Sanford reaches goal with trustee’s $3M gift

David Rubenstein, Trinity ’70 and a member of the Board of Trustees, pledged last week to donate $3 million to the Sanford School of Public Policy, pushing the school past its $40 million fundraising goal, President Richard Brodhead confirmed Sunday.

The school, which transitioned from an institute to a school July 1, was more than $2 million short of its October benchmark goal two weeks ago. Rubenstein’s donation came in time for Sanford’s inaugural weekend and just after his $10 million gift to the Lincoln Center for the Performing Arts in New York City last week.

“It wasn’t clear that we would be able to [reach the fundraising goal,] but at the end, there was a spurt,” Brodhead said. “Rubenstein has been a very strong supporter in the past, and has already made a contribution in the past, but made this extra one to bring us to the finish line.”

Rubenstein, who was a student at Sanford, was ranked 123rd in Forbes’ list of the 400 wealthiest Americans of 2009, published Sept. 30. The magazine estimates Rubenstein’s net worth at $2.5 billion.

Rubenstein is the co-founder of The Carlyle Group, a global private equity firm, and is also Sanford’s single largest benefactor. He is the namesake for Rubenstein Hall, Sanford’s sister building on Towerview Drive—which he funded—and has made numerous other donations to the school.

Despite reaching its $40 million goal this month—the number University administrators originally set as Sanford’s threshold for becoming a school, Sanford Dean Bruce Kuniholm said Sanford will continue to raise money toward its final goal of $65 million.

Money raised so far will fund new professors, speakers and internships, among other positions and programs, Kuniholm added.

“Our priorities have been financial aid, internships and endowment to support faculty,” he said. “We have a strategic vision, but it’s all oriented toward transforming student lives and all the things we raise money for contribute to that goal.”