Stanford University announced Wednesday a dramatic $1.1 billion gift for a new school focused on climate change and sustainable development. The Dole Institute for Sustainability will “accelerate the solution” to the climate crisis, Stanford University leaders say.
The pledge came from venture capitalist John Dole and his wife Ann. It’s not the largest single endowment to a U.S. university — the title goes to Michael R. Bloomberg’s $1.8 billion gift to Johns Hopkins in 2018 — but it ranks second on the all-time list .
according to a chronicle Since 2001, Stanford has received more than $100 million in donations eight times, according to the database.
In a statement released by the university, Doerrs touted Stanford as the ideal recipient of their endowment. “With a deep track record of pioneering scholarship and impact, and a large pool of subject-matter experts and innovators, Stanford is well-positioned to make measurable changes in climate and sustainability challenges,” they said.
Major donors often target elite universities such as Stanford, hoping to have the greatest impact. However, some observers, question Strategies to put more money into the world’s richest universities.
Here are some comparisons that help put Stanford’s endowment in context.
How does it compare to other recent higher education gifts?
- more than $1 billion In 2020, the Jay Pritzker Foundation awarded $100 million to California community colleges, more than the largest grant ever to a community college.
- $1.06 billion+ Billionaire tech investor Robert F. Smith is donating $40 million to Morehouse College, a historically black college in Atlanta, to pay off student loans for the Class of 2019.
- $1.07 billion+ With the largest endowment of $30 million, CUNY’s Bernard M. Baruch College ranks first in CollegeNET’s latest ranking of institutions based on how well they increase graduate social mobility.
- more than $600 million Largest donation than Harvard University: Priscilla Chan and Mark Zuckerberg give $500 million in 2021.
What does $1.1 billion pay for?
- In-state tuition for all 46,523 students Miami-Dade College, Largest community college in the nation, one year of full-time study—about $900 million remaining. (Approximately 98% of students are Florida residents.)
- Tuition and fees for all 11,328 undergraduate students North Carolina A&T State University, Largest black university in U.S. history, four years of full-time study—more than $600 million remaining.
- Provides 53,000 students with two years of in-state tuition and a monthly stipend of over $700 California State University System who experienced homelessness in 2018.
- Tuition for half adults in Wyoming University of Wyoming one year.
- State funding for the entire 26 campuses in 2021-22 University of Wisconsin System.
- Basic operating budget for the entire seven campuses University of Maine System.
- entire Federal Work-Study.
- In fiscal year 2021, federal child care services that support parents of students mean that the Parent In-School Program is giving out 20 times as many awards as the program.