MADISON Wis.
A group of alumni of the University of Wisconsin-Madison are donating $85 million so the Wisconsin School of Business doesn’t change its name.
Not for at least 20 years.
The gift, the largest in UW-Madison’s history, was announced Saturday. School leaders say it’s a unique take on naming, which typically involves a single donor or entity and a stipulation that the name change will be permanent.
The group, called the “Wisconsin Naming Partnership” thought differently. They wanted to preserve the tradition of the school’s name and build on its reputation, a news release said. But they didn’t want to block any future names or the millions of dollars that often come with such donations. So they’ve stipulated that after 20 years, the name can be changed again.
“We’re just very fortunate that we’ve been able to preserve the option value and preserve the brand of the school,” said Michael Knetter, dean of the Wisconsin School of Business.
Knetter announced the gift on Saturday in front of 1,000 people graduates, students and others at a homecoming gathering. Originally it had 12 people donating a minimum of $5 million. But as the Wisconsin Badgers took on Indiana, another alumnus approached Knetter and decided to donate $5 million, too, bringing the total to 13 donors, he said.
