Philanthropist Seymour Schulich Donates $5 Million for New Business Building At York University

TORONTO, May 4, 2000 -- York University's leading philanthropist Seymour Schulich has donated $5 million toward the construction of a new home for the Schulich School of Business (SSB) at York University. The new SSB building, to be built on a prominent site near the main entry to the Keele campus, will cost an estimated $50.2 million. Construction of the new building, which must serve future generations and accommodate new academic programs, is scheduled to start August, 2001. Students, faculty and staff will move into the building by the fall of 2003.

Schulich's gift complements the provincial government's commitment of $30.5 million for the building, which was one of 14 Greater Toronto Area projects announced in February by the Ontario government under its SuperBuild program. The SSB proposal requested funding to construct a new building and to renovate the existing building to accommodate a range of undergraduate programs. Once these two projects are completed, approximately 2,054 new student spaces will be created.

The Schulich School will raise approximately $17.5 million dollars of private funding for the new building, of which $5 million is already committed by Seymour Schulich. Members of the fundraising committee include: Chair Seymour Schulich, Chairman of Franco-Nevada Mining Corporation Ltd. and Euro-Nevada Mining Corporation Ltd.; SSB Dean Dezs– Horv·th; founding Dean James M. Gillies; James McKellar, Professor of Real Property and SSB Executive Director, External Relations; CIBC Chairman and CEO John Hunkin; former President and CEO of Newcourt Credit Group Steven Hudson; President and CEO, MDC Communications Corporation Miles S. Nadal; and Counsel Corporation President Morris Perlis.

York University President Dr. Lorna Marsden thanked Seymour Schulich for "his continued generosity, which speaks volumes about his commitment to, and confidence in, York University and the Schulich School of Business." In 1995, Schulich donated $15 million to York University's School of Business -- the largest gift of its kind to any Canadian university at the time. In recognition of this contribution to the education of Canada's future entrepreneurs and business leaders, the school was renamed the Schulich School of Business. With the new $5 million commitment, Schulich's contribution to York University totals $20 million.

"A new home for the Schulich School on the main Keele campus will reflect the pace of change that is now obvious within business education as schools respond to what is happening around them, and around the globe," said Dean Horv·th. "Change is being driven by many factors, especially advances in information technology. Building a new facility for the Schulich School of Business is a lifetime opportunity to galvanize the business community and provide a legacy for a future generation of students," he said.

In only 30 years, the Schulich School has become the largest graduate management school in Canada with more than 1,200 MBA and International MBA students. One in three MBAs entering the Ontario work force is a Schulich graduate. A recent Financial Times survey ranked it among the top 50 business schools in the world. Approximately 450 MBA students graduate each year, and 95 per cent are employed within six months after graduation, with an average compensation package of $81,000. Undergraduate business graduates do equally as well -- surveys indicate that more than 95 per cent of them accept employment within six months of graduating.

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For more information, please contact:

Sine MacKinnon
Director, Media Relations
York University
(416) 736-2100, ext. 22087

Prof. James McKellar
Professor of Real Property
Executive Director, External Relations
Schulich School of Business
(416) 736-5967
YU/051/00