Harvard has just received a whopping $400 million endowment – its largest gift since the university opened its doors more than three centuries ago. But what’s equally interesting is where the money is heading: the School of Engineering and Applied Science (SEAS).
So who endowed the university with this large sum of money? John A. Paulson, a billionaire hedge fund manager and president of Wall Street’s Paulson & Co. In honor of his donation, SEAS will be renamed the Harvard John A. Paulson School of Engineering and Applied Sciences.
“John Paulson’s extraordinary gift will enable the growth and ensure the strength of engineering and applied sciences at Harvard for the benefit of generations to come,” Harvard University president Drew Faust said in a statement to the Harvard Gazette. “His appreciation of the importance of SEAS to faculty, students and Schools across the University has motivated a historic act of generosity that will change Harvard and enhance our impact on the world beyond.”
The school dates back to 1847, when it opened as the Lawrence Scientific School. Today, it boasts a number of undergraduate concentrations (including electrical engineering, mechanical engineering and bioengineering) and graduate degrees such as environmental science and engineering, among others. The university plans to expand its engineering school into Alliston, Mass., where it will build research and teaching facilities alongside the existing Harvard Business School (HBS).
“There is nothing more important to improve humanity than education,” Paulson added. “For 379 years, Harvard has had a profound global impact across a multitude of disciplines that benefits all of humanity. Today’s gift will help continue that legacy by making SEAS a 21st century engineering leader. It provides a solid endowment for faculty development, research, scholarships and financial aid.”
While Harvard consistently ranks as one of the top universities in the world, its engineering school doesn’t carry the same weight. It failed to make the Top 10 in the 2013-2014 Times Higher Education World University Rankings of engineering and technology institutions. Similarly, Business Insider named MIT the No. 1 engineering school in the United States and failed to include Harvard in its Top 10. Perhaps this new $400 million endowment could help Harvard’s SEAS boost its reputation.
The announcement has also stirred up some controversy, thanks in part to outspoken author Malcolm Gladwell. He’s been quite critical of Paulson’s gift, sending out a number of sarcastic tweets regarding the endowment, including: “It came down to helping the poor or giving the world's richest university $400 mil it doesn't need. Wise choice John!” and “Apparently $200 mil is earmarked for a satellite campus on St Barts.”
Certainly, there are other institutions – including engineering schools – that have significantly less funding than Harvard and would have benefited from this generous gift. At the same time, Paulson is a Harvard alumnus who graduated from the prestigious MBA program at HBS. Shouldn’t he be allowed to donate to his alma mater?
Let us know what you think by sharing your thoughts in the comments section.