(AP) – Three universities and a health care institution are sharing a gift of more than $1 billion that’s one of the largest in the history of higher education.
Receiving $260 million apiece will be Duke University, the Massachusetts Institute of Technology, the University of Southern California, and the Cleveland Clinic.
The gifts announced Wednesday come from this year’s sale of the Lord Corp. to Parker-Hannifin Corp. The late Thomas Lord in 1982 set aside ownership shares in the company for four foundations. Each foundation benefits one of the institutions. The four previously received tens of millions of dollars over time.
Duke plans to use the money to bolster engineering, while USC aims to launch major interdisciplinary projects. MIT wants to support graduate students and research, while Cleveland Clinic says it will support education and research.
(Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)