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Mount Sinai School of Medicine to Receive $75 Million Gift From the Frederick and Sharon Klingenstein Fund.

NEW YORK--(BUSINESS WIRE)--Dec. 2, 1999--

Largest Single Donation In School's History

Will Support New

Institute For Medical Science and a Scholarship Fund

Mount Sinai School of Medicine today announced the largest single gift in its history, a $75 million commitment from the Frederick and Sharon Klingenstein Fund to establish an institute devoted to scientific research, and to further medical education through a new scholarship fund.

Frederick Klingenstein, former Chairman and a member of Mount Sinai's Boards of Trustees for nearly thirty years, said the gift reflects his family's long time commitment to The Mount Sinai Hospital and Mount Sinai School of Medicine.

"It is our hope that this gift will provide not only tangible recognition of Mount Sinai School of Medicine's extraordinary achievements in the past decade, but also will serve as a strong foundation for support of the School's goal of self-sustaining excellence in research, education and patient care," said Mr. Klingenstein. "My family and I are proud that in spite of the many pressures facing medical institutions in today's environment, Mount Sinai School of Medicine remains independent, and it is our desire that this gift serves to continue this successful tradition."

The family has designated $50 million of the gift to establish the Klingenstein Institute For Medical Science devoted to cutting-edge laboratory and clinical research, and $25 million to create the Joseph Klingenstein Scholarship Fund, named for Mr. Klingenstein's late father who served as Chairman of Mount Sinai's Boards of Trustees from 1962 to 1969. Frederick Klingenstein's uncle, Milton Steinbach, was the first President of the Mount Sinai School of Medicine Board.

Arthur H. Rubenstein, MBBCh, Dean and Chief Executive Officer of Mount Sinai School of Medicine, described the gift as "an incredibly generous commitment by the Klingenstein family that will be used to create new and far-reaching research efforts designed to capitalize on the biological revolution in science, and to support outstanding students who seek to join our School as the physicians and scientists of the future."

"With this extraordinary gift, the Klingenstein family has recognized not only the Mount Sinai School of Medicine's excellence, but above all, its potential to enhance its already substantial achievements," said Helene L. Kaplan, Chairman of the School's Board of Trustees. "It is a distinct honor for the School to receive such a remarkable gift as testimony to both its current standing and promise for the future."

"The Klingenstein family's extraordinary generosity has, once again, strengthened the links connecting scientific investigation and the training of new physicians and researchers at Mount Sinai School of Medicine with the quality clinical care provided by The Mount Sinai Hospital," said Stephen M. Peck, Chairman of the Board of Trustees of Mount Sinai NYU Health, of which The Mount Sinai Hospital is part.

Frederick Klingenstein has been a well-known member of the investment community for many years. He led the Campaign for the Rebuilding of Mount Sinai earlier this decade which culminated in the construction Mount Sinai's unique Guggenheim Pavilion, the first hospital designed by internationally-renowned architect I.M. Pei.

"Frederick Klingenstein and the Klingenstein family as a whole have had a long and profound impact on The Mount Sinai Hospital, and have played a remarkable role in assuring the success of Mount Sinai School of Medicine from the time of its establishment," noted John W. Rowe, MD, President and Chief Executive Officer of Mount Sinai NYU Health. "With this extraordinary gift, the Klingenstein family and its distinguished generosity will forever be linked with the history of this institution and its future."
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Publication:Business Wire
Date:Dec 2, 1999
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