“The University of Michigan made a difference in my life…. The days I spent here laid the foundation for my career and taught me lessons I will never forget.” —Stephen M. Ross
In September 2004, New York City real estate developer Stephen M. Ross, BBA ’62, made a $100 million gift to the U-M Business School. In recognition of the power of the gift to elevate the School’s aspirations and realize its ambitious vision, the Regents met in special session to rename the School the Stephen M. Ross School of Business.
“It seems it was only yesterday that I was here as a student,” Ross told the audience in a packed Hale Auditorium when the announcement was made. “Never would I have dreamt that the School would one day bear my name.”
“The extraordinary generosity of Stephen Ross will make it possible for us to build our future as the top busine ss school in the nation,” said Dean Robert J. Dolan. “Our vision is to be the best at educating leaders for the world of business by giving them an experience that combines rigorous intellectual preparation with results-oriented practice.”
A portion of the contribution will go to the endowment to attract faculty and students, as well as to fund the School’s innovative programming. The gift will also fund an ambitious facilities project, creating new and renovated space to support the Ross School’s educational mission.
Ross, co-chair of The Michigan Difference, the University’s $2.5 billion fundraising campaign, credited Dolan’s leadership, vision, and “great salesmanship” for convincing him to make the $100 million gift.
This is not the first time Ross has given of his time and money to his alma mater. Previous gifts include $5 million toward funding a new athletic academic center; $1 million to establish an endowed professorship in real estate at the Business School; and $50,000 to establish the Henry Pearce Endowed Fellowship in the College of Literature, Science, and the Arts.
“It is important to never forget where one comes from and how one got there,” Ross told the exuberant audience. He thanked family members—including his late uncle, financier and philanthropist Max M. Fisher—for their support. Ross also expressed gratitude for lessons he learned from Fisher about business and about life.
Ross, who earned his degree in accounting from the Business School, is founder, chairman, and chief executive officer of The Related Companies, L.P., developer of the Time Warner Center on Columbus Circle in New York City.
But Ross also finds time to participate in numerous civic activities. As trustee of the Guggenheim Museum in New York, he’s involved in planning a major renovation of the iconic Frank Lloyd Wright building. He is a member of the executive committee and board of directors for the Real Estate Board of New York, a trustee of the Juvenile Diabetes Research Foundation, and a longtime supporter of the United Jewish Appeal Federation of New York.
The Stephen M. Ross School of Business was named the No. 1 business school in the nation by the Wall Street Journal and Harris Interactive in an online announcement broadcast on September 21, 2004.
The news was broadcast live by CNBC from the Business School campus minutes before students started classes. An enthusiastic crowd of more than 130 students, faculty, and staff gathered in the Alessi Courtyard for the announcement, which was greeted with cheers, whistles, and chants of “Go Blue.”
“Many members of our community work to ensure an outstanding educational experience for our students,” said Dean Robert J. Dolan. “This ranking is a terrific tribute to their work and the great students who come to the School.”
Wall Street Journal reporter Ron Alsop cited the Ross School’s focus on practical experience. “Corporations expect new hires to be ready to hit the ground running their first day on the job, and corporate recruiters say Michigan’s emphasis on real-world experience prepares them,” Alsop reported.