Ruth Gottesman’s Billion-Dollar Gift Transforms Medical Education
The Albert Einstein College of Medicine in the Bronx, known for its nearly $60,000 annual tuition, has received a game-changing donation from billionaire widow Ruth Gottesman. Her historic contribution covers tuition fees for students at the New York City medical school indefinitely.
Ruth Gottesman, aged 93 and a former professor at the college specializing in learning disabilities, donated $1 billion to the institution on Monday. Currently serving as the chair of the board of trustees for the college, her generosity marks the largest donation ever made to a medical school.
Source: YouTube/CBS Evening News
"This donation radically transforms our capacity to continue attracting students dedicated to our mission, rather than solely those with financial means," stated Yaron Tomer, the Marilyn and Stanley Katz Dean at Albert Einstein College of Medicine, in a news release announcing the donation. "Additionally, it will empower and uplift our students, allowing them to pursue initiatives and concepts that might otherwise be unattainable."
This monumental gift not only eliminates the burden of tuition for future students but also opens doors for groundbreaking research and innovation in medical education.
Where did the money come from?
According to the New York Times, Gottesman is the widow of David Gottesman, who was a protégé of Warren Buffett and an early investor in Berkshire Hathaway Inc.
David co-founded the investment firm First Manhattan Co., which managed over $20 billion in investments at the time of his death in September 2022, as reported by Forbes.
Forbes estimated David Gottesman's net worth to be $3 billion when he passed away.
Ruth Gottesman revealed to the New York Times that her husband had left her a substantial portfolio of Berkshire Hathaway stock, along with simple instructions: "Do whatever you think is right with it."
The New York Times also reported that a condition of the donation to the school is that its name cannot be changed.
What is the expense associated with attending Albert Einstein College of Medicine?
The cost of yearly tuition for Albert Einstein College of Medicine's MD program amounts to $59,458, as stated on the school's financial aid page.Students in their fourth year at the college will be refunded the tuition for their spring semester.
Read more such news on techinsighttoday
Thank you so much for reading.