While the groundbreaking for a new $100-million building to house the Richard Ivey School of Business was reason enough to celebrate, it was the Ivey family itself that stole the show.
Richard M. (Dick) Ivey, along with his sister and children, was on hand to announce an $8.5-million donation for the school, which, on top of a $6.5-million commitment made by the Ivey family in 2007, brings the donation to $15 million.
The Ivey family gift is comprised of $5 million to support the new building; $3 million to establish a unique program that matches unrestricted endowed gifts; $1 million endowment to support initiatives in corporate social responsibility; $1.5 million directed to the Lawrence G. Tapp Chair in Leadership and $4.5 million as a bequest from Dick Ivey.
Richard (Dick) Ivey, who was on hand for the groundbreaking ceremony for the new building, surprised all with a donation of $8.5 million, bringing the Ivey family’s long-standing commitment to the school to more than $28 million.
“As a thought leader in sustainability, we are proud that our new home will be as environmentally friendly and energy efficient as possible and we are extremely grateful to the Ivey family for helping us meet this high standard,” says Carol Stephenson, Dean of the Richard Ivey School of Business.
“The building supports the School’s strategy and cements Ivey’s position as one of the preeminent business schools in the world.”
The Ivey family’s long-standing commitment to the Ivey Business School now exceeds $28 million. Today’s gift cements the family’s support for The University of Western Ontario as one of the most significant relationships between a family and a Canadian university.
“The Ivey family has been incredibly generous and consistent in their support for Western and for our Richard Ivey School of Business,” says Western President Amit Chakma. “This donation, like others from the family, will have an enormous impact on our ability to ensure that Western remains a leader in research and education.”
For Richard Ivey, the ability to give once again to the business school is something he deems important.
“We are delighted to contribute to this project and to enhance the experience of Ivey students,” says Ivey, adding his father (Richard G.) would have “been thrilled to see the success of the school today.
“Supporting environmental causes is very close to our hearts so we are pleased the new Ivey building will incorporate this high environmental standard.”
Also announcing financial contributions at the ceremony were Ivey graduates John Love and Arkadi Kuhlmann, who donated $2 million and $1 million respectively.
A larger number of supporters, local politicians and Ivey alumni, including Minister of Human Resources and Skills Development Diane Finley, took part in the groundbreaking ceremony.
“The Government of Canada is investing in innovation and infrastructure to promote employment, help our economy recover quickly and improve the quality of life of Canadians,” says Finley. “This investment is creating jobs for people now, while providing the infrastructure that the Richard Ivey School of Business needs for years to come.”
To date, $82.7 million of the $100-million price tag has been reached, with the federal and provincial governments each contributing $25 million in infrastructure support, Western committing $22.5 million for the current Ivey building, and the Ivey fundraising campaign already bringing in $10.2 million of its $27.5 million project target.
Helping out with the official groundbreaking ceremony for the new building to house to Richard Ivey School of Business is Minister of Human Resources and Skills Development Diane Finley, Ivey Dean Carol Stephenson, Richard Ivey, Western President Amit Chakma and London-Fanshawe MPP Khalil Ramal.
The 234,000-square-foot, three-storey facility, designed by Hariri Pontarini Architects of Toronto is scheduled to be completed by March 2011. To be located on the west side of Western Road in front of Brescia University College, will allow the school to expand its undergraduate and graduate programs in order to continue as a world leader in business education.
The school’s highly regarded undergraduate program has grown 40 per cent over the past three years and is expected to double in size by 2013. The PhD program has tripled in size over the last decade.
The new building will house Ivey’s Centre for Building Sustainable Value, Centre for Driving Growth through Entrepreneurship & Innovation and Centre for Engaging Emerging Markets; and provide a home for the Ivey Centre for Health Innovation and Leadership.
“The Richard Ivey School of Business develops business leaders who will help build and sustain Ontario’s economic prosperity in the years ahead,” says Khalil Ramal, MPP for London-Fanshawe. “This investment not only creates very important direct jobs, it also supports research and education that will help create future opportunities for all Ontarians.”
“The building will have significant local and global impact – local impact begins with the hundreds of jobs created in the construction of this great new facility, and the impact becomes global as the students who reap the benefits of the building become business leaders at home and around the world,” adds Chakma.
“This remarkable structure dedicates itself to the principle that have work for the school for so many years. This new chapter for the school is built on its past successes as a leader here at Western.”