|A CAPITAL IDEA|
THE MOMENTUM2 CAMPAIGN WILL ENHANCE THE SCHOOL’S DRIVE FOR EXCELLENCE
In February, the University of Miami publicly launched Momentum2: The Breakthrough Campaign for the University of Miami, which will raise $1.6 billion by 2016. The School of Business is joining the University in the campaign, undertaking the most ambitious and comprehensive fundraising effort in its history. It is an effort that will change the face of business education at UM. “Business education is at an inflection point, and the funds we raise during this campaign will allow us to equip our students to be successful in a global, 21st-century economy,” says Gene Anderson, dean of the School of Business. “We’re better positioned and more agile, and we have the ability to make high-impact changes far faster than larger schools can.”
Funds raised through the Momentum2 campaign will give the School of Business the means to attract the best faculty and students, offering them research opportunities, hands-on learning experiences scholarship support, top-notch facilities and more. These gifts will support opportunities for international learning and internships, as well as student engagement with local business and community organizations.
The School will also bolster its distinctive programs in such areas as international business, health care, real estate and entrepreneurship. “To better prepare students for a world that’s more global and in which companies really want graduates to be able to hit the ground running, we have to provide them with international learning opportunities and experiential learning opportunities,” Anderson adds. “And giving access to those opportunities to all of our students will require additional resources.” But it’s what today’s rapidly evolving business landscape demands from higher education and research universities.
The School has an opportunity to ensure that it plays a central role in developing the innovative ideas and leaders that will transform global business and society. Although its current endowment of $40 million is far below that of many peer and aspirational peer institutions, the School has attracted world-class faculty who are making a significant impact on business through their research. It also has consistently raised the caliber of students.
“Many of our peers are operating with an endowment several times the size of ours,” Anderson notes. “One thing that’s amazing about the business school is that we’ve done so well despite that gap.” The School’s success has attracted prominent alumni, business leaders, students and parents to give to the School. Two alumni are serving as co-chairs of the School of Business campaign: Raul Alvarez (BBA ’76), retired president and chief operating officer of McDonald’s Corp. and current board member of Eli Lilly and Lowe’s, and Patrick Barron (BBA ’75), who recently retired as first vice president and chief operating officer of the Federal Reserve Bank of Atlanta.
“The School of Business has been on a remarkable trajectory upward, and I am honored to serve in this role as we continue to work together to achieve a position as one of the world’s leading institutions for international business education,” says Alvarez, who is also a member of the School’s Board of Overseers. Alvarez and Barron will be working during the next four years to encourage others to join them in giving to the School. “We are building a business school that promises to be an important cornerstone for future business leaders — providing them with the education they need to succeed in a world economy we can only dream about today — and Momentum2 plays a critical role in our efforts,” says Barron, who is also a UM trustee.
Every donor has his or her own reasons for giving. Below, some of those who have made the School’s achievements possible share their inspiration for giving.
SCHOLARSHIPS, A VIRTUAL LIBRARY AND MORE
Judi Prokop Newman (BBA ’63) and Robert Newman have established scholarships, funded facilities around campus and helped the School’s entrepreneurship programs.
Walking around the UM campus, you will find Judi Prokop Newman and Robert Newman’s names on a variety of facilities. The School’s virtual library is named the Judi Prokop Newman Information Resource Center and Business Library, and alumni life centers around the Robert and Judi Prokop Newman Alumni Center.
Judi Prokop Newman is a UM trustee, and Bob is a member of the School’s Entrepreneurship Programs Advisory Board and an honorary UM alumnus. Together they have given gifts to the University and the School, including in the area of scholarships.
“It’s really a give-back gift. I attended on a scholarship, which made my whole college education possible and became a life-changing event. Not only did I receive an academic degree, but also a social degree, meeting people from different parts of the country and economic strata. I wanted to have others experience the same thing, so it was easy for Bob and me to start giving back. Eventually we were able to make even larger gifts. We are thrilled to see the University grow in stature and ranking, and value our relationships with the administration, faculty and fellow board members.
They really welcomed us here as part of the Miami family and have been good stewards of our gifts.”
— Judi Prokop Newman
“We’ve really been impressed with the growth of the University of Miami over the last 10 or so years that we’ve been more involved. I am a trustee at another university [University of Denver], and there’s nobody else in our peer set that has done the things Miami has, has grown the way Miami has, is such a star in the community. “Through Judi, I’ve met a number of people on the faculty at the business school. When the entrepreneurship program was starting up, they asked me if I would be one of the judges in the business plan competition.
That has evolved to where there’s also mentoring as part of it. I’ve really enjoyed it. I’ve met some interesting students with some interesting projects.”
— Bob Newman
ENDOWING AN AREA OF EXCELLENCE
Steve Witkoff, a parent and advisory board member, established the School’s first real estate initiatives endowment.
Steve Witkoff, CEO of The Witkoff Group, established the Martin Witkoff Endowed Real Estate Fund (named for his father), which supports student scholarships, internships, program initiatives and other activities for both graduate and undergraduate students. Chairman of the School’s Real Estate Programs Advisory Board, Witkoff first became involved when his oldest son, Andrew, was a student at the School. Witkoff’s youngest son, Zachary, is now a student. Witkoff regularly speaks to students at the School, and actively assists in developing and promoting the real estate curriculum.
“I was approached to get involved, and at the time you could see that the School was going to move. A university of this caliber, just to keep where it is in its status, requires more money than the tuition that comes in. And for it to move forward and to attract even more top professors by having endowments for them — all of those things require real money. Now, having been involved for nearly five years, I’ve seen the evolution of the School. It’s a really energetic administration, and then they get some volunteers like me. The real estate board is an incredible board. Everybody participates in a substantive way. And the School listens. It’s hard not to be involved in an environment where you have people reacting that way.
“My youngest boy is going to graduate from this school, and he’s going to have a very, very realistic chance of getting a top-notch job out there in the business world because of the reputation of that school, and for the rest of his life he’s going to be proud of being a graduate from there. If I had to pick where I wanted to target my philanthropy, it’s certainly going to be at an educational institution like Miami that has supported two children in my family and is now doing wonderful things for other kids.
“I hope my gift will be a springboard for other people to hopefully give as well. But the gift was really just the beginning of it. It’s much more relevant to give with your time than with your money.”
HONORING THREE GENERATIONS WITH SCHOLARSHIPS
After meeting at the School, Patricia McBride Herbert (BBA ’57) and Allan Herbert (BBA ’55, MBA ’58) have given gifts of scholarships, building funding and even a bridge.
Patti and Allan Herbert have funded scholarships at the School of Business, and their gifts to the University have earned their names on the Herbert Wellness Center and helped create the “Love Bridge” that leads to it. Together, they have been involved with multiple activities at the School and the University, including class reunions, homecoming and fundraising.
“We thought we got a very good education at the School, and after graduation, we started giving. It’s something that we thought would help other people, and hopefully inspire them.”
— Patti Herbert
“The first giving we actually did was in 1958. The University had no endowment in those days, but they had the Century Club and they asked that alumni contribute $100 a year to the Century Club. In the 1990s we established one scholarship, and eventually a total of three. We’ve really seen the success that our recipients have been able to achieve as a result of us giving to UM.
“We were both very fortunate that we had excellent business careers as a result of studying at UM and participating in UM extracurricular activities. We continue to look for ways to help the University, because we got so much out of it, and because we met there.“
— Allan Herbert
GETTING STUDENTS OUT IN THE FIELD
MBA student Benjamin Elias (MBA ’11) helped other students participate in the School’s MBA Consultants to Non-Profits program.
While he was studying in the School’s intense one-year MBA program, Benjamin Elias (pictured above with Gene Anderson, dean of the School) spent his summer doing an internship at Habitat for Humanity through the School’s MBA Consultants to Non-Profits program. Shortly after finishing that work, he facilitated his family foundation donating to the program, which pays students a stipend while they are working.
“Working at Habitat was definitely one of the most significant experiences that I have ever had. I was working in accounting, and I was working in construction management, and I was working on acquisition — skills that I really need. At the same time, I was on the job site every Friday. It gave me experience in the real estate industry and the opportunity to help others.
“When I saw that I had a chance to help this program and help another student experience what I experienced and gain what I gained, I had to take it. It was such an enormous experience for me that I had to support it.
“Also, I think it’s very important for the University of Miami to be connected with the Miami community.
We’re only going to be as strong as our alumni base and the reputation we have. A program like this — sending students out into the field — it really helps to solidify that bond and help UM elevate to the next level.”
AN ENDOWED SCHOLARSHIP HELPS VETERANS, OTHERS
Recognizing the value of his education, Dean Fogel (BBA ’70) wanted to help other students like him.
As a young veteran, Dean Fogel attended UM with the help of veterans benefits. Years later, he endowed a scholarship that would give preference to veterans but that could be used for whichever students had the most need. Over the past 13 years, Fogel Scholars have included veterans, international students, students receiving matching scholarship funds and students supported almost entirely by his fund. “I was a young veteran when I applied to UM, and I’m forever grateful for the chance that UM took with me.
Without my degree, I would not have had doors opened to business opportunities that ultimately resulted in the uccess that I now enjoy. I wanted to give in a way that would have an impact on the individual level, where students are trying to balance academic achievement with financial obligations. I chose the scholarship route because I have a deep appreciation for how much it meant to me to be in school and have someone outside of the family providing financial help.
“Today we have thousands of vets returning to civilian life, and many will go back to college for undergraduate and graduate degrees. They bring unique leadership skills needed by private enterprise. Scholarship money helps UM compete with other top schools for these future leaders.
“The personal rewards have really been tremendous. Over the past 13 years, I’ve touched the lives of many great students. That’s pretty much what has motivated me to continue to add to the scholarship annually. I want to continue adding to the scholarship fund hoping to inspire other alumni that building scholarship funds is the way the School is going to continue to attract the best and the brightest students.”
A YOUNG ALUMNUS GIVES GENEROUSLY
Shortly after his graduation, Christopher S. Yingling (BBA ’09) and his family were already giving back.
Chris Yingling was just beginning his career when he and his family decided to give a generous gift to the School. His family’s gift supports undergraduate placement initiatives, and in October the School named a classroom in the Aresty Graduate Building after Yingling to honor his gift. “When I was an undergrad at Miami the School of Business gave me a very generous academic scholarship throughout my time there. After I graduated, my family and I thought, What better way to give back to the School than to make a gift? I wanted to make that sort of opportunity — the scholarship as well as the broader opportunities that you have as a student at the School — available to future students. The gift was to serve the School of Business in whatever areas of need it has. I’ve already been able to see the immediate, direct impact just in the administrators and faculty who were there with me on the day of the dedication. The sincerity of their appreciation created an amazing feeling of giving back to the University that gave me so much. But even more than that, if my giving can serve as an inspiration to others to perpetuate even more future giving, that in itself, I think, is a tremendous return.”
To discover ways you can support the School’s continued progress, contact Laura Padron, assistant dean for development and stewardship, at 305-284-4052 or firstname.lastname@example.org.
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