3M Gives $1 Million To Help Tuskegee University Construct New Business School

11/17/2005

TUSKEGEE UNIVERSITY, AL - (October 17, 2005) - In its quest to build a state-of-the-art facility for its College of Business and Information Science, Tuskegee University just received a gift of $1 million from 3M Corporation.

The gift from the St. Paul, Minn.-based manufacturer and technology enterprise will assist in building the Andrew F. Brimmer College of Business and Information Science, a $12 million, 45,000-square-foot-facility complete with classrooms, laboratories, an auditorium and rooms that bear the names of major donors.

"We are very pleased that the 3M Foundation Board approved our request for a major gift," Tuskegee University President Benjamin F. Payton said. "This gift moves our campaign forward to the point where we are now only a little more than $3 million short of our project goal. It reflects the high confidence of 3M in Tuskegee University."

The University will be awarded $500,000 per year in 2006 and 2007 to assist in the construction of the new business school, whose program currently serves 434 enrolled students. "This is just a statement of ongoing support by 3M," said Shereitte Stokes, vice president of university advancement. "They are making a statement that they believe in our building a world-class business school."

The $1 million grant from 3M is not its first contribution to the University, but rather a part of a longtime partnership that has led to funding for the University’s FASTREC program for high school students with engineering aspirations and financial support for the 3M Endowed Chair for Material Sciences.

"We are delighted to invest in Tuskegee University’s future and such an outstanding business program," said Barbara Kaufmann, 3M’s manager of educational giving.

The business college will carry the name of noted economist Andrew F. Brimmer, who served on the Federal Reserve’s Board of Governors from 1966 to 1974 and on the Harvard Business School’s faculty. He’s currently president of Brimmer & Company, a financial consulting firm based in Washington, D.C., and is Tuskegee University’s first African-American to serve as chairman of the Board of Trustees.

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