Rockefeller Donates Harvard $100 Million
David Rockefeller, the youngest and the only surviving child and grandchild of the prominent John D. Rockefeller, is donating $100 million to Harvard University. The Rockefeller donation will be used both to support international study programs for undergraduates at Harvard as well as the university’s efforts to expand its arts education.
The New York Times reports that Harvard has the largest endowment of any university in the world, with assets of $35 billion.
Last year, about 1,450 Harvard undergraduates participated in study programs abroad, more than twice as many as four years ago. But a survey by the university suggested that many more students would like the chance to study abroad but lacked money. Some $70 million of Mr. Rockefeller’s gift will help address such desires, while the rest will be devoted to arts programs.
According to The Harvard Crimson, Rockefeller has already donated Harvard in the past; he has donated a total of 25 million to support Harvard’s Latin American studies center, which today bears his name.
Seventy percent of the gift will be devoted to international programs, and the remaining portion will be used to fund arts programs, The Times reported. Harvard will not receive the $100 million until Rockefeller’s death but will receive $2.5 million per year until then, meaning that the total value of the donation could end up being well over $100 million.
David Rockefeller is quoted speaking about his present to Harvard and Harvard’s role in his life in general.
“Harvard has played an important role in my life. I was a student, class of 1936, and I’ve been on the board of overseers. My experiences there shaped who I am,” Rockefeller said.
Photo: © riacale
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