Harvard receives largest-ever gift, $350 million for public health
Tuesday, 9 September 2014 00:01
REUTERS: Harvard University has received the largest donation in its history, the school announced on Monday: $350 million from the Morningside Foundation to the School of Public Health.
The donation is unrestricted, and will support efforts including increased financial aid for students, loan forgiveness for graduates who work in underserved areas, new classrooms and seed money for pathbreaking research too novel to win support from other funders.
In particular, said the schoolâ€™s dean, Julio Frenk, the Morningside gift will support research and training in four areas: pandemics ranging from malaria and Ebola to obesity and cancer; environmental health risks, including pollution, guns, and tobacco; poverty and humanitarian crises, including war and natural disasters; and failing health systems.
The Morningside Foundation was established in 1996 by Drs. Ronnie and Gerald Chan to support higher education in North America and Asia. Their father, T.H. Chan, founded the Hang Lung Group Ltd, one of Hong Kongâ€™s largest real estate companies.
After Chanâ€™s death in 1986, his sons started the Morningside Group, which makes private equity and venture capital investments in biotech and other science- and technology-based companies, especially in China and the United States. The brothers rank 17th on Forbesâ€™ 2014 list of Hong Kongâ€™s richest people with a combined net worth of $2.95 billion.
The previous record gift to Harvard, announced earlier this year, was $150 million from hedge fund manager and alumnus Kenneth Griffin, most of it for financial aid. The largest cumulative donation to any US university, unadjusted for inflation, is $1.1 billion over many years from former New York City Mayor Michael Bloomberg, founder of Bloomberg LP, to his alma mater Johns Hopkins University, including its now-eponymous School of Public Health.