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2014-01-02

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January 6, 2014 - 12:44am

Ross and Munger donations rank in the top ten philanthropic gifts of 2013

BY MICHAEL SUGERMAN

Two donations to the University of Michigan made the Chronicle of Philanthropy’s list of the top 10 philanthropic gifts of 2013, the Associated Press reported.

The list, published Jan. 1, is topped by Facebook founder Mark Zuckerberg’s $992.2 million gift to the Silicon Valley Community Foundation and Nike co-founder Phil Knight’s $500 million donation to the Oregon Health and Science University Foundation. Seven of the top pledges were directed toward institutions of higher education, including Johns Hopkins University, Yale University and Stanford University.

Real estate mogul Stephen Ross’ $200 million pledge to the University, split between the Athletic Department and the business school that bears his name, was the fifth largest donation on the list.

The donation will be used for a variety of purposes, including increasing scholarship funding to the business school and refurbishing the athletic campus with improved facilities.

“I am thrilled to be able to make such an impactful contribution and to not only help write the next chapter for the University, but also offer much-needed scholarships to ensure we continue to attract the best and the brightest students and provide them with the financial resources they need,” Ross said in September.

Charles Munger’s $110 million pledge to the University ranked ninth on the list. The donation will fund the construction of a graduate student residence hall — a project that has faced opposition from students who criticized the hall’s design and cost. Construction commenced in the fall and will be completed in 2015.

Both pledges will count toward the University’s Victors for Michigan campaign goal, a $4 billion fundraising effort and the largest in the history of public higher education.

Correction Appended: A previous version of this article misstated the source of the list.