6-12-03
PENN STATE ERIE SCHOOL OF BUSINESS NAMED
FOR
AUTO INSURANCE PIONEER SAM BLACK AND HIS WIFE, IRENE
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In March 1998, Penn State Erie, The Behrend College received an anonymous gift of $20 million to support the college's School of Business. Because the donors desired no public recognition, the gift agreement respected their wish to remain anonymous. At a news conference today, after more than five years of anonymity, Penn State Erie publicly recognized the $20 million estate gift given by insurance entrepreneur Sam Black and his wife, Irene, and announced the naming of the Sam and Irene Black School of Business. |
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The $20 million gift will provide immediate and long-term benefits in scholarship aid, academic quality, and innovation, according to Dr. Jack Burke, campus executive officer and dean. The gift was recorded in 1998, and funds were disbursed this spring following the deaths of Sam Black in December 2001 and Irene Black in May 2002. It is the third largest gift in the history of Penn State.
"We are proud to share in the vision, generosity, and commitment of Sam and Irene Black," said Burke. "Over many years, they demonstrated their support for Penn State Erie. They considered the School of Business to be a resource for the entire Erie community, and they wanted to ensure the school's growth and excellence far into the future."
Pat Black, son of Sam and Irene, and president of Samuel P. Black and Associates, said the gift reflects his parents' belief that it is important to invest in Erie, as they did throughout their lives.
"My father was a creative and innovative leader in the insurance industry, and he wanted to encourage creativity and innovation in others," Black said. "I hope the faculty and students benefiting from this endowment will draw inspiration from the lives of my parents and share in their desire to improve our community."
One of Erie Insurance's first employees, Black is credited with starting around-the-clock claims service and was noted among his Erie Insurance colleagues for his early emphasis on customer service. He was a highly successful insurance agent who started his own agency, Samuel P. Black and Associates in 1962, after a thirty-five year career at Erie Insurance. "At a time when most people are ending their careers, Sam Black was just beginning," said Burke, "and he became an even greater success in his new venture."
In addition to his business interests, Sam Black helped establish the annual Lions' Club Save-An-Eye football game and served as president of the Erie Philharmonic. He received the Alexis de Tocqueville Society's community service award for his work with the United Way. In September 2001, Sam Black received the Behrend Medallion, the college's highest honor, for his lifetime of achievement and service.
At the news conference, Dr. John Magenau, director of the Sam and Irene Black School of Business, discussed the three areas that the $20 million gift endowment will support.
The Black Family Faculty Fund will establish four endowed faculty chairs, the Black Family Student Fund will establish undergraduate scholarships and graduate fellowships, and the Black Family Excellence and Opportunity Fund will be used to provide innovative and state-of-the-art technology, facilities, and programs for faculty and students. (See sidebar for additional details.)
The naming of the school and receipt of the endowment funds is another major achievement for the business school. In April, AACSB International, the Association to Advance Collegiate Schools of Business, awarded the school accreditation. This makes Penn State Erie the first and only institution in the Erie region to earn this distinction of excellence. Less than 18 percent of the nation's colleges and universities have achieved accreditation from AACSB International, which sets the global standard for schools of business.
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Contact:
Loretta Brandon
814-898-6063 (O)
E-mail: lzb6@psu.edu