The Richard Ivey School of Business is well on its way to meeting its fundraising campaign goal of $200 million, having already raised 75 per cent of the targeted amount.
In a difficult economy where many fundraisers are feeling the effects of tightened purse strings, Ivey’s campaign has seemingly been unaffected. To date, Ivey has secured $153.9 million in total contributions. Part of this comes from a $1.3 million donation from Great-West Life, London Life and Canada Life ($300,000) and Power Financial Corporation ($1 million) that was announced during the official launch of the Ivey Campaign for Leadership Monday.
Allen Loney, president and chief executive officer of Great-West Life, London Life and Canada Life, says the companies he represents look to Ivey for the next business leaders. The donation is not only an investment in the university, but also in the success of the community, he adds.
“Our companies rely on recruiting creative and talented people to help drive our continued success,” says Loney. “We look to schools like Ivey; from here the next generation of business leaders will emerge. We look forward to witnessing the next stage of your growth as a world-class provider of business education.”
A significant part of the campaign is fundraising for the new $100 million Ivey building, which is taking shape on Western Road.
Completion of the first phase of the 234,000 square foot, three-storey building is expected to be in March 2011, meeting the federal and provincial governments’ infrastructure support requirements. However, in order to reduce the disruption to students and faculty, full occupancy will not occur until September 2011.
The second phase of the construction, which is located on the northwest corner of the site, will begin next spring and will close in the buildings’ quadrangle garden. It will be fully completed by fall of 2012.
Ivey dean Carol Stephenson says the new building is “on schedule and on budget.” More than 90 per cent of the funding for the “iconic” buildings has been raised, she adds.
The donation announced Monday means Ivey has raised a total of $94.2 million towards the $100-million price tag of the building, including donations from private donors, the university and the provincial and federal governments.
“As the vanguard of Western’s campaign,” says Kevin Goldthorp, Western vice-president, external, “the Ivey School success must be celebrated by all and encourages us to re-double our efforts to share Western’s story with our stakeholders and inspire philanthropic investment to build our University.”
In recognition of the gift, one of Ivey’s tiered case classrooms on the main floor of the new facility will carry the Great-West Life, London Life and Canada Life name, and a nearby student lounge will carry the London Life name.
A foundation of Ivey’s education model, the case classrooms are designed for conversation and debate, rather than traditional lecturing. The classroom will also host a variety of guest speakers, including alumni and business leaders. The lounge will allow students to collaborate with faculty and socialize with peers.
“People realize that that investment is important to actually make a difference in Canada’s economy,” says Stephenson. “A second reason is the loyal alumni, as well as the corporations … that really believe in our strategy and what we are doing, and have found a way to make a difference in our campaign.”
Several other large gifts were announced recently by Ivey including $1 million from David Cornhill, MBA ’80, in support of the new building and the Ivey Family Challenge Fund; $1.125 million from John Francis, HBA ’86, and Susan Caskey, BA (Huron) ’87, dedicated to the new building and the permanent establishment of the John A. Francis HBA Scholarship; and $1 million from Larry Rosen, LLB/MBA ’82, in support of the new building.