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University of Minnesota Receives $40 Million Gift
Richard M. Schulze, founder of Best Buy Co., Inc., has given the University of Minnesota $40 million to fund diabetes research. The gift, to be paid over 5 years based on annual achievement milestones, represents the University's largest donation ever from an individual or family foundation. The amount is second only to a recent grant of $65 million from Minnesota Masonic Charities. Funds will be used to investigate potential cures for type I diabetes, and the university will rename its diabetes institute after Mr. Schulze. As an area resident, Mr. Schulze is a notable philanthropist and has a history of making sizable donations in the Minneapolis and St. Paul Twin Cities. He has donated millions of dollars to the American Cancer Society and to the Mayo Clinic and, in 2000, contributed $50 million to the University of St. Thomas in order to establish its law and entrepreneurship schools.
University of California San Francisco Receives $25 Million Gift
The University of California, San Francisco (UCSF), received a $25 million donation from the Eli and Edythe Broad Foundation for a new stem cell research center. The funds will be applied toward the building of the center's headquarters, to be located on the UCSF Parnassus Campus, as part of the $123 million plan to incorporate all the university's stem cell research under one roof. The building will have an open lab design to facilitate interaction and collaboration amongst researchers. Office and lounge areas will be located along the circulation route between labs. The building be comprised of a series of 4 split-level floors with terraced grass roofs and will be connected by an enclosed walking bridge to inpatient and outpatient clinics at UCSF Medical Center. Construction is scheduled to be completed in mid-2010.
In addition to the Eli and Edythe Broad Foundation gift, the project is supported by a $34.9 million grant …