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Western Michigan University announced Tuesday that it received a record-breaking $550 million gift, The Washington Post reported.
The gift from an anonymous Western Michigan alum is the largest ever private donation to a public university. It eclipses the university's $480 million endowment.
The money will be delivered to the university's foundation over 10 years. Most of the gift -- $300 million -- will go toward Western Michigan's Homer Stryker M.D. School of Medicine. $200 million will pay for need-based financial aid, faculty hiring and other university initiatives. The remaining $50 million will go to the university's athletics programs, according to the Post.
“We do a good job in promoting social mobility,” Edward Montgomery, president of the university, told the Post. “Our donors believe in that vision. ... I'm immensely pleased to have this gift. Its size allows it to be transformative.”
