MSU received its largest gift from a single donor in the history of the university yesterday.
Interim President John Engler announced that MSU alumnus Edward J. Minskoff has given the university a $30 million gift. The money will go toward the completion of the Eli Broad College of Business Pavilion, something the dean of the business college Sanjay Gupta said is "phenomenal" for the university as a whole.
The Business Pavilion will be named after Minskoff.
Engler said he was thankful that Minskoff, who graduated in 1962, "demonstrated his confidence in Michigan State." He is the founder of Edward J. Minskoff Equities Incorporated, a real estate agency in New York.
"His career was focused on developing these spaces that really are groundbreaking and integrative," Engler said. "We have his support on this integration of space that will be a part of the college and this generation of business students."
Gupta started off the announcement and celebration, which was held in the auditorium of the Facility for Rare Isotope Beams, or FRIB, with discussing the Business Pavilion project.
He said it was fitting to make the announcement in the FRIB because it made MSU a world-renowned research powerhouse and the Business Pavilion "is going to have a similar tremendous and lasting impact on our entire campus."
Last September, the Eli Broad College of Business hosted a groundbreaking ceremony for the upcoming business facility. This $60 million facility being built in the construction site north of the Business College Complex is set to be completed in the fall of 2019. Gupta said it is being entirely funded through philanthropy.
"It's not just a building," Gupta said. "This is a facility that has been specifically designed to significantly improve the student experience, to build our competitive position and reputation as a leader in business education, to strengthen sense of community and, really importantly, to foster collaboration."
Minskoff was not able to attend the celebration, but he recorded a video message that was played at the event discussing his decision to give this $30 million gift to MSU.
"Michigan State University was a very important time in my life," Minskoff said in the video. "Michigan State gave me a strong foundation and enabled me to be successful going forward."
Minskoff said he is honored to accept the Business Pavilion being named after him and that it's important that his great-grandchildren will able to see it and know that MSU gave so much to him.
"I felt that the business school needed the enhancement of the new pavilion to bring much greater stature to Michigan State University going forward, attracting very capable, bright students and business leaders," Minskoff said. "This was a very important aspect in my consideration."
Engler and Gupta thanked Minskoff for his generosity and belief in the future of the Eli Broad College of Business.
"The philanthropy is working, the building is going to be beautiful," Engler said, "and the education is going to be sensational."
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