Two Major Gifts for Indiana University Announced
By Anonymous
The Center on Philanthropy at Indiana University will receive a $40 million grant from Lilly Endowment Inc. to help fund future operating costs, IU President Adam Herbert and Endowment President N. Clay Robbins announced Nov. 21.
About $2 million a year is expected to be generated by investment returns from the $40 million. That’s about the same amount Lilly Endowment has contributed for operating expenses.
Founded nearly 20 years ago with an initial grant from Lilly Endowment, the center is part of the IU School of Liberal Arts at IUPUI, and has built an international reputation for philanthropy and not-for-profit management research.
It was the second major gift to IU announced in as many days.
Real estate developer Melvin Simon and his wife, Bren, agreed to donate $50 million for cancer research at Indiana University. The couple allocated $25 million to the Melvin and Bren Simon Cancer Center now under construction at IUPUI.
They earmarked another $25 million for an endowment in honor of Joshua Max Simon, the couple’s late son, to fund programs, staff and other costs needed to support researchers at the cancer center.
The Simon gifts will be made in installments over several years to the Indiana University Foundation. Ile Joshua Max Simon Research Endowment will be operated under the foundation’s umbrella.
The director of the Indiana University Cancer Center predicted the gift would enable it to climb into the top 10 nationally.
Dr. Stephen Williams said the benchmark could be reached in a decade through hiring at least 10 more faculty who would attract research dollars from sources including the National Institutes of Health.
The $60 million IU attracted last year ranked the center about 35th in outside research funding. By 2016, the cancer center will be capable of attracting $150 million in funding, Williams predicted.
Mel Simon, 80, is co-chairman of Simon Property Group Inc., the nation’s largest shopping mail owner. Bren Simon is active in national Democratic politics.
The gift is one of the largest ever made by individuals to Indiana University. In late 2005, an anonymous person gave $70 million for educational support.
Copyright IBJ Corporation Nov 27, 2006
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