Three universities and a healthcare institution are sharing a donation of $1 billion, the Associated Press reports.
Duke University, the Massachusetts Institute of Technology, the University of Southern California, and the Cleveland Clinic are each to receive $260 million from the Lord Corporation, a manufacturer of noise dampening and other products for the automotive and aerospace industries, it adds. Thomas Lord set up four foundations in 1982 to support the institutions by setting aside ownership shares in the company. The AP notes that this gift follows the sale of Lord Corp. to Parker-Hannifin for $3.68 billion.
The donation, the AP adds, is unrestricted. Duke says it will likely add the funds to its endowment and use it for financial aid for undergraduates, while MIT says it may use the funds to support graduate students and research, according to the AP. USC, meanwhile, tells it that it envisions putting the money toward using artificial intelligence and big data to address issues like homelessness or sustainability, and the Cleveland Clinic adds it plans to use the money for education and research.