School to offer free tuition forever after incredible billion-dollar gift
In an act that you could argue redefines the word 'generous', one former faculty member at a medical school in New York donated £791million ($1billion) to it.
Because of this sizable donation, the Albert Einstein College of Medicine is now offering its students free tuition - forever. The historic moment is the largest amount ever bequeathed to a medical school and one of the largest donated to a school in the US.
Dr. Ruth Gottesman, 93, who was the chair of the school’s board for 55 years, made the donation in the name of her late husband, David 'Sandy' Gottesman. He was an early investor of Berkshire Hathaway and a friend of Berkshire’s CEO Warren Buffett.
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Dr Ruth Gottesman thanked her late husband for the donation (Albert Einstein College of Medicine)“I am very thankful to my late husband, Sandy, for leaving these funds in my care, and l feel blessed to be given the great privilege of making this gift to such a worthy cause,” said Dr Gottesman in a statement. While Dean Yaron Tomer said that the donation will "radically revolutionise" the Bronx school's ability to bring in students, regardless of whether they could have originally afforded it.
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He said: “This donation radically revolutionises our ability to continue attracting students who are committed to our mission, not just those who can afford it. Additionally, it will free up and lift our students, enabling them to pursue projects and ideas that might otherwise be prohibitive.
Student at the school went wild over the announcement on Monday (Albert Einstein College of Medicine)"We will be reminded of the legacy this historic gift represents each spring as we send another diverse class of physicians out across the Bronx and around the world to provide compassionate care and transform their communities."
Sandy Gottesman, the co-founder of New York-based investment firm First Manhattan Co., died in 2022. He also served on the board of New York’s Mount Sinai Hospital. The Gottesmans have been involved in healthcare philanthropy for many years and this is not the first time they have gifted money to the Albert Einstein College of Medicine. Back in 2010 their £19.8million ($25million) donation contributed to creating the school’s Institute for Stem Cell Research and Regenerative Medicine.
The huge donation will 'revolutionise' how to school is able to attract students (Albert Einstein College of Medicine)Philip Ozuah, president and CEO of Montefiore Medicine, the school’s parent company, announced the “transformational gift” on Monday and added that it was "the largest donation to any medical school in the country.” Any students in their fourth year will be reimbursed for the spring 2024 semester and when the new semester begins in August, every student enrolled with be given free tuition thanks to the astonishing donation.
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