The University of Michigan announced today that it had received an anonymous $50-million gift that comes with some hefty strings attached to it. The pledge is for the new Cardiovascular Center, which opened on June 11.
The donor plans to give $25-million over the next 10 years, beginning this month, and the university will receive the remaining $25-million upon meeting goals agreed upon by the donor and the center’s leaders, according to a university news release.
The institution and the donor have created benchmarks that will allow the benefactor to review the center’s performance before releasing the final $25-million. Some categories that will be measured for results include performance on clinical measures, to ensure that the university is providing effective care, and scores on patient-satisfaction surveys.
Other areas that will be monitored by the donor include the amount of research grants won, the number of research publications and patents, and the quality of teaching. The donor has also asked that the center be led by a team, not an individual, so that specialists are encouraged to work together.
An interesting approach to philanthropy. I wonder whether it will catch on. Especially for my donations in the low to mid three figures to Harvard and Yale.
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