MOORHEAD — On Sept. 5, President Irvine announced a $20 million gift to the Offutt School of Business. It was one of the largest contributions not only to the Offutt School of Business but also to Concordia College itself.
In 2023, a $10 million gift allowed Concordia to develop and launch 22 new academic programs, including ten in the Offutt School of Business. The funding also supported five co-curricular activities, made vast improvements to the sports facilities and renovated Hoyum Hall for the 2024-25 school year.
The proportion of the donation is quite momentous in relation to Concordia’s revenues and expenditures.
According to the Concordia College Annual Report for the 2022-23 school year, the biggest source of revenue comes from tuition and fees at $27.2 million. Whereas the two biggest expenses are institutional support and instruction at $12.6 million and $17.8 million.
Susan Larsen, the Provost and Dean of Concordia, said $20 million anonymous donation is a huge leap towards the future Concordia, making a remarkable milestone in its business education.
Larsen explained that the gift would be used to further many academic programs of Offutt Business School.
For the graduate level, the gift will lay the groundwork for expanding graduate programs, undertake feasible studies for an MBA and offer graduate certificates in management and business analytics.
“These programs will be designed to meet the growing demand for advanced business education that adapts to the ever-evolving global marketplace,” Larsen said.
For the undergraduate level, it will allow Concordia College to sustain and possibly expand the new programs launched this year: human resources, project management, financial planning, cybersecurity and supply chain management.
The donation also allows the exploration to develop new programs.
Larsen said there have been talks surrounding econometrics, business and sustainability and sports and arts management to complement Concordia’s current business programs. In addition to new programs, classroom technology at the Grant Center will be upgraded as well as maintaining a state-of-the-art finance lab.
The gift will draw in and retain expert faculty and open a new position focused on instructional design.
“With this gift, our students’ experiences will be bolstered by high-quality teaching and learning. We will attract and retain expert faculty in emerging business disciplines, broadening our curriculum and enriching our academic community,” Larsen said.
Finally, Concordia will focus on making its quality education more accessible to its students by using the gift to provide scholarship support to Offutt School of Business’s students, especially through the Cobbertunity Fund. The Cobbertunity Fund is a process by which Concordia can give grants to student entrepreneurs.
This $20 million gift to Concordia College represents a transformative opportunity for the institution. It is not only one of the largest in the college’s history but also a significant boost towards enhancing its business education offerings.
With plans to expand graduate programs, sustain and introduce new undergraduate programs, and potentially develop new fields of study, Concordia College is poised to make substantial advancements in business education.
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