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$50M gift takes Related boss Steve Ross' university giving to $378M and counting.

Real estate developer and alumnus Stephen M. Ross donated another $50 million to the University of Michigan, bringing his total lifetime giving to $378 million.

The majority of the new gift will support career development programs for students, action-based learning experiences such as student-run investment funds and new business ventures, and resources for attracting and developing junior faculty.

Ross continues to be the single largest donor to the university.

He also chairs U-M's Victors for Michigan Campaign, which kicked off in fall 2013. The campaign has raised more than $4 billion to date and, with this Ross gift, the campaign has surpassed its aggressive $1 billion goal for student support.

His previous donations have not only helped the business school become one of the best in the world, but his support has physically transformed the landscape of the university --adding the signature terra cotta look of the Ross School campus, designed to foster collaboration and action-based learning in business education, as well as the sturdy brick of the Stephen M. Ross Athletic Campus buildings, a home for all U-M student-athletes, set for completion in 2018.

"It gives me enormous joy to continue to give back to the University of Michigan, an institution that had such a profound impact on my life," Ross said. "I am extremely proud of the physical transformation we have achieved at the business school, creating modern, new facilities and places students and faculty and future leaders can thrive.

"It has become a world-class center of innovation and a magnet for attracting the best and the brightest students and faculty, and these new initiatives will even further enhance those efforts."

Ross is chairman and founder of Related Companies, which is currently developing the 28-acre Hudson Yards development and is also one of the largest owners of affordable housing nationally. Ross is also the owner of the Miami Dolphins. "Stephen M. Ross continues to make a tremendous impact on the University of Michigan. His generosity and outstanding leadership have transformed the learning environment for our students," said U-M President Mark Schlissel.

"With this latest gift, he further advances our mission, pushing us past our ambitious goal of $1 billion for student support in the Victors for Michigan campaign. I am especially grateful to Steve for, once again, demonstrating his confidence in the University of Michigan and ensuring a bright future for our students and faculty."

Ross earned his Bachelor of Business Administration degree in accounting from the U-M Business School in 1962, a law degree from Wayne State University and a Master of Law degree in taxation from New York University.

He began his career as a tax attorney at Coopers & Lybrand in Detroit.

In 2013, Ross committed to give at least half of his wealth to charity and signed the Giving Pledge, a long-term, global initiative created by Warren Buffett and Bill and Melinda Gates that aims to inspire deeper engagement in philanthropy and increase charitable giving globally.

In July, he was honored at the ESPN Sports Humanitarian Awards for his philanthropic efforts including the Ross Initiative in Sports for Equality, a nonprofit organization he created to improve race relations and drive social progress.

Caption: Philanthropist Stephen M. Ross, left, and Scott DeRue, dean of the Ross School of Business
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Comment:$50M gift takes Related boss Steve Ross' university giving to $378M and counting.
Publication:Real Estate Weekly
Geographic Code:1U3MI
Date:Sep 27, 2017
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