A gift valued at $70 million – the largest gift in Kansas State University history – will benefit students in the College of Engineering for decades to come.
Officials of Oklahoma City-based Dolese Bros. Co. publicly announced in October that the private company has gifted much of its stock in equal amounts to Kansas State University, Oklahoma State University and University of Oklahoma through each institution’s foundation.
The arrangement establishes the foundations as nonvoting majority shareholders in Oklahoma’s largest supplier of ready-mix concrete, crushed stone, gravel and sand. Dolese is annually buying back at least $500,000 of stock from the schools in support of the company’s profit sharing plan and long-term goal of becoming wholly employee-owned. Dolese hopes the stock will grow in value over time and ultimately benefit the universities’ work to increase engineering graduates across the nation.
The College of Engineering plans to use the funds for student scholarships as well as tutoring and mentoring programs to boost student retention and graduation rates.
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