USC's Moore Business exceeds goal with $42.4m

2009-08-07 / Business

By John Temple Ligon temple@thecolumbiastar.com

Darla Moore illustrates the evolution of authority; ape: hairy foot; man: bare foot; civilized man: brogan; civilized woman: red spike high heel. Darla Moore illustrates the evolution of authority; ape: hairy foot; man: bare foot; civilized man: brogan; civilized woman: red spike high heel. Friday morning, July 31, the top floor auditorium of the Close- Hipp Building had a standing- room- only crowd to hear USC President Harris Pastides announce the successful fundraising efforts that amounted to $42.4 million for the Moore School of Business, while the minimum goal set five years ago was $30 million.

USC trustee and alumna Darla Moore challenged the business school in April 3004 to match her $45 million challenge gift by Monday, August 3, 2009. She stipulated USC funds must total $15 million, and $30 million must come from private donations. Among more than 7,500 donations with an average of $5,000, Charles S. Way, former secretary of commerce for S.C., gave $1 million. About 4,100 Moore School alumni gave more than $8 million. A little more than $12.5 million was donated by 125 S.C. businesses, including $3 million from Hartsville- based Sonoco. More than $3 million came from an anonymous individual donor.

Dr. Hildy Teegen, dean, Moore School of Business Dr. Hildy Teegen, dean, Moore School of Business The $45 million is Moore's second major gift to the business school. In 1998, she gave the school $25 million, and the school was named after the 1975 alumna.

USC reports 23 percent of the money will cover scholarships, fellowships, and student support. Another 23 percent will help pay for equipment and software. And 21 percent is planned to go to the new business school building in the Innovista.

The Moore School's new $90 million building was announced earlier in the month as the beneficiary of a 20- year lease deal with the federal government. The Department of Justice is moving 250 employees from Washington to the Close- Hipp Building once the Moore School vacates and once the building's $25 million renovation is complete. Also, the U.S. Attorney's office for the District of S.C. will move into the Close- Hipp Building. Other tenants include an expansion of the next- door National Advocacy Center.

USC will take the federal government's projected lease payments for the next 20 years, about $106 million, and put the money into a bond, which can help pay for the Moore School's new Innovista home on Greene Street between Park Street and Lincoln Street.

(L- r) Hootie Johnson, Mary Kennemur, and Joel Smith. (L- r) Hootie Johnson, Mary Kennemur, and Joel Smith. The Moore School population includes 3,900 undergraduates, 660 master's degree students, and 55 students who are working on their doctorates. There are about 120 faculty members.

Moore School Dean Hildy Teegen announced two new programs for this fall. The Moore School and the University of Hong Kong are working on a one- year experience where the students spend roughly equal time in both cities. Teegen also talked about a new one- year intensive international business program.

Pastides said the USC board of trustees will meet in September for initial approval of the building. Teegen expects the Moore School to take up occupancy in the new building in four years.

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