Last modified: Thursday, June 16, 2005
IU Athletics receives single largest gift in its history
FOR IMMEDIATE RELEASE
JUNE 16, 2005
BLOOMINGTON, Ind. -- The single largest gift in the history of Indiana University Athletics will provide scholarships for IU Bloomington student-athletes who participate in non-revenue varsity sports.
The Glaubinger Foundation, on behalf of Larry and Lucienne Glaubinger, has committed a $10 million gift to the IU Athletic Scholarship Endowment.
IU already has the largest athletic endowment in the Big Ten Conference. It is currently valued at $32 million and includes 22 endowed scholarships and 149 named scholarships. The Glaubingers' gift increases the value of the endowment by more than 30 percent, raising it to a total of $42 million.
"We are deeply grateful for Larry and Lucie's vision and generosity," said IU President Adam Herbert. "In recognition of the significance of their gift, I am proud to announce that while individual endowed scholarships will continue to bear the name of the donor, IUB's collective financial aid endowment for student-athletes will henceforth be known as the Indiana University Glaubinger Athletic Endowment Fund."
The Glaubingers' gift qualifies for matching funds through the "Matching the Promise" fund-raising campaign for the IUB campus. IUB Chancellor and Vice President for Academic Affairs Kenneth Gros Louis said he was delighted that the campus can match the income in perpetuity, thus effectively doubling the impact of its annual financial aid support. "Larry and Lucie are such wonderful people and good friends that it makes this an extra pleasure," he said. "They epitomize what giving back really means."
Each year, beginning with the 2005-06 academic year, a select group of IUB varsity athletes participating in men's and women's non-revenue sports will be designated as Glaubinger Scholar-Athletes.
Glaubinger graduated from IU with distinction in 1949 and is currently the president of Lawrence Economic Consulting. He is the former chairman of Stern & Stern Industries, an industrial textiles manufacturer. The Glaubingers have demonstrated their commitment to IU through generous support of the Kelley School of Business, the IU Art Museum, Wells Scholars Program and many other areas, in addition to Athletics.
Mr. Glaubinger serves on the IU Foundation Board of Directors, the Varsity Club National Board of Directors and the Dean's Advisory Council of the Kelley School of Business. He has received both the Distinguished Alumni Service Award and an honorary degree from IU.
Mrs. Glaubinger is a member of the Colloquium for Women of Indiana University and the Board of Advisors of the IU Art Museum, where she established the Lucienne Glaubinger Curatorship.
"I had a great opportunity when I came to Indiana, and this is my way of providing similar opportunities to future generations of student-athletes," Glaubinger said. "I am a firm believer in the term 'student-athlete,' and I want to help benefit both academics and athletics at IU." Glaubinger added, "I hope this gift will inspire and challenge others to support IU and IU Athletics in a meaningful way."
IU Athletics Director Rick Greenspan said the Glaubinger Athletic Endowment is the cornerstone of Athletics' campaign to raise funds for scholarships and for capital needs.
"In my first year at Indiana, I have been impressed by the considerable love affair that fans and alumni have for Indiana University. The Glaubingers' tremendous generosity is symbolic of that relationship," Greenspan said. "We cannot express enough gratitude to Larry and Lucie for their support. This is a great lead gift in what we hope is a most successful campaign."
IU Foundation President Curt Simic said that the Glaubingers "understand the power of education to transform lives and bring great benefits to society. The breadth of their giving and the depth of their affection for IU make them treasured friends of the university."
"Larry and Lucie are remarkable people," said Scott Dolson, Associate Athletic Director for Development and director of the Varsity Club, the fund-raising arm of IU Athletics. "Their generosity and friendship are truly appreciated. The annual scholarship cost for IU Athletics in 2004-05 is expected to be $7.75 million, and those costs continue to rise. Thanks to the Glaubingers and all of our loyal donors, we are one giant step closer to once again funding all of our scholarships through gifts."