A promised $350 million donation from New York City Mayor Michael Bloomberg will be used to help the university address some of the worlds most pressing problems with the rest being dedicated to need-based financial aid for undergraduates.
The $250 million will be used to raise $1 billion to help the university stimulate cross-disciplinary work to address the world’s largest global problems and $100 million will finance 2,600 Bloomberg Scholarships in the next 10 years, according to a news release.
"Johns Hopkins University has been an important part of my life since I first set foot on campus more than five decades ago," Bloomberg said in the release. "Each dollar I have given has been well-spent improving the institution and, just as importantly, making its education available to students who might otherwise not be able to afford it. Giving is only meaningful if the money will make a difference in people’s lives, and I know of no other institution that can make a bigger difference in lives around the world through its groundbreaking research—especially in the field of public health."
In the release Ronald J. Daniels, university president, compared Bloomberg’s giving to the philanthropy of Andrew Carnegie, Leland Stanford and John D. Rockefeller.
The latest gift brings Bloomberg's total giving to the university to more than $1 billion.
"This latest initiative allows us to greatly accelerate our investment in talented people and bring them together in a highly creative and dynamic atmosphere," Daniels said. "It illustrates Mike's passion for fixing big problems quickly and efficiently. It will ensure not only that Johns Hopkins helps to solve humanity’s problems, but also that it leads the world’s universities in showing how it should be done."