FAU Receives $5 Million Donation to Teach Financial Planning, Insurance
Posted on: Thursday, 30 June 2005, 18:00 CDT
Jun. 30--BOCA RATON -- Aiming to make a local school a leader in a fairly rare field, insurance magnate Barry Kaye is giving Florida Atlantic University $5 million to boost teaching and research in insurance and financial planning.
The gift was announced Wednesday. It's eligible to be matched with state money, making it one of the biggest gifts to FAU in four years.
The gift will launch a new major in insurance, add a professor's position specializing in insurance and financial planning, and sponsor research and courses in using insurance as a vehicle for charitable giving, FAU said. Plans also include a lecture series and other undertakings.
"This gift will go a long way to create greater opportunities for thousands to come in the future of Florida Atlantic University," FAU President Frank Brogan said.
Relatively few universities offer degrees specifically in insurance, and they often stress actuarial science and other technical aspects of the field, according to Kaye. He envisions FAU emphasizing the marketing of insurance and other aspects of "how it's done, on a practical basis," and he's keen to give the profession more grounding in academia.
"I think we can really make a mark for the benefit of the public, as well as the professionals," Kaye said.
Since becoming an insurance agent in 1962, Kaye has become a visible expert in the field. He maintains offices in New York, Los Angeles and Boca Raton, hosts radio and TV shows, conducts seminars and has written eight books, including Die Rich and Tax Free!
With his wife, Carole, he also is known for a collection of miniatures that includes tiny versions of the Vatican, the Hollywood Bowl and some 44 U.S. First Ladies. The collection once was its own museum in Los Angeles, but the Kayes gave it to the Naples Museum of Art after moving to Boca Raton in 1999.
Their latest gift is a boon to FAU's College of Business, which enrolls one in every four FAU students. The donation also marks a significant coup for the entire university's fund-raising, which has struggled for three years.
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Source: South Florida Sun-Sentinel
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