The University of Pennsylvania medical school announced that it received a record-breaking $225 million gift. This is the largest gift Penn has ever received and it is the largest gift nationwide to be given to a medical school.
Penn also published a news release stating that the School of Medicine will be named after donors Raymond and Ruth Perelman, who so generously donated the money. Raymond Perelman explained, “Ruth and I believe the future of medicine depends on the ability to produce world-class clinicians and researchers, the hallmarks of Penn and a Penn education.”
An article in Businessweek notes that officials believe this gift will create an endowment that may lead to “innovative health research, increased faculty recruitment and more financial aid for students.” In fact, financial aid is expected to increase by 20 percent.
As the economy improves gifts are increasingly being given to educational institutions. This new development indicates peoples’ growing faith in the American economy, and hopefully educational institutions will continue benefitting from this trend.
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