Austen Hunzeker
Staff Writer
Idaho State University’s College of Business announced a transformational planned gift of $3 million from an anonymous donor last month.
The donation will support the Master of Business Administration (MBA) program, which is the largest program support endowment in the college’s history.
“As far as for a specific program…this is by far the largest gift we’ve ever received,” Dr. C. Shane Hunt, Dean of the College of Business, said.
Hunt said that the MBA program can use about 4-5% of the endowment annually, which means they’ll have around $120,000 to $150,000 extra to invest into the program. The money could fund a variety of things, such as scholarships, competitions, classroom renovations, technology updates, and more.
With donations of this size, donations usually get their name used for recognition, but this donor opted not to reveal their identity. Talks about the donation started near the beginning of the fall semester.
“They were super passionate about the MBA program,” Hunt said. “We talked about several ways that we could put names on different things, and the donor said, ‘I don’t want to do that. I just want to support the program and do good and don’t need my name on that.'”
The donation is a tribute to their significant other who benefited from the MBA program years ago, according to Hunt.
“Thank you from the bottom of my heart for helping more people have the transformative power of what it means to get an MBA,” Hunt said regarding his thoughts toward the donor.
For Hunt, getting an MBA was one of the most important things in improving the trajectory of his career. He met his wife while getting his MBA.
“Thank you for changing so many lives for generations to come,” Hunt said. “When I was in MBA school, I probably hadn’t been to seven states, and so the opportunity to invest in our students and give them these experiences to do that, I’m super excited about.”
Moving forward, Hunt expects the MBA program to be more extensive in conjunction with a broader societal impact.
“I would say we have one of the best MBA programs in America,” Hunt said. “If you took the professors that teach in our MBA program and the level of real-world expertise that they bring into these situations, I think our students come out incredibly well-prepared.”
Hunt believes that gifts like this are an affirmation of the great work the program is doing and how dedicated students and staff are to the program. He encourages students to pursue an MBA regardless of their undergraduate degree.
“Everything at some level is a business,” Hunt said.
The College of Business’s development director, Kristine McCarty, says that the donor visited campus last year and discussed the impact they wanted to have. Correspondence took place over a few months to finalize details toward an agreement.
“It is an estate gift,” McCarty said. “When we say planned gift, we mean that it’s typically part of the individual’s estate, so it’s not cash we have in hand right now.”
McCarty started as development director last year but has been with ISU for 10 years. McCarty’s role in all of this was to connect with the donor and provide the resources and information necessary to make a gift like this possible.
“It’s going to change the nature of the MBA program and the kinds of support we can offer students,” McCarty said. “Part of what inspires them to give is to support students in the way that they were once supported.”
McCarty hopes that students will keep ISU in mind down the line when they’re looking to make an impact. The endowment will mature when the donor dies.