Kent and Missy McCarthy, the alumni couple of University of Kansas (KU), have pledged a gift of $1.25 million for the construction of new School of Business building. The Rancho Mirage couple will donate the gift over a period of five years.
"This gift represents the latest in a series of significant contributions by a dedicated and distinguished alumnus of the school," School of Business Dean Neeli Bendapudi said in a statement. "Kent and Missy McCarthy have shaped the learning experiences of many business Jayhawks.
Kent is a graduate of the Kansas business school, whereas Missy McCarthy received her bachelor's degree in psychology and a master's in social work from the university. This is not their first donation to the business school. The California couple have donated $2.5 million in various gifts in the past.
"For 17 years, Missy and I have been hoping for a new business school. ... The dream is now a reality," Kent McCarthy said in a statement.
Apart from monetary contributions, the couple have made significant investments academically.
In 1998, Kent introduced the Applied Portfolio Management (APM) class at KU to help students gain experience with investment decisions. He funded the APM course with more than $250,000. Bendapudi said that besides starting various courses at the University, Kent is also responsible for bringing several prominent personalities to the campus and helped finance students hone their careers.
As a result of his academic contributions throughout his life, Kent was presented with a prestigious teaching award.
"I'm delighted with the dedication Missy and Kent McCarthy have shown to our business school," Chancellor Bernadette Gray-Little, said.