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Loyola University New Orleans awarded $1 million In matching funds for endowed chairs

Loyola press release - August 16, 2000

(New Orleans)—Loyola University New Orleans announces the receipt of $1 million in matching funds for two endowed chairs in the Joseph A. Butt, S.J., College of Business Administration. The State of Louisiana Board of Regents for postsecondary education distributed a total of $8.76 million to public and private colleges and universities across the state. The interest earned through the Louisiana Education Quality Support Fund supplies the monies for these awards.

A major purpose of the endowed chairs for eminent scholars programs is to create stronger economic development ties between the private sector and higher education. To create endowed chairs for eminent scholars, colleges and universities must raise 60 percent of the cost from private sources. The Loyola matching funds endowed chairs were results of two bequests and a gift made by deceased benefactors of the university.

This award will be used in part to fund a second Music Business program chair, to be used to focus more directly on the business component of that program. The first chair, granted by the Conrad N. Hilton Foundation, was in the College of Music in 1995. This chair, in the College of Business Administration, was additionally funded by a joint bequest of Dr. Carl Baldridge, ’39 Dentistry, and his wife Beulah Landry Baldridge.

The second chair matched by this grant will be the Harold E. Wirth Chair in Economics. Wirth, whose wife Mary Zichichi was an alumna of the College of Music, were strong supporters of the university’s alumni chapter in Washington, D.C.

Based on the heritage of Catholic Jesuit higher education in Louisiana since 1849, Loyola University New Orleans was chartered in 1912. Today, the university serves approximately 5,550 undergraduate and graduate students. The university is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools.