Two Northeastern University graduates who initially dropped out of the school teamed up to give their alma mater a record donation of $60 million.
Richard D’Amore and Alan McKim both dropped out of Northeastern as undergraduates but were encouraged to return by Professor Daniel McCarthy. The two former students’ $60-million donation is now the largest gift to the Boston school since a $20-million donation in 2006. As a result of the gift, Northeastern’s College of Business and Administration will become the D’Amore-McKim School of Business.
Northeastern plans to use the $60 million to launch new programs, attract top faculty, increase financial aid to students, subsidize cooperative education programs, and offer more opportunities for students to study and work abroad. The D’Amore-McKim School of Business is the first college or school to be named at Northeastern, and the $60-million gift is the fourth largest to name a business school in the United States.
A 1976 graduate, D’Amore had previously donated $5 million to the school in 2009 to support innovation and entrepreneurship. McKim, a 1988 graduate and founder and CEO of Clean Harbors, met D’Amore when the two teamed up to endow a professorship currently held by McCarthy. D’Amore is co-founder and general partner at Waltham, Mass.-based North Bridge Venture Partners.
“Once in a generation, history is made in the life of a university. This is one of those moments,” said Northeastern President Joseph Aoun in a statement.
“Northeastern has had a huge impact on me — both personally and professionally,” D’Amore said in a press release. “I hope that what Alan and I are doing will inspire others to do the same.”