UCSD announced its reception of the second-largest gift in the university’s history of $30 million from local businessman Ernest Rady and the Rady Family Foundation on Jan. 22. The gift will be used to support UCSD’s new School of Management.
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In recognition of this philanthropic gift, UCSD will name the school the Rady School of Management, making the gift the largest naming gift for the campus.
“”In the years that come, this name will be synonymous with innovative 21st-century business education,”” Acting Chancellor Marsha A. Chandler said. “”We’re confident that it will be a tremendous source of pride and a tremendous source of distinction for San Diego. It will be a name we’re confident will be known throughout the world.””
With this gift, construction and planning of the Rady School of Management will be on schedule, with occupancy expected to begin Fall 2006.
The Radys’ gift consists of a $15 million pledge payable by 2005 to be used for the construction of new facilities, along with a long-term gift of an additional $15 million. According to Robert S. Sullivan, founding dean of the management school, the gift will be used in the immediate term to complete facilities, while more long-term goals include the recruitment and retention of faculty members.
The target goal of funding for the School of Management is $120 million. Including the Radys’ gift, approximately $70 million has been raised to date.
“”The impetus for this school is something that came really very much from the community,”” Chandler said. “”Supporters recognized that UCSD was uniquely situated for a new model school of business.””
Rady moved to San Diego with his family in 1966 and founded American Assets Inc., a privately owned financial conglomerate that manages companies involved in finance, investment management and real estate. Rady also holds executive positions and shareholder status in several other companies.
“”I love what I do, so hopefully this school will allow others to enhance their ability to create for the community and for themselves, and enhance our country’s economic success,”” Rady said.
Rady said he is confident that the School of Management will have a positive impact in the world of business.
“”I know that this school will train future leaders for San Diego, who in turn will make a significant impact on this region,”” Rady said. “”I’m gratified to play a role watching the school and making possible new generations of talented managers and entrepreneurs.””
UCSD’s School of Management was established in 2001, and its master of business administration degree was approved lastspring. It will seek to obtain top national rankings within its first five years. Joint degree programs are currently being planned with other UCSD graduate schools.
“”[The school’s] programs will leverage and build up the strength of this campus,”” Sullivan said. “”The school will both preach and practice an entrepreneurial spirit. It will have a global reach, while also having a local impact. The Rady School will redefine graduate business education.””
The School of Management is a major initiative for the “”Imagine What’s Next”” campaign for UCSD, which seeks to accomplish specific objectives, including educational opportunity, research, health care and innovation funds, by securing funds from private sources. The campaign will conclude June 2007.
The Rady School of Management will accept executive MBA students in fall 2004, and will begin accepting full-time MBA students in fall 2005.
