Joan and Sanford I. Weill Agree to Boost Capital Campaign at Weill Cornell Medical College With $170 Million Cash Payment of Pledge
Establishes Matching Gift Challenge to Encourage Fresh Support for New Research Building at Weill Cornell Medical College in Manhattan
April 7, 2009
NEW YORK, April 7, 2009 — Cornell University announced today that Joan and Sanford I. Weill agreed to the University's request to accelerate the fulfillment of their pledge toward its $4 billion capital campaign, including Weill Cornell Medical College's $1.3 billion "Discoveries That Make a Difference" fundraising drive. By fulfilling their pledge with a $170 million cash payment, the Weills are responding with a decisive boost to the Medical College's capital campaign at a time when the University's endowment has been significantly diminished by the current economic challenges. Mr. and Mrs. Weill's 2007 pledge is believed to be the single largest gift given to a medical college.
By completing their gift now, Mr. and Mrs. Weill have created a challenge gift -- the Weill Challenge -- which will raise up to $203 million in additional gifts that exclusively support construction of the Medical College's new Research Building. This state-of-the-art facility will more than double the institution's existing laboratory space, and it is scheduled to break ground later this year in New York City on East 69th Street between York and First Avenues.
Dr. David Skorton, president of Cornell University, said, "On behalf of Cornell University, the chairman of our Board of Trustees, Peter C. Meinig, and I approached Joan and Sandy Weill and asked them to consider giving a cash gift now. The Weills are fully aware that philanthropy -- now, more than ever -- is critical to the advancement of Weill Cornell and its research enterprise. As such, they enthusiastically agreed. Today, they once again demonstrate both their unwavering commitment to Cornell and their particular skill at inspiring others to action."
"The world has changed in the past six months," said Mr. Weill, who serves as chairman of the Board of Overseers of Weill Cornell Medical College and graduated from Cornell University in 1955. "In order to ensure that the Research Building project moves forward, we decided to make our gift available to other donors who may be holding back. It is our hope that this decision will encourage everyone to join us in support of superior medical education, first-class research and superb clinical care."
As part of the Weill Challenge, for every $1.50 given to the Research Building, the Weill family will allocate $1.00 from their gift, so that new donors can have naming opportunities in the building at a meaningful discount. When successfully completed, the challenge is expected to raise an additional $200 million, on top of the Weills' gift.
By completing their gift now, Mr. and Mrs. Weill have created a challenge gift -- the Weill Challenge -- which will raise up to $203 million in additional gifts that exclusively support construction of the Medical College's new Research Building. This state-of-the-art facility will more than double the institution's existing laboratory space, and it is scheduled to break ground later this year in New York City on East 69th Street between York and First Avenues.
Dr. David Skorton, president of Cornell University, said, "On behalf of Cornell University, the chairman of our Board of Trustees, Peter C. Meinig, and I approached Joan and Sandy Weill and asked them to consider giving a cash gift now. The Weills are fully aware that philanthropy -- now, more than ever -- is critical to the advancement of Weill Cornell and its research enterprise. As such, they enthusiastically agreed. Today, they once again demonstrate both their unwavering commitment to Cornell and their particular skill at inspiring others to action."
"The world has changed in the past six months," said Mr. Weill, who serves as chairman of the Board of Overseers of Weill Cornell Medical College and graduated from Cornell University in 1955. "In order to ensure that the Research Building project moves forward, we decided to make our gift available to other donors who may be holding back. It is our hope that this decision will encourage everyone to join us in support of superior medical education, first-class research and superb clinical care."
As part of the Weill Challenge, for every $1.50 given to the Research Building, the Weill family will allocate $1.00 from their gift, so that new donors can have naming opportunities in the building at a meaningful discount. When successfully completed, the challenge is expected to raise an additional $200 million, on top of the Weills' gift.
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