The University Business School announced a donation yesterday of
$100 million from alum and real estate mogul Stephen Ross. The
donation is nearly three times the largest sum ever contributed to
the University in its 187-year history, and is about 50 percent
more than the largest gift to any business school in the United
States.

Early yesterday morning, the University Board of Regents met in
a special session to approve the renaming of the business school as
the Stephen M. Ross School of Business.

“I will never lose sight of what a truly exceptional
education the University of Michigan offers,” said Ross, who
is founder, chairman and chief executive officer of a real-estate
firm worth over $8 billion. “I am living proof of
that.”

The majority of the money — around $75 million —
will go toward building new facilities, while $25 million will be
earmarked for an endowment fund at the Business School.

Business School Dean Robert Dolan said he expects to submit a
facilities proposal to the regents later this year, which will
likely call for a major overhaul of the school. “We have
exhausted our footprint here. Some buildings will most likely not
be here in five years,” Dolan said.

Dolan added that he hopes to create a facility with more study
group space and gathering areas for students and faculty, which is
consistent with the Business School’s philosophy of
action-based learning and teamwork.

University President Mary Sue Coleman announced the donation in
front of a standing room-only crowd in Hale auditorium.
“Steve Ross’s donation will animate every part of the
Business School’s aspirations and plans. … It will
help students who aren’t even born yet,” she said.

“Steve’s gift is a key milestone in our
University-wide fundraising campaign,” Coleman added.

“This is a powerful expression in someone’s belief
in us,” Dolan said.

Business school junior Sukaina Sangji said she was amazed when
she heard the news of the donation.

“It is an extraordinary amount of money. It is great for
the school. The new additions and improvements they want to do look
really cool. It is just really great,” she said.

Sangji said the gift will signal to employers and other business
schools the quality of the University.

“Now everyone in the country can see that the (Business)
School is to be reckoned with. The alumni go on to do so much.
There are very successful and generous alumni from this
school,” Sangji added.��