If you’ve got so much money that you can’t possibly spend it all, you’ve got to give most of it away or let the taxman take a big chunk. Hedge fund titan John Paulson is apparently quite aware of this truth, and he took a big step today in dealing with his problem in this regard.
Harvard University announced on Wednesday that billionaire alumnus John A. Paulson, founder and president of Paulson & Co., has come forward with the largest donation in the University’s history. Paulson has committed to fund a $400 million endowment for the School of Engineering and Applied Sciences. Moreover, in honor of his gesture, the School will be renamed the Harvard John A. Paulson School of Engineering and Applied Sciences.
More on Paulson’s Harvard Donation
Paulson’s record donation represents a wonderful opportunity for SEAS. First established in 1847 as the Lawrence Scientific School, it later became the Division of Engineering and Applied Sciences, and eventually became the School of Engineering and Applied Sciences. SEAS has added the undergraduate concentrations of biomedical engineering, mechanical engineering, and electrical engineering as well as a master’s program in computational science and engineering. Moreover, the faculty has increased by nearly 30% and enrollment is also up by 150%.
Moreover, the school is also looking forward to an expansion into neighboring Allston, Mass., where it will occupy state-of-the-art research and teaching facilities on a campus adjacent to Harvard Business School (HBS) and the Harvard Innovation Lab In Allston. This means that SEAS will become a key part of a community of entrepreneurs and innovators in a one of a kind research enterprise zone.
Statement from President of Harvard
“John Paulson’s extraordinary gift will enable the growth and ensure the strength of engineering and applied sciences at Harvard for the benefit of generations to come,” noted Drew Faust, the president of Harvard University and Lincoln Professor of History. “His appreciation of the importance of SEAS to faculty, students, and Schools across the University has motivated a historic act of generosity that will change Harvard and enhance our impact on the world beyond.”