Pacific announces $100 Million gift

STOCKTON
May 7, 2007 2:02pm

A gift of $100 million was announced Monday by the University of the Pacific in Stockton.

The gift is from Robert and Jeannette Powell. Mr. Powell is a Sacramento real estate developer.

It’s believed to be one of the largest gifts ever made to any California university. Pacific says only Cal Tech, Stanford and the University of Southern California have received larger gifts.

It's also believed to be the 30th largest gift ever to any university in the world, according to data compiled by Pacific.

While how the money will be spent has not been detailed, university officials say a large amount of it will go to offset tuition costs for students at the three-campus private university.

The university says the money will help increase academic quality.

(Click on the link below to listen to University President Don DeRosa's announcement.)

“It will catapult the University of the Pacific into a new category in higher education,” says board of regents chairwoman Dianne Philibosian

Mr. Powell served on the university’s board from 1989 to 1993. He helped develop a student loan program while on the board. Ms. Powell is a current regent of the university.

Neither donor was on hand when the announcement was made.

“The university has made tremendous progress … raising the quality of academic programs,” Mr. Powell said in a statement. “We hope our girt will encourage others.”