The dean of UW-Madison School of Business went looking for a donor to give $50 million with a promise to put the new donor's name over the entry way.
No takers.
So...the dean decided to find contributors to give money so the name would NOT be changed.
Some 13 alumni announced they were giving $85 million if they can receive assurances the school would keep its name for at least 20 eyars.
"Selfless philanthropy."
"An unusual take on a long tradition."
Of the 13 donors, 10 graduated from the business school and all gave at least $5 million.
The trend has been to market naming rights to law, business and medical schools over the past 10 years to make up for lagging tax support.
The funny part to me ... the dean says "he was still trying to figure out how to spend the money, beyond increasing salaries, hiring more faculty and staff, and serving more students."
Uh...he doesn't know why he was asking for money, and the people who gave it to the school don't know how it will be spent?
And, we wonder why schools need to ask for money?
We wonder no more.
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