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$150M honors Reagan – UCLA awaits record gift

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Thanks to a fundraising campaign that promises the school’s largest gift ever, The University of California, Los Angeles will name its new hospital after former president Ronald Reagan, the San Francisco Chronicle reports.

Entertainment mogul A. Jerrold Perenchio — campaign head and owner of Univision – has already secured $80 million in pledges toward his $150 million fundraising goal, university officials say. Names of donors to the campaign have not been released, the Chronicle says.

“We’re proud and honored to name this facility after President Reagan,” a representative for UCLA chancellor Albert Carnesale said. “We are enormously grateful to those who have offered this gift for their unprecedented generosity and vision.”

The new hospital will cost $702 million total and is expected to open in 2004. The bulk of its funding comes from the Federal Emergency Management Agency, which has given $432 million for the project. The state of California has provided an additional $44 million. A university fundraising campaign, which has already secured $25 million each from Mattel Inc. and Michael Ovitz, is expected to raise the rest.

The $150 million campaign is part of a larger effort in Reagan’s name which also aims to raise $30 million for the Ronald Reagan Presidential Library Foundation in Simi Valley, Calif.

UCLA broke ground on its new 525-bed hospital in December. It will replace the university’s existing medical center, built in 1951, which was damaged in the Northridge Earthquake six years ago, the Chronicle says.

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