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DePauw gets $25M for dining hall, scholarships

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A Colorado couple who both graduated from DePauw University have donated $25 million to the private liberal arts college to build a new dining hall and to endow need-based scholarships.

The university announced Thursday night that R. David and Suzanne Hoover donated the money. About $9 million will go toward the scholarship endowment and the rest will provide the lead gift for the dining hall to be named Hoover Hall.

The Hoovers, who reside in the Boulder, Colo., area, are both 1967 graduates of DePauw. David Hoover is chairman of the board of Ball Corp. and serves on the board of Eli Lilly and Co., and other companies. Suzanne Hoover is a former teacher.

DePauw is located in Greencastle, about 40 miles west of Indianapolis.

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  • Ron
    Ok people... No Im not lazy i read the story. So 16m will go to dining. I did not criticize them i simply made a statement that people all over need help. And no i don't know if they have or have not gave any other donations. But 16m for a dining hall, come on... A simple person can see that is outrageous. I also stated that i would give to people instead of a school that really does not need a 16m dollar dining hall. The 9m for scholars is good. Charity is good but its only good if its gonna help, a 16m dollar dining hall who will this help? Think about it.
  • Ron - get help
    Really? You will criticize someone who is donating money to the school...But of course, you are too lazy to read three and a half paragraphs ($9M will go toward the scholarships).
    • To Ron
      Ron, perhaps they have also given to the causes you think are more deserving. But honestly, what is wrong with you that you need to criticize someone's charitable donation? They made the money and they should be able to spend or donate it as they see fit. After all, it is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better.
    • $25m ???
      This couple is crazy. 25m for a dining hall? And all these poor people in this county without homes. Food. Work. Cars. Etc... And they spend 25m on a place to eat. Unreal... If i had 25m to waste i would make sure some people in my church or town had some of this money to help them through hard times.

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      1. Apologies for the wall of text. I promise I had this nicely formatted in paragraphs in Notepad before pasting here.

      2. I believe that is incorrect Sir, the people's tax-dollars are NOT paying for the companies investment. Without the tax-break the company would be paying an ADDITIONAL $11.1 million in taxes ON TOP of their $22.5 Million investment (Building + IT), for a total of $33.6M or a 50% tax rate. Also, the article does not specify what the total taxes were BEFORE the break. Usually such a corporate tax-break is a 'discount' not a 100% wavier of tax obligations. For sake of example lets say the original taxes added up to $30M over 10 years. $12.5M, New Building $10.0M, IT infrastructure $30.0M, Total Taxes (Example Number) == $52.5M ININ's Cost - $1.8M /10 years, Tax Break (Building) - $0.75M /10 years, Tax Break (IT Infrastructure) - $8.6M /2 years, Tax Breaks (against Hiring Commitment: 430 new jobs /2 years) == 11.5M Possible tax breaks. ININ TOTAL COST: $41M Even if you assume a 100% break, change the '30.0M' to '11.5M' and you can see the Company will be paying a minimum of $22.5, out-of-pocket for their capital-investment - NOT the tax-payers. Also note, much of this money is being spent locally in Indiana and it is creating 430 jobs in your city. I admit I'm a little unclear which tax-breaks are allocated to exactly which expenses. Clearly this is all oversimplified but I think we have both made our points! :) Sorry for the long post.

      3. Clearly, there is a lack of a basic understanding of economics. It is not up to the company to decide what to pay its workers. If companies were able to decide how much to pay their workers then why wouldn't they pay everyone minimum wage? Why choose to pay $10 or $14 when they could pay $7? The answer is that companies DO NOT decide how much to pay workers. It is the market that dictates what a worker is worth and how much they should get paid. If Lowe's chooses to pay a call center worker $7 an hour it will not be able to hire anyone for the job, because all those people will work for someone else paying the market rate of $10-$14 an hour. This forces Lowes to pay its workers that much. Not because it wants to pay them that much out of the goodness of their heart, but because it has to pay them that much in order to stay competitive and attract good workers.

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      5. It is sad to see these races not have a full attendance. The Indy Car races are so much more exciting than Nascar. It seems to me the commenters here are still a little upset with Tony George from a move he made 20 years ago. It was his decision to make, not yours. He lost his position over it. But I believe the problem in all pro sports is the escalating price of admission. In todays economy, people have to pay much more for food and gas. The average fan cannot attend many events anymore. It's gotten priced out of most peoples budgets.

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