Berkshire Hathaway Vice Chairman Charlie Munger is among the philanthropists giving Stanford University a boost during a tough time for the California institution.
Munger and his wife, Nancy, donated $43.5 million to the Palo Alto school for a new five-building, 600-bed complex for graduate students, Stanford reports. The Munger Graduate Residence is now complete.
The Mungers' generosity comes at a good time for Stanford. Last fiscal year Stanford's endowment lost $4.6 billion, a decline of 27 percent. Andrew Ross Sorkin (one of three journalists selected to query Warren Buffett and Munger at this past year's annual meeting along with CNBC's Becky Quick and Fortune's Carol Loomis) reports in the New York Times this week that Stanford is trying to raise $1 billion by selling parts of its stakes in private equity firms.
Despite that loss, Stanford plans $850 million in construction this fiscal year, the school reports.
This isn't Munger's first foray into philanthropy involving California education. He gives generously to the prep school Harvard-Westlake in Los Angeles, where he lives.Â
Munger's charity work is another example of the immense philanthropy that has come out out Berkshire Hathaway's rise over the years. Buffett gets most of the credit due to his huge gift to The Bill & Melinda Gates Foundation, but the charity work extends far beyond the chairman's office. Click here to read more on this subject.
Bill Freehling
http://www.examiner.com/x-7944-Warren-Buffett-Examiner Also check out:
Munger and his wife, Nancy, donated $43.5 million to the Palo Alto school for a new five-building, 600-bed complex for graduate students, Stanford reports. The Munger Graduate Residence is now complete.
The Mungers' generosity comes at a good time for Stanford. Last fiscal year Stanford's endowment lost $4.6 billion, a decline of 27 percent. Andrew Ross Sorkin (one of three journalists selected to query Warren Buffett and Munger at this past year's annual meeting along with CNBC's Becky Quick and Fortune's Carol Loomis) reports in the New York Times this week that Stanford is trying to raise $1 billion by selling parts of its stakes in private equity firms.
Despite that loss, Stanford plans $850 million in construction this fiscal year, the school reports.
This isn't Munger's first foray into philanthropy involving California education. He gives generously to the prep school Harvard-Westlake in Los Angeles, where he lives.Â
Munger's charity work is another example of the immense philanthropy that has come out out Berkshire Hathaway's rise over the years. Buffett gets most of the credit due to his huge gift to The Bill & Melinda Gates Foundation, but the charity work extends far beyond the chairman's office. Click here to read more on this subject.
Bill Freehling
http://www.examiner.com/x-7944-Warren-Buffett-Examiner Also check out:
