At least $15 million of the gift, which was made as part of the ASU 2020 campaign, will support career services and resources for the nearly sixteen thousand students currently enrolled at the business school, with a focus on boosting job placement rates for graduates, increasing starting salaries for faculty, developing new relationships with industry-leading partners, and providing enhanced lifelong learning opportunities for alumni.
In addition, at least $10 million will be dedicated to recruiting outstanding professors and researchers through the creation of two new faculty appointments known as Carey Chairs, enabling the school to build on its reputation for research excellence.
The gift announcement marks the launch of a fundraising campaign spearheaded by Carey and the ASU Foundation to raise an additional $25 million in new funding for the business school. To date, the Carey Foundation has invested more than $75 million in the business school. A $50 million naming gift from the foundation and real estate investor and philanthropist William Polk Carey in 2003 was, at the time, the second-largest private gift ever to a business school in the United States
"This gift marks another critical turning point for the business school and reinforces the W.P. Carey Foundation's tremendous commitment to and impact on this university," said ASU president Michael Crow. "The foundation's support over the years has resulted in ASU having one of the top-rated and most highly sought-after business schools in the country. I am grateful to the foundation for their support of our university, faculty, and most importantly our students — who will be the primary benefactors of their generosity."