The widow of a billionaire financier made a historic donation to cover student tuition at a New York City medical school in perpetuity.
Ruth Gottesman donated $1 billion to the Albert Einstein College of Medicine in the Bronx on Monday.
Gottesman, 93, is a former teacher at the school who studied learning disabilities and created an adult literacy program. She is currently the president of the university's board of directors.
The donation is the largest ever made to a medical school, according to the university.
“This gift radically revolutionizes our ability to continue attracting students committed to our mission, not just those who can afford it,” Yaron Tomer, Marilyn and Stanley Katz Dean of the Albert Einstein College of Medicine, said in a news release announcing the gift. . “Furthermore, it will free and excite our students, allowing them to pursue projects and ideas that might otherwise be prohibitive.
The Bronx is currently the unhealthiest county in New York State.
Where does the money come from?
Gottesman is the widow of David Gottesman, a protégé of Warren Buffett and an early investor in Berkshire Hathaway Inc., according to The New York Times.
David co-founded the investment firm First Manhattan Co., which managed more than $20 billion in investments when he died in September 2022. according to Forbes.
Forbes estimated that Gottesman was worth $3 billion at the time of his death.
“He (David) left me, without my knowledge, an entire portfolio of Berkshire Hathaway shares,” Ruth Gottesman told the New York Times. Her husband had simple instructions for her inheritance: “Do what you think is right with it,” she said. saying.
A condition of the gift is that the school cannot change its name, according to the Times.
How much does it cost to attend Albert Einstein College of Medicine?
The annual tuition to attend the Albert Einstein College of Medicine's medicine program is $59,458, according to the school's financial aid page.
Fourth-year students at the university will receive a refund of spring semester tuition.
