A technology university in the United States, MIT (Massachusetts Institute of Technology) has received a donation of the sum of $140M from an anonymous donor. Unlike most other donation in the past, this very big one, has no strings attached to it.
The donor who is an alumnus of the University, gave the University the sum and even designated it as “unrestricted”, which gives the University a lot of leeway in deciding how it is spent.
While the donors of restricted gifts usually have specific ideas for the money (like funding a department or study), MIT can use the $140 million donations on almost anything related to its educational and research mission, from its campus to early-stage research considered too risky for funding from other sources.
The University has given some examples of projects that unrestricted funds have been applied to, including “the work of faculty breaking new ground in such areas as Alzheimer’s disease, where research into a unique visual stimulation technique could herald a breakthrough in the understanding and treatment of the condition, and in physics, where MIT faculty have played a primary role in detecting the largest collection of antimatter particles recorded in space — helping to advance our fundamental knowledge about the universe.”
MIT’s in a statement said though the donor wishes to remain anonymous, they indicated, however, that they were past recipient of MIT’s financial aid program. “I am also inspired by MIT’s vision in tackling global challenges, and I trust its leadership to take bold steps to make the world a better place. I am blessed to be able to give back to the Institute so other students can experience what I did, and so that the Institute can continue to excel in groundbreaking achievements.”
One of MIT’s most ambitious initiatives is the $5 billion Campaign For A Better World, which has already raised $3.4 billion from 87,000 donors to support research into environmental and humanitarian issues.
Story Source: TechCrunch