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U.S./world – College boom – $50M for MIT

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Despite the deteriorating economy, university fundraising is thriving, the Financial Times reported Aug. 22.

The Massachusetts Institute of Technology, for example, soon will announce that the Picower Foundation is giving $50 million to its neurosciences department, the Times said.

MIT and 11 other U.S. schools are waging campaigns to raise more than $1 billion each, the Times said, including Duke, Georgetown, Stanford and Arizona.

In June alone, Duke raised $20 million, Georgetown $30 million and MIT $90 million.

U.S. universities last year raised a record-high $23.2 billion.

While the slumping stock market has prompted some donors to cancel gifts, the Times said, the latest MIT gifts underscores the growing role of biotech startups in university giving.

The Picower Foundation was formed with money from the founder of Alaris Medical Systems, a drug delivery firm.

For full story, go to the Financial Times.

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