Hello new club-house for the golf course and you are welcome College of Management.

http://www.newsobserver.com/2010/12/17/867027/transformative-gift-for-ncsu.html#storylink=addthishttp://Randall B. Terry Jr


RALEIGH -- Just in time for Christmas, N.C. State University is getting the biggest gift in its 123-year history.

Lonnie C. Poole Jr., who made a fortune in the garbage-hauling business, and his wife, Carol Johnson Poole, are giving the university $40 million. That single gift will swell NCSU's entire endowment by nearly 10 percent and instantly boost the profile of the university's young management college, which is getting most of the money.

"This is transformative," said NCSU Chancellor Randy Woodson. "To receive this size of a gift in this economic environment and at a time when the university is really trying to elevate its stature, you know, it's just transformative."
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Poole, an NCSU graduate in civil engineering and a long-time supporter of the university, founded Raleigh-based Waste Industries in 1970, using $10,000 the couple got from selling their home in Ohio. The family moved in with his parents.

His name will now grace the College of Management, which will get $37 million of the gift for its endowment.

Of the remainder, $500,000 will go to the endowment of the College of Humanities and Social Sciences, and $2.5 million will be used to build a clubhouse at NCSU's new golf course on its Centennial Campus, which will be named for Carol Poole. The Pooles had earlier given $3 million to help build the golf course, which was named for him.

The Pooles were expected to join university officials this morning to formally announce the gift.

Timely gift

The holiday season aside, their largesse could not have been more timely. Not only has the stagnant economy hurt donations to universities everywhere, but officials across the 16-campus UNC system are trying to figure out what's left to slash when the next round of cuts in state funding hits.

The gift will shine a spotlight on the university's technology-oriented college of management which, at just 18 years old, is one of the youngest in the country.

Lonnie Poole has helped lead charitable foundations at NCSU for nearly 20 years and said that he knows which colleges at NCSU get the most donations and which need more.

That's one reason Poole is steering the money toward the business school, he said in an interview. He wants to help put it on equal footing with the larger, older colleges at NCSU that can draw on a bigger donor base, and make it more competitive with the other business schools in the area, including those at UNC-Chapel Hill and Duke University.

NCSU has an unusual number of small foundations set up to handle gifts for individual colleges, and that has created inequities, he said.

"The end result is, when people go to North Carolina State, they expect the colleges there to be comparable to each other in excellence, in teaching excellence and research excellence," he said.

"In fact, it's a mistake to make that assumption because the colleges of agriculture, textiles, natural resources and engineering have been around for a long, long time, and they have alumni who are able to give back to the college and create very healthy foundations to fund those things that make you just a level above an ordinary land-grant college."

The management college already has some characteristics that distinguish it from competitors that focus on typical business school topics such as traditional finance, investment banking and consumer product marketing. Instead, it concentrates on subjects such as commercialization of technology, new product and service innovation, global supply chain, enterprise risk and management of biosciences.

In short, the school aims to produce graduates to fit the kinds of companies that populate Research Triangle Park and that are being spun off from NCSU research.

The Pooles' gift is a validation of that approach, said Ira Weiss, the dean of the college.

"Given the youth of our college, we feel that the size of this gift is a phenomenal testament to who we are and what we've accomplished, but it's really about the future," Weiss said. "Obviously someone is investing in that future."

The money will not only raise the college's profile, he said. It also will help it compete for new high-quality faculty members, fill endowed chairs and spend enough to keep key faculty who otherwise might be lured away.

It also will help pay for new initiatives, Weiss said, notably the creation of a new center of excellence in sustainability. That's fitting, he said, because Poole has long been an advocate for sustainable practices in the solid waste industry, and because the college is well-poised for it.

"With our areas of expertise in innovation, technology, entrepreneurship and globalization, we're primed to be a leader in that area," Weiss said. "Clearly technology is a driver of everything that's going to happen in sustainability."

No strings attached

Poole said that he is putting no strings on the endowment gift because the school's needs will inevitably change.

Discussions with Weiss and other university leaders, though, convinced him that they want to bolster the college's teaching in three key areas that keenly interest him: entrepreneurship, ethics and the intersection of business and the environment.

Poole said that when he was in school, classes on those subjects weren't available, and that they're all crucial now.

Such a big addition to the university's endowment, which can help pay for scholarships and professors' salaries, was particularly sweet for Woodson, who, even before he took office as chancellor in April, had said that boosting the endowment to make it a more stable source of funding would be one of his major goals.

The university's endowment needs to more than double, to about $1 billion, to put it on a par with similar institutions around the country, he has said.

Still to be worked out, Woodson said, are details of how the Poole gift to the College of Humanities and Social Sciences will be used. Poole is interested in an arrangement that rewards faculty excellence.

The new donation is double the size of the second-largest gift to NCSU, a $20 million donation in 2005 by a foundation endowed by High Point businessman Randall B. Terry Jr. That pledge was to help build a new animal hospital at the College of Veterinary Medicine.


Read more: http://www.newsobserver.com/2010/12/17/867027/transformative-gift-for-ncsu.html#storylink=addthis#ixzz18PJeES4O

12/17/2010 4:36:32 PM

sounds good Douche Bag

12/17/2010 4:43:44 PM

this is awesome

maybe i could get couple g's out of the 40 mil?

12/17/2010 4:44:26 PM

WALL

OF

TEXT

12/17/2010 4:44:44 PM

tuition will still rise

12/17/2010 4:45:54 PM

12/17/2010 4:47:06 PM

12/17/2010 4:54:44 PM

Talk about a noiiiice tax refund when January rolls around

12/17/2010 6:19:08 PM

well now i feel better about not being able to give money when they sent me that alumni letter this year

12/17/2010 6:30:22 PM

so tuition will start going down. yes?

12/17/2010 6:40:37 PM

I hope some of that goes to a new aquatic and rec center.

Then we can say that we're going to play pool at the Poole pool.

12/17/2010 7:18:40 PM

This is just Tom O'Brien's way of taking more negative shots at UNC's program

12/17/2010 7:19:54 PM

Obviously some of you didn't read the entire thing.

This is how the $40M is being distributed:

Quote :

"His name will now grace the College of Management, which will get $37 million of the gift for its endowment. Of the remainder, $500,000 will go to the endowment of the College of Humanities and Social Sciences, and $2.5 million will be used to build a clubhouse at NCSU's new golf course on its Centennial Campus, which will be named for Carol Poole. "

12/17/2010 7:21:28 PM

sweet, lets give the worthless parts of the university oodles of cash

12/17/2010 7:22:35 PM

Inorite

12/17/2010 7:23:30 PM

Quote :

"GREENVILLE JOB SCAM"

12/17/2010 7:34:15 PM

Quote :

"EXPOSED"

12/17/2010 7:39:28 PM

yea 2.5 million for a club house seems...... excessive
but whatever

12/17/2010 7:39:30 PM

I guess you have to donate a significant amount of money to have the place named after you.

If they had given it to me I would've named it the Lonnie and Carol Poole Scholarship Fund for egyeyes

12/17/2010 7:40:49 PM

actually, not really, it's about how much it would cost to build a building of that size. Now If hadn't read it, $40mil for a club house would have been.

12/17/2010 7:41:27 PM

not if it's a badass club house with shark tanks and shit.

12/17/2010 7:41:39 PM

NICE!

So, we have a few named departments now, a named college. Whats next, Centennial Campus being named? Or we gonna be The Joe Blow NC State University?

12/17/2010 7:58:38 PM

Hmm....ya know, I was thinking....if the time-space continuum were a little bit different, it could be that at some point, others would be impressed upon hearing that I'm an alumnus of the COM @ ncsu.com

12/17/2010 8:11:09 PM

hurr hurr hurr

some of you nerds need some new material

[Edited on December 17, 2010 at 8:27 PM. Reason : ,]

12/17/2010 8:27:15 PM

Well at least my department got some of that money.

12/17/2010 8:43:45 PM

that dude has a little stream going through his house.

12/17/2010 8:59:07 PM

Cleveland version?

12/17/2010 9:41:00 PM

FYI....

$40M = $40,000
$40MM = $40,000,000

12/17/2010 9:52:40 PM

nobody uses those abbreviations. i think most people use K and M, and understand it just fine.

12/17/2010 9:58:28 PM

everyone knows that the common abbreviation for million is going to be mil.

12/17/2010 10:00:36 PM

can't wait to see how this money is wasted. it's so pathetic.

12/17/2010 10:16:27 PM

quit yer bitchin

12/17/2010 10:17:35 PM

lol you people

This is awesome

NCSU's Entrepreneurship program is actually pretty great, good to see they are getting a big chunk of this.

[Edited on December 17, 2010 at 10:53 PM. Reason : .]

12/17/2010 10:51:35 PM

but its wasted money because its not going to the engineering dept

12/17/2010 10:54:11 PM

so, when can we expect tuition to go down?

12/17/2010 10:56:35 PM

ya man, why aren't my student loans being paid back with this!??

[Edited on December 17, 2010 at 10:58 PM. Reason : .]

12/17/2010 10:58:18 PM

i am happy that the college of management gets some uh dat.

im bouts to start my MBA in the spring

12/18/2010 12:01:17 AM

Ahhh...tww...

Where great news is something bad.

12/18/2010 12:14:19 AM

somebody give cam newton's daddy a call

12/18/2010 12:19:47 AM

What a shitty investment.

12/18/2010 11:53:06 AM

What a shitty way to spend $40 million dollars.

12/18/2010 11:54:50 AM

COM, really? Why encourage more idiots to join that program to get a worthless business degree? Why not show that love to his own school/department?

12/18/2010 12:14:25 PM

Why not support small businesses since small business is what made him successful in the first place?

Giving $40mil to the local small businesses in trust/contract to spend the money on labor will guaranteed to create more jobs if he gave a mere $10,000 to 4000 new businesses.

12/18/2010 12:22:37 PM

its his money, he can do what he wants with it

12/18/2010 12:23:31 PM

its my opinion. i can give it whenver i want to

12/18/2010 12:30:33 PM

^^^ God shut up. A donation like this is like planting the seed for greater things than donations to businesses that may or may not really need the money. This money will create more than just jobs at NC State.

GG to Lonnie Poole. I wish I could one day have the bank to be able to support NC State and other things I love like Poole is doing.

12/18/2010 1:21:24 PM

Why couldn't someone with a cooler last name make it rain 40 mil

12/18/2010 6:13:11 PM

haters, they shall hate

accounting department rulezzzzzz

12/18/2010 6:19:20 PM

this really makes me mad. $500,000 to CHASS against a $2.5M clubhouse is a fucking slap in the face. fucking bullshit.

ibt "CHASS produces worthless degree's, etc."

12/18/2010 6:21:33 PM

set em up

12/18/2010 6:31:53 PM