Michigan State University announced a $25-million challenge grant Friday from billionaire alumni Eli and Edythe Broad to MSU's college of business, MLive reports. Haverford College, outside Philadelphia, received an equivalent gift Saturday from alumnus Howard Lutnick, the head of New York financial firm Cantor Fitzgerald, writes The Philadelphia Inquirer.
Both institutions used the gift announcements to publicly launch major fundraising campaigns—$1.5-billion for Michigan State, $225-million for the 1,200-student Pennsylvania college.
Michigan State officials hope to use the Broad grant to attract $80-million more to expand graduate programs at its business school, which is named for Mr. Broad, a builder and major education and arts donor. Haverford will use part of the gift from Mr. Lutnick—who was given free tuition by the college after his father died during his freshman year—to undertake a major upgrade of its library.