IBJNews

IU getting $33M from Lilly Endowment for biz school

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis-based Lilly Endowment Inc. is donating $33 million to help Indiana University renovate its Kelley School of Business building at Bloomington, IU announced Wednesday.

The gift is the largest received by the Kelley School in its 92-year history and one of the largest ever received by IU, the university said.

Combined with $27 million in other donations, IU has reached its goal of raising $60 million to renovate and expand the 46-year-old, 140,000-square-foot building.

IU President Michael A. McRobbie said in a prepared statement that he’s grateful for Lilly Endowment’s contribution.

“With this support, the Kelley School will continue as one of the world’s leaders in business education and help Indiana to develop and retain the best and brightest minds who will drive our state’s economy in the future,” he said.

The Kelley School routinely has to turn away students each year due to a lack of classroom space in the building, IU said.

Construction of the project's first phase is to begin in the spring. It will involve a 71,000-square-foot expansion of the school’s original building, which will complement the adjacent Godfrey Graduate and Executive Education Center, completed in 2002.

Once the first phase is finished, a renovation of the original building will begin and will add 20 classrooms.

Besides new classrooms, the renovation will add a behavioral lab for researchers, a business communications lab and a stock-trading room.

Both phases are expected to be completed within three years.

Indianapolis-based BSA LifeStructures is the project’s architect.

The Kelley School is one of the largest business schools in the nation and is rated among the best by various business publications. In 2011, Bloomberg Businessweek ranked it sixth among public universities and 18th overall. U.S. News & World Report also ranked it sixth among public universities and 12th overall. It was named the Kelley School in 1997 in recognition of a $23 million gift from the late E.W. Kelley, who at the time was chairman of the board of The Steak n Shake Co.
   
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Aaron is my fav!

  2. Let's see... $25M construction cost, they get $7.5M back from federal taxpayers, they're exempt from business property tax and use tax so that's about $2.5M PER YEAR they don't have to pay, permitting fees are cut in half for such projects, IPL will give them $4K under an incentive program, and under IPL's VFIT they'll be selling the power to IPL at 20 cents / kwh, nearly triple what a gas plant gets, about $6M / year for the 150-acre combined farms, and all of which is passed on to IPL customers. No jobs will be created either other than an handful of installers for a few weeks. Now here's the fun part...the panels (from CHINA) only cost about $5M on Alibaba, so where's the rest of the $25M going? Are they marking up the price to drive up the federal rebate? Indy Airport Solar Partners II LLC is owned by local firms Johnson-Melloh Solutions and Telemon Corp. They'll gross $6M / year in triple-rate power revenue, get another $12M next year from taxpayers for this new farm, on top of the $12M they got from taxpayers this year for the first farm, and have only laid out about $10-12M in materials plus installation labor for both farms combined, and $500K / year in annual land lease for both farms (est.). Over 15 years, that's over $70M net profit on a $12M investment, all from our wallets. What a boondoggle. It's time to wise up and give Thorium Energy your serious consideration. See http://energyfromthorium.com to learn more.

  3. Markus, I don't think a $2 Billion dollar surplus qualifies as saying we are out of money. Privatization does work. The government should only do what private industry can't or won't. What is proven is that any time the government tries to do something it costs more, comes in late and usually is lower quality.

  4. Some of the licenses that were added during Daniels' administration, such as requiring waiter/waitresses to be licensed to serve alcohol, are simply a way to generate revenue. At $35/server every 3 years, the state is generating millions of dollars on the backs of people who really need/want to work.

  5. I always giggle when I read comments from people complaining that a market is "too saturated" with one thing or another. What does that even mean? If someone is able to open and sustain a new business, whether you think there is room enough for them or not, more power to them. Personally, I love visiting as many of the new local breweries as possible. You do realize that most of these establishments include a dining component and therefore are pretty similar to restaurants, right? When was the last time I heard someone say "You know, I think we have too many locally owned restaurants"? Um, never...

ADVERTISEMENT