U.S. NEWS | NOVEMBER 4, 2011, 12:16 A.M. ET
Alumnus Gives Stanford $150 Million Gift
By MELISSA KORN
In a sign that blockbuster charitable donations are trickling back to higher education, Stanford University announced Friday it had received a $150 million gift.
The donation comes from Stanford Graduate School of Business alum Robert King, and his wife, Dorothy. It's the second largest publicly disclosed gift Stanford has ever received—behind $400 million from the Hewlett Foundation in 2001.
Mr. King, 76, was an early investor in Chinese Internet search company Baidu Inc. and a partner at Peninsula Capital in Menlo Park, Calif.
Earmarked is $100 million for the business school to establish the Institute for Innovation in Developing Economies. The new center will conduct research, coordinate courses in social entrepreneurship and design, and oversee projects worldwide to alleviate poverty.
The remaining $50 million is set aside for matching funds to study and teach innovation and social enterprise university-wide. If all funds are matched, the total amount could reach $200 million.
The Kings' gift is among the largest ever for a business school and the biggest since David Booth gave $300 million in 2008 to what is now known as University of Chicago Booth School of Business. In 2006, Stanford's business school received a $105 million gift from Nike Inc. cofounder Philip Knight to help construct a new campus.
In recent years, schools have struggled to attract new gifts as potential donors remain concerned about volatile markets. Stanford, however, bounced back quickly after the recession. It was the highest-ranked higher-education institution in this year's Chronicle of Philanthropy list of the 400 largest nonprofit organizations by domestic donation dollars, and 20th among all charities.
Mr. King says he and his wife are making the donation now because "the world needs it," and they chose Stanford as the recipient because of their longstanding ties to the school.
Write to Melissa Korn at melissa.korn@wsj.com |
