Donors to the University of Vermont’s Grossman School of Business have made substantial philanthropic investments over the past eight years, helping to elevate its status and making it more competitive among business schools in the U.S. and around the world. Since 2013, the Grossman Family Foundation, founded by alumnus Steven Grossman ’61, has contributed $25 million to UVM’s School of Business. The commitments include two matching gift challenges totaling $15 million to support endowed funds at the Grossman School and the construction of Ifshin Hall, a 30,000-square-foot expansion to the school that opened in 2018. More than 350 donors stepped forward, committing $18.8 million to complete the most recent challenge ahead of the June 30, 2021 deadline.
Donors invested in a range of key areas, including $6.7 million for the Ifshin Hall project, $5.2 million for four endowed faculty positions, $2.7 million for academic programs and student services endowments, $2.6 million for 27 endowed scholarship funds for undergraduate and graduate students, and $1.6 million for the Grossman School’s endowment fund. Not including matching gifts from the Grossman Family Foundation, these new contributions have more than doubled the size of Grossman School endowments, growing them from $14.2 million in 2014 to over $29 million in 2021.
“The generosity of our donors ushers in a new era of excellence at the Grossman School, supporting superior instruction, ground-breaking research, experiential learning, and student scholarships,” said UVM President Suresh Garimella. “The Grossman School’s success reinforces UVM’s university-wide commitment to providing an unparalleled student experience.”
Philanthropic investment has enabled the Grossman School to enhance and expand academic programs and put an emphasis on practical learning through internships, networking events, case competitions, business pitch competitions, industry panels, and speaker series. The school is home to the Schlesinger Global Family Enterprise Case Competition. Named during the challenge, it is the only case competition in the world that focuses on issues and challenges unique to family enterprises. More Grossman students are expanding their horizons, as evidenced by a 79 percent increase since 2015 in the number of students studying abroad. And world-class facilities in Ifshin Hall and the renovated Kalkin Hall await them on campus.
Perhaps most importantly, donor support has affected students’ bottom line, helping to make the Grossman School a viable option for more families and allowing students to graduate with less student loan debt. Lindsay Hallowell ’21, who earned a BS in Business Administration in May, says financial aid has allowed her to remain more committed to her studies and accept a number of internships that will advance her career.
“I've been so grateful for the scholarships that I've been given,” says Hallowell. “It's really helped me be able to focus on my schoolwork and worry less about finances and having to work a lot of hours. I'm just so grateful for all of the donors who have given to scholarships.”
In recent years the Grossman School has amassed a growing list of accomplishments and accolades, including accreditation by the Association to Advance Collegiate Schools of Business, a mark of excellence attained by only five percent of business programs worldwide. Graduates of the Masters of Accountancy program have achieved a pass rate in the top 10 percent of business schools with 10 or more candidates for eight years running, and the program currently boasts a 100 percent job placement rate. The school’s yield of admitted students has increased 87 percent since 2015, while average SAT and ACT scores for admitted students rose.
In the past three years the Grossman School has been ranked among the top nine business schools internationally and top three in the U.S. for positive social impact by the World Economic Forum, Davos, and included in the top 50 business schools for graduate entrepreneurship studies by Princeton Review. It garnered a Top 10 Better World MBA ranking from Corporate Knights and recognition as the top “green MBA” program in the U.S. by Princeton Review. The Family Business Program is ranked among the top 25 in the world and top six in the U.S by Family Capital.
“I have always said that I have a soft spot in my heart for UVM, for the education I received at the business school,” said Grossman. “And now I am witnessing its ascent, with the extraordinary support of fellow alumni and friends, toward the upper echelons of world-class business programs. I look forward to seeing the school reach new heights year after year.”
The UVM School of Business Administration was renamed in 2015 in tribute to Grossman’s visionary philanthropy that established three new endowed faculty chairs—in sustainable business, entrepreneurship, and finance—and provided resources to support teaching and program priorities. Grossman, who graduated from the UVM School of Business in 1961, was the CEO of Southern Container Corporation until the sale of the company in 2008. He has served the University as a member of both the Foundation Board of Directors and the Foundation Leadership Council, and as a member of the Business School Board of Advisors.
The Grossman Family Foundation’s matching gifts as part of this challenge have been assigned to the Steven Grossman Endowment Fund, which helps the school recruit and retain outstanding faculty and deliver the highest quality academic experience for Grossman School students.
Grossman School Dean Sanjay Sharma says the collective impact of gifts made as part of the Grossman Challenge has already been transformative for the school and will create even more opportunities for growth and enhancements in the future.
“You can be very proud of the part you played in the successful completion of the Grossman Challenge and all the improvements that have resulted,” Sharma said in an address to donors. “They're already paying multiple dividends and will continue to provide a remarkable return on investment for decades to come. Thank you.”
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Fundraising for the Grossman School of Business is a major focus for the University of Vermont Foundation, a nonprofit corporation established to secure and manage private support for the benefit of the University of Vermont. To inquire about making a gift to the Grossman School, please contact Anna Marie Gewirtz at 802-391-9977 or Anna-Marie.Gewirtz@uvm.edu. More information about the impact of donors and the work of the UVM Foundation can be found at www.uvmfoundation.org.