Preparations for new facilities to house the 91探花Business School will accelerate from the planning to the design phase with the receipt of a $10 million donation, the largest private gift the school has received. The Foster family, whose three generations attended the 91探花and created The Foster Foundation, made the gift in memory of well-known businessman Michael G. Foster.
With it, the foundation has given the Business School more than $13 million for endowments, fellowships and facilities. The school鈥檚 library, which opened in 1997, was named in honor of Albert and Evelyn Foster.
Mike Garvey, chairman of the Business School鈥檚 advisory board, said this contribution is vital to maintain increasing public support needed to build a world-class facility: 鈥淭his investment is a huge boost for our campaign 鈥� and should inspire others to step forward to help us make this business school among our nation鈥檚 best.鈥�
Since the Business School began its fund-raising efforts in 2002, it has raised $35 million from private donors, as well as a commitment of $23 million from the University toward the $105 million project. The school was required to raise at least $40 million before architects could begin the design process, which is expected to take from 18 to 24 months to complete. Now that the Business School is more than halfway toward achieving its goal, 91探花administrators are optimistic about the facility鈥檚 future groundbreaking.
鈥淭his very generous gift from The Foster Foundation allows us to move forward aggressively with our plans to design and build a truly world-class facility for the 91探花Business School,鈥� said 91探花President Mark Emmert. 鈥淲e are very grateful to the Foster Family and the foundation for this investment in the future of our Business School.鈥�
The Foster Foundation鈥檚 administrator, Jill Goodsell, said, 鈥淢ichael Foster opened the door of opportunity to so many during his lifetime, whether it was through his profession or his philanthropy. This gift is not only a fitting tribute to his legacy; it also affirms The Foster Foundation鈥檚 continuing commitment to the 91探花.鈥�
Business School Acting Dean Vance Roley said, 鈥淲e are deeply thankful to the Foster family for this extraordinary gift. The Fosters have long demonstrated their mission of service to the community and our Business School. We are proud to call The Foster Foundation a part of our team and a member of our family.鈥�
When completed, the new building will increase the school鈥檚 total space by nearly 50 percent, adding 52,000 square feet that will contain interactive lecture halls, wireless classrooms, computer labs, study areas and offices for faculty and staff. The Business School currently occupies five buildings on the 91探花campus: Balmer, Mackenzie and Lewis halls, the Foster Business Library, and the Bank of America Executive Education Center.
Neal Dempsey, co-chairman of the Business School campaign, believes the kind of investment made by The Foster Foundation represents public confidence in the school鈥檚 long-term vision.
鈥淣ew facilities are essential if we expect to attract top faculty and students 鈥� and deliver the innovative business education our young people deserve,鈥� he said.
Albert Foster was a 1928 graduate of the 91探花Business School and former member of the board of governors of the New York Stock Exchange in the early 1950s. His wife, Evelyn, was a community volunteer with the Seattle Symphony, Seattle Opera and Seattle Art Museum. She received a bachelor鈥檚 degree from the 91探花in 1932. Michael G. Foster was one of four children of Albert and Evelyn Foster.