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Bloomberg donates $350m to Johns Hopkins University

New York City Mayor Michael Bloomberg is donating $350 million to Johns Hopkins University, the bulk of it to help expand its research on such cross-discipline issues as global health and urban revitalisation, as his lifetime giving to his alma mater soars past $1 billion, the university said.

University officials announced the commitment late Saturday and said they believe Bloomberg, who amassed his fortune creating the global financial services firm Bloomberg LP, is now the first person to give more than $1 billion to a single American university.

The $350 million commitment is the largest ever to the Baltimore-based university, Johns Hopkins said in a statement.

Most of the latest gift, $250 million, will be part of a larger effort to raise $1 billion to foster cross-disciplinary work on global issues at Johns Hopkins, the university said in the statement.

Funds initially will be used toward the appointment of faculty for interdisciplinary work on a series of issues that also will include individualised healthcare delivery, sustainability of water resources and the science of learning.

The remaining $100 million is to be devoted to need-based financial aid for undergraduate students, awarding 2,600 Bloomberg scholarships in the next 10 years, it said.

It added that the latest gift brings Bloomberg’s giving to the institution just more than $1.11 billion in the 49 years since he graduated — including his first gift of $5 in 1965 only a year after he received his bachelor’s degree in engineering from Johns Hopkins.

“Johns Hopkins University has been an important part of my life since I first set foot on campus more than five decades ago,” Bloomberg said in a statement released by the university.

“Each dollar I have given has been well-spent improving the institution and, just as importantly, making its education available to students who might otherwise not be able to afford it.”

Bloomberg added that his giving was intended to make a difference in people’s lives. “I know of no other institution that can make a bigger difference in lives around the world through its groundbreaking research — especially in the field of public health,” he said in the statement.

University president Ronald J. Daniels praised Bloomberg for being a “visionary philanthropist” for social good on the order of Andrew Carnegie, John D. Rockefeller and the school’s founder, Johns Hopkins.

Daniels said the chief impact of Bloomberg’s gift would be to strengthen the university’s multidisciplinary approach to solving key societal problems.

(AP)

Mayor Bloomberg: Giving to Johns Hopkins University tops $1 billion

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Published January 28, 2013 at 8:00 am (Updated January 27, 2013 at 5:42 pm)

Bloomberg donates $350m to Johns Hopkins University

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