Plans to spend the cash portion of the record-breaking $98 million donation from the Russ estate to the Russ College of Engineering and Technology have been put on hold because of the slumping economy.
The school announced the endowment from the estate of the late Fritz J. and Dolores H. Russ in January 2008.
According to Dennis Irwin, dean of the Russ College, Ohio University will still consider how to use proceeds from the estimated $83 million in cash and securities but will not spend it until the endowment's investments grow and the economy becomes stronger.
Plans on establishing a spending committee consisting of successful entrepreneurs and engineering leaders, among others, will be announced in the next the few weeks, Irwin said. The Ohio University Foundation will fund the committee, but there is no estimate of how much the committee will cost OU, Irwin said.
We will convene the committee
look where the Russ College is in terms of accomplishments and decide where do we want to go from here said Irwin.
In addition to the cash portion of the donation, the Russ' donated property is approximately valued at $15 million, said Irwin. OU now owns the 28-acre Russ Research Center near Dayton, where Irwin hopes to build a stronger relationship between businesses and students.
We would like to continue the emphasis on high-tech companies and try to help them out Irwin said.
The donation also includes the Russ' home in Naples, Fla., that OU plans to sell and put toward the endowment fund.
Fritz, who died in 2004, graduated from OU in 1942 while Dolores died last year. The school was named in their honor in 1994.
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Jordan Valinsky
