The cash contribution, the largest gift from a corporate foundation for the Dell Pediatric Research Institute, will be used toward completion of the $97 million, 150,000-square-foot facility, which is currently under construction at the former Austin municipal airport site. The institute is scheduled to open in December 2008.
"The University of Texas at Austin joins the citizens of our community and all of Central Texas in thanking the Bank of America Charitable Foundation for this very generous gift," UT Austin President William Powers, Jr., said. "It will make possible innovation in the sciences, biomedical engineering and pharmacology. And it will help us to offer the most advanced health care to children and provide a healthier future for generations to come. We are deeply indebted to the Bank of America."
In May 2006, the Michael & Susan Dell Foundation awarded a $38 million gift to help establish a pediatric health research institute in Austin. The UT System Board of Regents also authorized $45 million in support of the project. Of that amount, $25 million in bond proceeds from the Permanent University Fund was applied toward construction of the facility. The other $15 million was awarded from the Available University Fund and $5 million came from the UT System's Science and Technology Acquisition and Retention (STARs) program with the purpose of recruiting a top-notch director for the institute and providing faculty and equipment start-up costs.
"Bank of America's generous gift will significantly facilitate the
University of Texas' efforts to improve the lives of thousands of children
in Austin and Central Texas," said Randa S. Safady, vice chancellor for
external relations for the University of Texas System. "A corporate gift of
this magnitude speaks volumes ab
|SOURCE Bank of America|
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