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Real estate developer and alumnus Stephen M. Ross will give $200 million to the University of Michigan to significantly transform the student experience at the business school and athletic campus.
Ross' gift is the largest single donation in U-M history and makes him the biggest donor to his alma mater with lifetime giving of more than $313 million. The Stephen M. Ross School of Business and U-M Athletics will each receive $100 million.
With this gift, Ross becomes the third largest donor to a business school in the United States. Ross is chairman and founder of Related Companies, one of the most prominent real estate developers in the world. Related Companies is best known for the development of Time Warner Center in New York and the 26-acre Hudson Yards development currently underway on Manhattan’s west side. Ross is also the owner of the Miami Dolphins.
In keeping with Ross' professional and philanthropic vision for business education and athletics at U-M, projects will be designed to create contemporary spaces for the nearly 6,000 students who take courses at the U-M Stephen M. Ross School of Business and the 900-plus student athletes in all sports. In addition, scholarships will be available for Ross students. Specific projects will be announced in the coming months.
"Stephen Ross' vision has always been about the ability of facilities to transform the human experience," said U-M President Mary Sue Coleman. "He understands the power of well-conceived spaces, and his generosity will benefit generations of Michigan students, faculty and coaches.
"This historic gift is not only an investment in the University of Michigan, but also in our state. Steve Ross believes deeply in our collective future as national and global leaders," Coleman said.
Ross has agreed to serve as the chair of the university’s Victors for Michigan Campaign that will kick off on Nov. 8.
In 2004, Ross gave $100 million toward a new building and endowed operations for the business school, which was renamed in recognition of his gift. The building was completed in 2009.
"Stephen Ross provided us with the resources and vision to develop our signature Ross building. His most recent gift will allow us to build on that success and create a true business campus – one that features innovative design and advanced technology to empower students and faculty who share our mission to develop leaders who make a positive difference in the world," said Alison Davis-Blake, Edward J. Frey Dean of the University of Michigan’s Ross School of Business.
Ross said: "The University of Michigan had a profound impact on my life and I have received enormous satisfaction from being able to give back to the institution that played such a critical role in my success. 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.
"I am confident that the initiatives we undertake will further transform the business school and athletic facilities and ensure the University Michigan continues to offer a world-class institution for our future leaders. I could not be more proud."
The Ross School of Business proposes to create:
· New spaces for students to study, collaborate and connect with each other, faculty and potential employers.
· A state-of-the-art career services space including an enhanced recruiting center to connect students with the best companies and careers.
· New spaces to support an "admission to alumni" approach to student and career services with dynamic events and opportunities on campus and beyond.
· A space to bring together faculty, students and corporate partners to create practice-oriented research on topics of key importance to local and global firms.
· Classrooms infused with advanced technology and innovative design to support in-person and virtual collaboration and connectivity on a global scale.
· The new and existing facilities will be seamlessly integrated both inside and out to create one campus.
· Scholarships for Ross students.
In previous donations to U-M Athletics, Ross gave a $5 million lead gift to create the Stephen M. Ross Academic Center, which provides study space on the athletic campus. Additional past gifts include $5 million for the stadium expansion project and $50,000 to the College of Literature, Science, and the Arts for the Henry Pearce Endowed Scholarship, and scholarship support for student athletes.
"Stephen Ross shares our vision for an Athletic Campus that provides every student-athlete access to world-class facilities to successfully train and compete at the highest level athletically and academically," said Dave Brandon, the Donald R. Shepherd Director of Athletics. "Steve made his first gift to athletics to help build our Ross Academic Center and is now making a commitment to Michigan Athletics that will impact over 900 student-athletes across all 31 of our teams. We are excited and grateful for Steve’s generous support, and we look forward to appropriately recognizing Steve and celebrating this historic gift."
Michigan Athletics proposes to improve its Athletic campus to: · Provide student-athletes on all 31 teams with the necessary resources to be academically and athletically successful.
· Develop state-of-the-art facilities that create a sense of community, identity and tradition for all of our teams.
· Create additional spaces that help student-athletes develop skills for success after athletics.
· Build facilities that are a destination for local, state, national and international competitions.
The campus will be named the Stephen M. Ross Athletic Campus in recognition for this transformative gift, pending approval by the U-M Board of Regents.
Ross earned his Bachelor of Business Administration in accounting from the U-M Business School in 1962, a law degree from Wayne State University and a master of law degree in taxation from New York University. He began his career as a tax attorney at Coopers & Lybrand in Detroit. He serves on the executive committee and is a trustee of Lincoln Center, is a trustee of New York Presbyterian Hospital and the Guggenheim Foundation and a director of the World Resources Institute and the Jackie Robinson Foundation. Earlier this year, Ross committed to give half or more of his wealth to philanthropic causes and charitable organizations, including some based in South Florida. The commitment was made through the Giving Pledge, a long-term, global initiative created by Warren Buffett and Bill and Melinda Gates that aims to inspire deeper engagement in philanthropy and increase charitable giving globally. In addition, his contribution to Michigan athletics isn’t his first to an athletic program at one of his alma maters. His high school, Miami Beach High School, named its football field Ross Field, in recognition of his work to spearhead the refurbishment of that facility.
The Ross School of Business is a distinctive learning community grounded in the principle that business can be an extraordinary vehicle for positive change in today's dynamic global economy. The school's focus on positive business practices, a boundaryless approach to problem solving, analytic rigor and action-based learning makes Ross a world-class, top-ranked business school.