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Drake University announces $28 million gift from alumnus and board member • Iowa Capital Dispatch

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Drake University announces million gift from alumnus and board member • Iowa Capital Dispatch

Areas of Drake University, from its capital projects to scholarship funds to colleges, will feel the impact of a multimillion-dollar gift from a businessman and a former student.

Greg Johansen and his wife, Cie Johansen, have committed $28 million to the Drake University Ones campaign, which will be invested in programs and projects across campus. When paid in full, the couple’s gift will be the largest gift from a single donor in the university’s history.

Drake University President Marty Martin called the gift “a monumental moment for the institution” that will enhance the Drake community experience for years to come. University officials announced the gift at a news conference Tuesday alongside Greg Johansen.

“This is going to touch the lives of generations in the form of a place to be, in the form of scholarships, in the form of supporting student sports, for them to be their best student-athletes,” Martin said. “This is exactly what we hope our donors will focus on.”

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Donation dollars went to the Drake Fund and sustainability efforts, like installing solar panels on Meredith Hall, and will make the Morehouse Hall revitalization project debt-free. Formerly a residence hall, Morehouse Hall will become the Johansen Student Center, housing the university’s first intercultural center, centers for student organizations, a plaza and other spaces for the community, according to a news release.

Martin said the project, expected to be completed in January 2025, will cost $16 million. According to the release, The Ones campaign dollars have already been dedicated to the renovations, and $11 million had already been raised by the time of the groundbreaking in November.

Ashley Dyson, president of the Drake Student Body, said during the announcement that the new student center will give students a greater sense of community and opportunities to find and get involved in organizations that might otherwise miss them.

“During my three years at Drake, I have been involved in many student organizations, clubs and activities,” Dyson said. “I can say, from personal experience and the honor of representing my fellow students, how extremely excited I am about a centralized location that will serve as the headquarters for more than 150 student organizations, a space where all Drake students can come together. and grow together. »

A portion of the donation will also go to Drake Athletics, with an emphasis on women’s basketball, the College of Pharmacy and Health Sciences and John D. Bright College.

Johansen graduated from Drake College of Pharmacy and Health Sciences in 1976, after which he spent his career in pharmaceutical operations, co-founding GRX Corporation and then GRX Holdings, LLC, which operated 22 Medicap pharmacies in the state. He held a position on the university’s National Pharmacy Advisory Council from 2011 to 2018 and has served on the board of directors since 2015.

“I wanted to be a pharmacist (for as long as I can remember), and Drake was where I wanted that to happen,” Johansen said.

The couple has made various donations to the university over the years, according to a press release, creating the Johansen Research Lab and the Johansen Skills Assessment Laboratory and funding international study experiences for Drake pharmacy students.

The Ones campaign will continue through October, said Vice President of University Advancement John Smith. The campaign has already surpassed its $225 million goal, and as of Tuesday it stood at $247 million.

Johansen said he hoped news of his and his wife’s gift would inspire others to donate, strengthening the university’s ability to provide opportunities and support for students and faculty .

“It’s a nice feeling, but it’s also awkward, but I think it’s important to help attract other donors, to understand the importance of being philanthropic,” Johansen said. “And the fact that people see others being philanthropic…it encourages them to be philanthropic.” »

Recently, the university announced that three programs would be eliminated as part of efforts to balance its budget, representing only a fraction of the total number of programs recommended for elimination. Drake must cut its $132 million operating budget by $14.3 million with a deadline of June 2026, according to Drake Faculty Senate meeting minutes, and cost-saving measures were taken in the academic and non-academic spheres of the university.

Although the money contributed by the Johansens and others is not directly earmarked for budget lines that could help Drake close its deficits, Johansen said, Martin said the donations can help indirectly by eliminating costs that l The university should have managed itself differently.

The revitalization of Morehouse Hall removes the costs of maintaining the nearly 100-year-old building without the university having to go into debt, Martin said, and the more than $52 million from The Ones campaign earmarked for funds of scholarships make college more affordable, attracting students and providing more revenue to the university. Financial gifts from donors are a return on investment that can be charged to the operating budget, he said, which is helpful overall.

“It gives us relief in many different ways from the challenges of our operating budget, but it’s not the only way,” Martin said.

All departments, whether academic or non-academic, are on track to meet their budget goals for the next two years, Martin said.

As a member of the university’s board of trustees, Johansen said he is “confident” in the administration’s handling of the university’s finances.

“Every organization must live within its means,” Johansen said.