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November 05, 2013

Okla. and Kans. Colleges Share Company's $210-Million Stock Gift

Kansas State University's College of Engineering will get $70-million as part of a larger, multi-university gift to support engineering education from Dolese Brothers, an Oklahoma City-based supplier of construction materials, reports the Topeka Capital-Journal.

Oklahoma State University and the University of Oklahoma have received like amounts from a charitable partnership sealed in 2001 at the behest of the late Dolese Brothers executive Roger Dolese. The three schools got nonvoting stock that the firm will buy back over time, funding initiatives to enroll and graduate more engineering students.

The shares are held by the universities' foundation and could raise the overall value of the gift if they increase in value. The universities have benefited form the arrangement from the partnership since its inception, but the donation has only recently been made public now that the stock transfer is complete.