The Penn State Smeal College of Business recently received a $1.5 million commitment to support excellence in finance education and research from a couple who have chosen to remain anonymous. The gift includes a $1 million estate pledge to create an endowed account and a $500,000 commitment to be paid over five years, which will provide immediately spendable resources for Smeal's Department of Finance.
Corey Phelps, John and Karen Arnold Dean at Smeal, said the gift will position Smeal to compete at the highest levels as the college works to be recognized as a top five public business school by 2030.
"I am grateful for this extraordinary gift, which reflects the donors' deep belief in the power of business education to shape the future," Phelps said. "Their investment in the Excellence in Finance Research and Education Fund strengthens the foundation of our Top 5 in 5 strategic plan by advancing faculty excellence, expanding research impact, and enhancing the student experience."
Both the current-use funds and the estate commitment will provide flexible, annual resources to address the department's most pressing needs, with an emphasis on faculty research and teaching excellence.
Kimberly Cornaggia, Louis R. and Virginia A. Benzak Professor of Finance and department chair, said the fund will enable the college to invest in computing capacity, specialized data sets, and other tools essential to advancing knowledge in areas such as artificial intelligence, financial technology and data science.
"This gift will allow our faculty to undertake ambitious research projects, remain competitive in securing publications in top-tier journals, and elevate Smeal's standing among leading public business schools, and I am grateful to the donors for their partnership and support," she said. "Strengthening our research capabilities also directly supports our ability to recruit and retain exceptional finance scholars, who are drawn to institutions that invest in the tools and environment needed for impactful work."
The fund also will expand support for faculty engagement in the broader academic community. By underwriting travel to leading conferences and seminars, the gift ensures that Smeal faculty can share their work, build collaborations, and bring the latest insights back into the classroom.
Resources also may support the recruitment of top doctoral students and research assistants, as well as opportunities to host visiting scholars.
Cornaggia said the impact for students will be equally significant.
"The gift will allow faculty to enhance their teaching, expand mentorship and research opportunities, and elevate the reputation of academic programs," she said. "As faculty integrate cutting-edge research and industry developments into their teaching, students benefit from timely, relevant insights that extend beyond traditional coursework. By strengthening both discovery and dissemination of knowledge, this gift will help ensure Smeal remains at the forefront of innovation and prepares graduates to lead in a rapidly evolving global financial landscape."
In a joint statement, the couple said faculty support was the area where they believed they could make the greatest long-term impact.
"We have long admired the strength of Smeal's faculty and the role they play in shaping both discovery and student learning," they said. "We understand that a flexible gift now, combined with a larger gift as part of our estate plan, can make both an immediate and lasting difference by enabling finance faculty to pursue meaningful research, mentor students, and contribute to the broader academic community. In doing so, we hope to advance the goals of Smeal's Top 5 in 5 strategic plan by strengthening faculty impact and enriching the student experience."
They added that their decision reflects a belief in the responsibility to give back to institutions that create opportunity for others.
"By supporting faculty excellence, we hope to amplify the impact Smeal can have for generations of students and scholars," they said. "By sharing our commitment to Smeal with others, we hope they'll be inspired to consider how philanthropy at any level can strengthen the college's mission and expand its reach."
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