DENNIS ODA / DODA@STARBULLETIN.COM
Kitty Lagareta, chairwoman of the UH Board of Regents; Vance Roley, dean of the newly named Shidler College of Business; Jay Shidler; and Denise Konan, UH-Manoa interim chancellor, posed for pictures yesterday after a news conference on the Board of Regents' decision to accept Shidler's $25 million gift.
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UH hopes donation spurs more
It accepts a $25 million gift and renames its school the Shidler College of Business
The University of Hawaii is hoping a $25 million donation to the UH-Manoa College of Business will spur more giving.
The Board of Regents formally accepted the gift from businessman and UH-Manoa alumnus Jay Shidler this morning and renamed the business school as the Shidler College of Business in recognition of the donation.
It is the first time a college has been named for an individual, and the largest single donation to the UH Foundation.
It comes as the university is in the midst of a $250 million fundraising campaign to mark the 100th anniversary of its founding next year. The gift brings the total donations to the campaign to $145 million.
Business school Dean Vance Roley said the goal of the gift is to get the business college recognized as one of the top 25 public business schools in the nation by 2013.
U.S. News and World Report already ranks the graduate and undergraduate international business programs in the top 25 in the country.
Roley said Shidler's donation will help the college build on the strength of its international business programs to raise its reputation.
Part of the money will be used to expand the university's Vietnam MBA program and open a Ho Chi Minh City branch next fall in addition to the current location in Hanoi.
The college will also expand its China MBA program next fall and its partnership with Zhongshan, also known as Sun Yat Sen University in Guangzhou. The donation will enable the business school to bring over students from China and allow students here to take a year of Mandarin before attending classes in Guangzhou, Roley said.
The money is roughly divided up into a little more than $10 million in endowments that will help attract and retain faculty, provide scholarships for students and create a new research seminar series at the university.
The $10 million also includes $3 million for matching donations, which could generate another $3 million for the business college.
About $14.6 million in cash and in-kind donations will be spent over the next seven years. That money includes about $1 million on marketing and communications, including development of a Web site. And $1.5 million in cash and in-kind contributions to help remodel and renovate the business college building.
"Having a strong business school will enhance our state's ability to play a larger role in national and international commerce," Shidler said.
Shidler, 60, graduated from the College of Business Administration in 1968 and served in the U.S. Army Corps of Engineers. After his military service he formed the Shidler Group, a real estate investment firm in 1972.
The Shidler Family Foundation has supported the UH system since 1989 with $174,164 in gifts to support astronomy, research, the business school and student activities, as well as an initial gift to establish the Academy of Creative Media.
Since forming the Shidler Group in 1972, Shidler has been involved in the acquisition and management of more than 2,000 properties in 40 states and Canada. Four of the companies he founded are listed on the New York Stock Exchange.
In Hawaii the Shidler Group owns more than 1.5 million square feet of office space, including the Davies Pacific Center, Pan Am Building, Waterfront Plaza and Pacific Business News building in Waikiki.
BREAKING DOWN A $25M DONATION
The $25 million donation from Jay Shidler consists of roughly $10.25 million to set up endowments and $14.6 million in cash and in-kind contributions over the next seven years. The UH Foundation gets about $150,000 for managing the money.
Here is a breakdown of the $10.25 million in endowment funds:
» $2 million for two $1 million professorships
» $3 million for six $500,000 professorships
» $1.25 million for five $250,000 faculty fellowships
» $1 million to establish a research seminar series
» $3 million for matching funds for new professorships and scholarships. A minimum of $100,000 will endow a professorship, and $50,000 will endow a scholarship.
Here is how the other money will be spent:
» $8.5 million to improve business college by providing support for scholarships, staff and start-up costs.
» $3.5 million for faculty support and visiting faculty.
» $1 million for marketing and communications.
» $1.5 million in cash and in-kind donations to remodel and renovate the College of Business building.
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