The Massachusetts Institute of Technology (MIT) is to receive $260 million from the Lord Foundation of Massachusetts. Lord Foundation has been a long-standing supporter of MIT’s various research and academic programs.
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The Lord Foundation of Massachusetts was founded by entrepreneur and philanthropist Thomas Lord. The $260 million fund for MIT arises from the sale of LORD Corporation, a global technology, and manufacturing company headquartered in Cary, North Carolina, to Parker Hannifin Corporation. Since 1986, MIT has received approximately $34.4 million in funds from the Lord Foundation of Massachusetts.
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MIT, as a controller of The Lord Foundation of Massachusetts funds will be able to invest this amount around the Institute to advance its mission of educating students and advancing knowledge in service to the nation and the world.
At the time of this announcement, MIT Provost Martin Schmidt said,
“Tom Lord and Don Alstadt were visionary stewards of the company they helmed and of the science and engineering enterprise. We have long been thankful that they selected MIT as one of the beneficiaries of their important legacy. Their foresight and generosity will now enable the Institute to invest even more deeply in its efforts to help solve the world’s great challenges through research, education, and innovation.”
So far, various MIT programs and departments have benefited from the funds disbursed by The Lord Foundation.
MIT is expected to invest $260 million in building a competitive technology-driven education ecosystem. The funding will be used to improve the health and well-being of communities of graduates and researchers, and accelerating work to address climate change.
Source: MIT News Office