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Georgetown University Gets $75 Million, Mostly in IBM Shares
2008-12-11
New York - Georgetown University has received a $75 million donation, its largest, from the estate of a funeral home owner from Binghamton, New York. The benefactor, the estate of Robert McDevitt, had previously donated $50 million to Le Moyne College in Syracuse, New York. Like the Le Moyne donation in November, the gift to Georgetown, in Washington, is mostly in shares of International Business Machines Corp., the school said today in a statement, Bloomberg reported. McDevitt was a 1940 graduate of GeorgetownÕs undergraduate college of arts and science and served as a Georgetown regent. McDevitt amassed shares in IBM after inheriting some from his mother, Mary Graiff McDevitt, who was a secretary to one of the companyÕs founders. A portion of the gift will endow faculty positions at Georgetown, the oldest and largest Roman Catholic and Jesuit university in the U.S. The school was founded in 1789 and has about 15,300 undergraduate and graduate students. IBM rose 17 cents, to $82.86, at 4:15 p.m. in New York Stock Exchange composite trading. The Armonk, New York-based information technology companyÕs shares have declined 23 percent this year.
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