endowments of some very good small colleges.
to buy out the final year of the ND/UM contract. I'd hand the envelope to Brian Kelly and their AD right about the time the get their sorry asses on the loser bus back to South Bend.
Between Stephen Ross, Charles Munger ($110M), the Zells ($50M), and the Frankels ($25M), UM has received $385M in donations in 2013 alone. WOW! Harvard, on the other hand, has received $195M from their top 4 donors.
Brandon should take 0.1% of that donation to hire Curtis Blackwell and give MSU one less thing to be happy/puff out their chests about.