Ohio State University has announced its largest gift ever of $100 million, with $65 million from Leslie Wexner and the additional $35 million from Limited Brands Foundation. The funding will go to benefit the university's medical center and The Arthur G. James Cancer Hospital and Richard J. Solove Research Institute. A select portion of the funding will also go to benefit the university's Wexner Center for the arts and other initiatives at the school.
Wexner is an alumni of Ohio State, graduating from its business administration program in 1959 and founding Limited Brands in Columbus four years later. The company has since risen to a $9 billion firm, with more than 2,600 stores nationally. Wexner serves as the university's chair of the Board of Trustees and helped found The Ohio State University Foundation. He has extended almost $200 million to Ohio State.
"I've always believed that you have to do good while doing well," said Wexner in a statement.
"It's not enough to succeed in business. You have to give back. Ohio State's Medical Center and The James do critically important work. My hope is this gift can help save lives, and maybe even help to cure cancer. It is certainly within our grasp," he added.
Ohio State also recently received a $100 million grant for a construction project at its Medical Center from the Health Resources and Services Administration, which was awarded to the university through a program created under the Patient Protection and Affordable Care Act.
The funding will help support ProjectONE, the school's largest construction project, which aims to expand its Medical Center. The project is slated to finish in 2014 and will include a new cancer hospital, critical care tower, outpatient center and research laboratories, according to Healthcare Finance News.